Iowa City Council OKs $12M financing for downtown project

IOWA CITY, Iowa (AP) — The Iowa Metropolis Council has permitted greater than $12 million in tax increment financing for a downtown improvement designed to revitalize and protect the character of the Pedestrian Mall.

The Gazette of Cedar Rapids studies that the council unanimously permitted the financing Tuesday.

The $54.4 million venture includes designating buildings as historic landmarks as a way to renovate and protect them.

The transfer is meant to revitalize the stretch of East Faculty Avenue and permit smaller companies to maneuver into the house.

A 102-unit, nine-story multifamily constructing is also deliberate south of the present buildings.

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