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City council goes forward on CUs tax rebate
NORTH LIBERTY, Iowa (2/10/11)--The University of Iowa Community CU has received approval for a controversial tax-rebate agreement that will allow the credit union to build its headquarters in North Liberty, Iowa. But a group of residents question the tax implications of the project and are threatening further legal action (Iowa City Press Citizen Feb. 9). The North Liberty City Council passed a resolution Tuesday evening authorizing the credit union to build its new headquarters in the city. North Liberty will provide up to $5.4 million in incremental tax rebates on the property. In December, the Concerned Taxpayers for North Liberty received a temporary injunction to prevent the project from moving forward. On Tuesday, city attorney Scott Peterson said he had received a letter from the group’s attorney, who said he will investigate whether the most recent proposal by the city violates that injunction. In the latest proposal, the city will not provide the initial capital to pay for the land as it would have in the original proposal. Originally, the city would have issued $11 million in bonds to fund the land purchase. The University of Iowa Community CU has $1.1 billion assets and is currently headquartered in Iowa City, Iowa.


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