Group critical of Coralville holding meeting on city's debt

CORALVILLE – A local group that has been critical of the city of Coralville's spending will hold a public meeting Dec. 12.

Citizens for Responsible Growth and Taxation will host the meeting at 5:30 p.m. at Brown Deer Golf Club to talk about the amount of debt Coralville has amassed.

The group, made up of area residents and business people, has been especially vocal since Coralville committed millions of the dollars in fall 2011 to bring Von Maur to the city's Iowa River Landing development. It did so through a financial tool known as tax increment financing, or TIF.

Coralville's outstanding debt as of June 30 was nearly $279 million, according to a report released last month by the Iowa Treasurer's Office. That's the third highest among Iowa towns, with only the much larger Des Moines and Cedar Rapids ahead of it. The total is equal to about $14,511 for every Coralville resident.

Coralville officials have defended their actions and say the city is not in financial trouble.