North Liberty City Council approves credit union

BY DI STAFF | FEBRUARY 10, 2011 7:10 AM

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The North Liberty City Council approved a proposal that will allow the University of Iowa Credit Union to open a new branch in North Liberty.

The proposal was approved at Tuesday’s City Council meeting, with city councilors voting 3-1 with one abstention. The proposal will allow the credit union to purchase 24 acres of land, and the city of North Liberty will give the credit union $5.4 million in incremental tax rebates as an incentive.

City Councilor Chris Hoffman said some community members have expressed concern about the agreement because they fear the tax-rebate incentive will put a strain on taxpayers in North Liberty.

But Hoffman noted the credit union’s presence will provide benefits rather than hardships for taxpayers. He said he thought the credit union would attract other “high-quality businesses” to North Liberty, which will move their employees to the city and provide more business for existing restaurants and stores in North Liberty.

“As long as that structure stands, it in and of itself is going to provide a tax benefit for the community,” he said.

— by Audrey Smith

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