Iowa City Council gearing up for consecutive Chauncey meetings, votes

IOWA CITY - Officials behind plans to build the Chauncey and Iowa City staff have drafted a developer's agreement and language for Tax Increment Financing bonds for the 15-story tower.

A vote on both documents will take place at one of several upcoming Iowa City Council meetings over the next two weeks, making for a hectic schedule of Chauncey related discussion and votes.

During a special formal meeting Thursday, the council set public hearings for June 8 to discuss and vote on the development agreement as well as the developer's request for up to $14.2 million in TIF revenue bonds for the Chauncey.

Council member Terry Dickens said the plan is to keep momentum moving forward on the Chauncey debate while the topic remains current for both council members and the public.

Planned renovations to Emma J. Harvat Hall, where the council meetings take place, set to begin after the June 16 meeting are another factor.

'The biggest reason was, one partly because of Harvat Hall, but two, we wanted to keep it fresh ... we'll keep that moving,” Dickens said.

A timeline for the Chauncey, set by the Iowa City Council earlier this month, details several Chauncey-related discussions and votes - three votes on rezoning the site and vacating an adjacent alley as well as votes on bonding and a development agreement - in rapid succession on June 2, 4 and 8.

'I think the number of votes is unusual because there are a complicated series of steps that have to be taken to fulfill the proposed development,” said council member Jim Throgmorton, who has expressed opposition to the project's requested TIF and rezoning.

The public hearing on the first rezoning vote still is open until June 2, but at the May 19 meeting, four of the six council members who will vote on the rezoning - Michelle Payne has recused herself because a portion of the land involved is owned by her employer MidAmerican Energy - expressed support for the proposal.

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 and in exchange for the project, which will be assessed at more than $30 million once finished, 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.

Both the development agreement and bonding will immediately follow the rezoning votes, which is slated to reach a third and final reading June 8 if it passes all votes.

The Chauncey saga has involved more than two years of debate including a plethora of public comments ranging from opposition to the building's height and request for financial assistance to praise for its potential economic impact and mixed-use offerings.

The council deferred on the first rezoning reading for the project earlier this month, with a vote expected June 2.