Iowa City Council defers vote on $1.75 million mall TIF

The Iowa City Council has deferred voting on a $1.75 million tax increment finance rebate that aims to revitalize the struggling Iowa City Marketplace.

The council Tuesday deferred voting on the six-year TIF, which will cover a portion of the mall's $4.4 million renovation project to prepare the former Von Maur space for future tenants Lucky's Market and Planet Fitness.

The council will formally vote on the TIF at a later meeting.

The full TIF rebate is predicated on the mall increasing its taxable valuation from its current $10.2 million to $16 million.

Currently, the mall is 40 percent vacant, with vacancy expected to drop to 25 percent after Lucky's Market and Planet Fitness open.

Parking lot and pedestrian accessibility elements for Iowa City marketplace, formerly known as Sycamore Mall, are also included in the project.

Lucky's Market, a Boulder, Colo. natural food grocery store with plans to open a 34,000-square-foot store, is expected to bring 7,500 to 10,000 customers to the mall every week, with hours of operation from 11 a.m. to 7 p.m.