Sunday, November 1, 2015

CUs Provided Public Funds and Tax Incentives from Local Governments for Facilities

In October, several local governments provided tax incentives or grants to credit unions for the renovation or construction of facilities.

Dupaco Credit Union will receive tax incentives for a project in the Crossroads Center area of Waterloo, Iowa. The Waterloo City Council voted to approve three years of 50 percent tax rebates, despite the city's policy provides one year of 50 percent tax rebates for every $1 million in new tax base generated. Dupaco's project will generate just $1.2 million in tax base, the additional two years of rebates were added due to the credit union's additional costs for redeveloping the site.

The Pendleton Development Commission (OR) approved a $73,049 grant to Old West Credit Union to improve the second floor of the former Bank of America building. The grant will pay 25 percent of the second story renovation and elevator cost.

The Lucas County (OH) Commission approved an economic development allocation of $100,000 to the Toledo Urban Foundation for the construction cost of a new facility for Toledo Urban Federal Credit Union.

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