116 3rd St SE
Cedar Rapids, Iowa 52401
Work on a new University of Iowa Community Credit Union support center in North Liberty began last week.
The credit union began construction last week on the new 100,000-square-foot facility along Kansas Avenue south of the I-380 Penn Street exit, credit union Chief Executive Officer Jeff Disterhoft said. It will include administrative functions housed at a call center in Tiffin and several other University of Iowa Community Credit Union facilities. About 140 credit union personnel will initially be relocated to the facility, which is designed for up to 440 staff.
Disterhoft said work may continue through the winter if foundations can be completed this fall. The project includes a new University of Iowa Community Credit Union branch office.
The facility will house call center, credit administration, accounting and card services and mortgage processing, among other departments. It also will include a large meeting room.
A lawsuit seeking to block the City of North Liberty's purchase of 64 acres of land that includes the project site was dismissed by a judge in February. The project is slated to be complete in fall 2013.
IOWA CITY - North Liberty's hopes to buy land for a new University of Iowa Community Credit Union building will be able to move forward after a judge on Friday lifted a temporary injunction on the plan.
Judge Paul Miller ordered the injunction lifted after concluding the plaintiffs "didn't meet their burden of proof."
The land deal has been a source of controversy in North Liberty in recent months.
In October, the City Council approved the purchase of 64 acres of land near Interstate 380 for $11.3 million, to be funded by urban renewal bonds. The city proposed selling 24 acres, through the 380 Development Group, for $1 to the credit union, which would build a $20 million, 100,000-square-foot office.
The development group would then mortgage the remaining 40 acres to the credit union as security for the repayment of the bonds, according to the original order.
Residents and land owners in the area have taken issue with how the deal has unfolded and want to slow it down so it can be considered more thoroughly. They also contend 380 Development Group is a sham corporation set up by the city to transfer the land to the credit union for less than fair market value, according to the original order.
The city denied those charges and said the 380 Development Group is an independent corporation that the city did not create or control and is acting only as an economic development partner with the city.