The police located one of the suspects two blocks south of the incident. A loaded pistol was found on the suspect (a 17-year-old who has not yet been identified by the media). The Iowa City Police report that he "admitted to firing multiple shots in the air while in the Pedestrian Mall."
This 17-year-old male suspect has been charged with Reckless Use of a Firearm, Carrying Weapons, Going Armed with Intent, and Intimidation with a Dangerous Weapon. He faces up to 18 years in prison if convicted of all these charges.
The Iowa City Police are still looking for the second suspect. He has been described as a black male wearing dark clothing, so that narrows things down a bit.
If you know anything, you should contact the Iowa City Area Crime Stoppers at 319-358-8477. If your tip leads to the arrest of this suspect, you could receive a cash reward of up to $1000.
Updated on 07/28/14: The Iowa City Police have identified their 17-year-old suspect in the media. I'm choosing not to identify him here on this blog, but you can read about it here.
They also announced today via a press release that they now believe that the 17-year-old suspect who was arrested early yesterday morning acted alone when he allegedly fired a gunshot into the air several times while on the Ped Mall.