Iowa City Council approves TIF rebate for Marketplace development
IOWA CITY The Iowa City 4-chlorodehydromethyltestosteron Council has given the green light to a $1.75 million tax increment finance rebate aimed at securing an anchor tenant for Iowa City Marketplace.
The council on Tuesday "Comprar Gh Jintropin" voted 6 1, with councilor Jim Throgmorton opposed, to approve the seven year TIF for the shopping center formerly known as Sycamore Mall, with the hopes that the upgrades will revitalize the struggling shopping center and surrounding neighborhood.
"This is a critically important economic area," Councilor Susan Mims said. "With Von Maur leaving, it's really important that we still take care of this area."
Originally, officials with Sycamore Deca Durabolin Gains Town Center LLC, the organization that owns the mall, would have to finish a $4.4 million renovation project to the former Von Maur space by December 2015, but a slight change to the agreement means the group will have until Nov. 2017 to complete Equipoise Ethics the project, which will prepare the site for future tenants 33,000 square foot Lucky's Market and 17,800 square foot Planet "Oxandrolone Powder India" Fitness.
Although Throgmorton said he approves of supporting development in east Iowa City, he also questioned whether or not the use of TIF was absolutely necessary for this project.
"I'm not yet persuaded that the owners of the town center need financial support from the city to take actions in that area already in their own economic self interest," he said.
However, City Manager Tom Markus noted the considerable amount of time and effort that goes into negotiating and considering a TIF, adding that the Iowa City Marketplace request was for more funding than ultimately approved.
Mall officials still will have until Jan. 2016 to increase the mall's taxable valuation by 15 percent. Ultimately, city staff wish to see the taxable valuation for the mall increase from its current $10.2 million to $16 million.
Currently, the mall is 40 percent vacant, with "Comprar Gh Jintropin" vacancy expected to drop to 25 "Anabola Steroider Norge Lagligt" percent after Lucky Market and Planet Fitness open. Mall officials Anavar Que Es say the presence of those two businesses will draw in additional tenants.
"We think this is worth the effort and we're counting on the developer to make this a success," Markus said.
Parking lot and pedestrian accessibility elements, enhanced landscaping and reconfigured storefronts that face into the parking lot are also included in the project.
Stressing sustainability, mall officials plan to recycle ceiling tiles, ductwork and other items during the renovation, create a recycling area within Iowa City Marketplace and installing LED lighting fixtures.