Council to vote on $1.8 million TIF for apartment building

IOWA CITY - City officials have recommended the city provide financial aid to a local developer's proposed 96-unit apartment complex.

The Iowa City Council will vote Tuesday on providing $1.8 million in tax increment financing rebates to Emrico Properties to help fund a $16.1 million apartment building on the former site of Hartwig Motors, 629 S. Riverside Drive, in the city's Riverside Drive Urban Renewal District.

The Council Economic Development Committee voted 3-0 last month to recommend the project.

The four-story, U-shaped building would include a mix of studio, one- and two-bedroom apartments and eight three-bedroom apartments. Twelve of the 96 units will be geared toward workforce housing and 71 parking stalls will be included beneath the building with parking for another 105 vehicles behind the complex.

Stressing sustainability, the building proposes solar panels on the roof and recycling centers on each floor.

City staff estimate the site's property value to increase from about $50,000 per year to more than $300,000 annually with the building.

In the agreement, the developer has committed to dedicating right-of-way and construction easements for a planned pedestrian tunnel that will pass through the west embankment of the railroad bridge and streetscape improvements along Riverside Drive for streets, trees, and sidewalks.