The Fort Dodge City Council will move on Monday toward creating a new source of funding to help downtown building owners update their property.

The council will meet at 6 p.m. today in the Municipal Building, 819 First Ave. S.

The council is scheduled to act on an agreement with the private Development Corporation of Greater Fort Dodge for a new loan program that would provide money for renovations and safety improvements.

Under the terms of the agreement, the city would give the Development Corporation up to $500,000 a year. That money would come from the city’s economic development revolving loan fund. The revolving loan fund would then be replenished with tax increment financing revenue.

Tax increment financing occurs when increased property tax revenue from a designated area is set aside to be reinvested in that area.

The council has already approved a measure authorizing the use of tax increment financing for this purpose.

In an unrelated matter, the council will consider the first reading of a measure that would give the animal control officer greater discretion to determine how animals that have bitten someone should be quarantined.