The Iowa City City Council unanimously approved the acquisition of Iowa City Community School District’s former administrative offices at 1725 N. Dodge St. on May 5, with plans to relocate the Iowa City Police Department to the space within two years.
City Manager Geoff Fruin said the City of Iowa City acquired the facility for roughly $3.2 million, following the city and the district’s agreement on the price from a 2023 independent appraisal. The appraisal originally amounted to roughly $2.9 million, before being adjusted for a commercial property appreciation factor provided by the Iowa City Assessor’s Office.
According to Whitaker Myers Wealth Managers, commercial property appreciation refers to the tendency of desirable commercial property to increase in value over time…