Iowa City Council to vote on $1.75 million TIF proposal for Marketplace

IOWA CITY - After deferring discussion earlier this month, the Iowa City Council is slated to vote on a $1.75 million tax increment finance rebate that aims to revitalize the struggling Iowa City Marketplace.

The council is scheduled to vote Tuesday 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 deferred the vote at its Nov. 4 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.