Iowa City Council OKs $12M financing for downtown project

IOWA CITY, Iowa — The Iowa City Council has approved more than $12 million in tax increment financing for a downtown development designed to revitalize and preserve the character of the Pedestrian Mall.

The Gazette of Cedar Rapids reports that the council unanimously approved the financing Tuesday.

The $54.4 million project involves designating buildings as historic landmarks in order to renovate and preserve them.

The move is intended to revitalize the stretch of East College Street and allow smaller businesses to move into the space.

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A 102-unit, nine-story multifamily building also is planned south of the existing buildings.