Friday, November 17, 2017

IH Mississippi Valley CU to Build New $26 Million HQ, Project Receives Tax Incentives

Moline City Council approved the city's development agreement with IH Mississippi Valley Credit Union (Moline, IL).

The city will sell property to the $1.2 billion credit union for $2.925 million, which will be used to construct an 80,000-square-foot, four-story facility.

As part of the agreement, IH Mississippi Valley will receive a tax increment financing (TIF) incentive payment of up to $3.9 million, or 15 percent of the $26 million project. The credit union also will be rebated for eligible TIF expenses, including site work up to $525,000. The total incentive package is up to $4.425 million, which equals 17 percent of the total cost of the project.

One city alderman objected to an incentive package as the credit union does not pay income tax.

Read the story.

Read the agenda of the City Council meeting.
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