2008 Woodie Awards
Project to get TIF
Susan Elgin - The Daily Iowan
Issue date: 10/4/06 Section: Metro
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Despite concerns from Iowa City residents about using public funds to help finance a new downtown high-rise, the Iowa City City Council voted unanimously Tuesday to implement tax-increment financing for the Hieronymus Square Project.
Iowa City resident Kevin Perez addressed the council during a public hearing with questions he had about the complex, which will feature a 12-story building at the intersection of Clinton and Burlington Streets.
"How many jobs will this create? Do we need more high income housing or more low?" he asked rhetorically. "It's not about the money coming in. It's about what the community needs."
Iowa City resident Karen Kubby, the executive director of the Emma Goldman Clinic and a former city councilor, said she supported the project but wanted the building to have some housing for lower-income families among the proposed high-end condominiums.
"This is a perfect opportunity to incorporate mixed housing in the building," she said. "We need to balance these large projects with other community needs."
Iowa City real-estate appraiser Casey Cook commended the council for its use of TIF in other Iowa City projects - such as the Sycamore Mall - which he said has helped enrich the lives of local residents. He expressed hope that the Hieronymus Square building could have a similar effect.
"My opinion is, there is no way this would work without TIF money, and, frankly, I'm not sure it will work with TIF financing," he said, but added he supported the development and the use of TIF because it presented no risk to the city.
After the public hearing ended, each councilor expressed support for the project and iterated desire to see downtown grow south of Burlington Street. The officials said they supported TIF to help finance the project because of the lack of risk in the financing maneuver.
City economic-development coordinator Wendy Ford showed the public the same presentation she gave the council at Monday's work session. It showed the tax returns the city would reap from the building.
Iowa City resident Kevin Perez addressed the council during a public hearing with questions he had about the complex, which will feature a 12-story building at the intersection of Clinton and Burlington Streets.
"How many jobs will this create? Do we need more high income housing or more low?" he asked rhetorically. "It's not about the money coming in. It's about what the community needs."
Iowa City resident Karen Kubby, the executive director of the Emma Goldman Clinic and a former city councilor, said she supported the project but wanted the building to have some housing for lower-income families among the proposed high-end condominiums.
"This is a perfect opportunity to incorporate mixed housing in the building," she said. "We need to balance these large projects with other community needs."
Iowa City real-estate appraiser Casey Cook commended the council for its use of TIF in other Iowa City projects - such as the Sycamore Mall - which he said has helped enrich the lives of local residents. He expressed hope that the Hieronymus Square building could have a similar effect.
"My opinion is, there is no way this would work without TIF money, and, frankly, I'm not sure it will work with TIF financing," he said, but added he supported the development and the use of TIF because it presented no risk to the city.
After the public hearing ended, each councilor expressed support for the project and iterated desire to see downtown grow south of Burlington Street. The officials said they supported TIF to help finance the project because of the lack of risk in the financing maneuver.
City economic-development coordinator Wendy Ford showed the public the same presentation she gave the council at Monday's work session. It showed the tax returns the city would reap from the building.
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