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News Now

CU System
Iowa judge lifts land-deal injunction
NORTH LIBERTY, Iowa (2/14/11)--A judge in Iowa has lifted a temporary injunction against the city of North Liberty, which means the city can move forward with a land deal to develop the new headquarters of University of Iowa Community CU (UICCU). The city had been negotiating with UICCU, landowner North Liberty LLC and several development groups for several months on the project, which would provide a tax incentive to the credit union for moving its headquarters there (press-citizen.com Feb. 11). In December, the Concerned Taxpayers for North Liberty, saying the project would cause taxes to increase, received a temporary injunction to prevent the project from developing. The city negotiated a new deal, and Tuesday night the City Council passed resolutions authorizing the construction of the building (News Now Feb. 10). The city had a hearing scheduled for Friday morning to determine whether the resolutions violated the injunction, but before the hearing took place, District 6 Judge Paul Miller told attorneys he was lifting the injunction, said the Press-Citizen. North Liberty will provide up to $5.4 million in incremental tax rebates on the property. Originally the city had planned to buy $11 million in bonds and use the money as a grant to a local development group to buy 64 acres. The development group would then sell the credit union the property for $1. The city would have paid for the bonds by placing the credit union in a tax incremental funding or TIF district. Instead the development group and credit union will purchase the land directly and be eligible for incremental tax rebates. A second plan would involve UICCU buying 24 acres of land, with the city rebating 100% of the taxes generated by the new headquarters for eight years.


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