Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
State court halts CUs 1 purchase of 24 acres
NORTH LIBERTY, Iowa (11/15/10)--A Johnson County, Iowa, District Court judge Wednesday issued a temporary injunction to keep the city of North Liberty and a development group from buying land for a new University of Iowa Community CU headquarters. A group of individuals Tuesday requested the judge temporarily halt the plan to purchase the land, saying the city's incentive plan could result in higher taxes to pay off the city's bond on the property (Iowa City Press-Citizen Nov. 11). Last month, the city approved the purchase of 64 acres near Interstate 380 from owners North Liberty CC at a cost of $11 million for the economic development project (Iowa City Press-Citizen Nov. 10). Of the acquired land, 24 acres were to be transferred for $1 to the credit union by 380 Development Group. The credit union planned to build a 100,000-square-foot facility to house 400 employees. According to the Iowa City Area Development Group, the project would generate 400 direct jobs 230 indirect jobs and 324 induced jobs (kcrg.com Nov. 10). By law, cities cannot sell or give away property for less than the assessed value, so the 380 Development Group was formed to support the transaction. The city would sell bonds to facilitate the land purchase and the credit union property would be designated as a TIF (tax increment financing) area with the taxes raised going to repay the bonds. The lawsuit said rezoning the land from multi-family to office and research park is illegal. A hearing has been set for Jan. 4 on the injunction.


RSS print
News Now LiveWire
#creditunion affinity card programs make the grade for schools See #NewsNow http://t.co/TThZIvMRTO
10 hours ago
Home-price appreciation softens further in July #NewsNow #Market http://t.co/0MXVy9sby0
12 hours ago
.@ChartwayFCU charitable arm, the We Promise Foundation, has reached the $1M fundraising milestone in a single year for the first time
13 hours ago
.@mncreditunions' Mark Cummins shares CU difference with @KIMTNews3 http://t.co/gkarhZxDRF
14 hours ago
.@LeagueofSECUs' brand campaign reaches 80M consumers #NewsNow #System http://t.co/yKmdYyXN2v
15 hours ago