Council passes second Chauncey rezoning vote

IOWA CITY - The Chauncey has passed its second rezoning vote hurdle.

The Iowa City Council on Thursday voted 4-1, with council members Jim Throgmorton and Kingsley Botchway opposed and Michelle Payne recused due to a conflict of interest, to approve the rezoning of 27,200 square feet of mostly city-owned land at the northeast corner of College and Gilbert streets for the 15-story, 175-foot tall Chauncey.

The third and final rezoning vote is scheduled for Monday. Votes also will be cast Monday on the development agreement and up to $14.2 million in tax increment financing bonds proposed for the Chauncey.

The development agreement draft indicates that Chauncey developer Moen Group will invest $49 million in development costs for the tower, including office space, a hotel, bowling alley, two movie theaters, residential units and upgrades to the adjacent Chauncey Swan Park. The building will be constructed to at least LEED silver standards.

In exchange for the project, which will be assessed at more than $30 million, the city will convey the property to the developer at the appraised value of about $1.9 million, according to city documents.

The document also states the developer will provide the city with five one-bedroom condominium units for $1 million to be used as affordable housing units.