Moen's downtown development to begin in August

BY DI STAFF | JULY 19, 2012 6:30 AM

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Local residents and students returning to the University of Iowa will begin to see alterations to the Iowa City skyline after construction on the 114 S. Dubuque St. development begins in August.

City developer Marc Moen said construction on his 14-story building will begin next month because the downtown Iowa City branch of Wells Fargo has completed its move to its new location, 103 E. College St. Moen's development will be constructed at the former Wells Fargo site, 112 S. Dubuque St.

Iowa City city councilors voted at their last meeting July 10 to go ahead with approving tax-increment-financing funds for the 14-story mixed-use commercial building despite a city petition gathering more than enough signatures calling for a public vote on the decision.

Councilors had the option to hand out general-obligation bonds to finance the $2.5 million TIF grant, to abandon those initial plans and fund with TIF directly, or to give into the petition and hold a special election for the public to weigh in on the funding.

Moen repeatedly said he couldn't complete the building without city assistance.

The City Council initially voted on April 3 to approve the TIF funding for the building.

"In 20 or 25 years, it is a positive thing for Iowa City, even if some people don't like it right now," City Councilor Connie Champion said at the July 10 meeting. "I'm thinking about the future."

— by Kristen East

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