Public Hearing to be held during February 8 City Council meeting
The North Liberty City Council will hold a public hearing during their regular meeting Tuesday, Feb. 8, regarding the University of Iowa Community Credit Union’s Member Support Center project and additional development. The public hearing and proposed agreements are based on a plan for the credit union to purchase 24 acres of land while the Iowa City-based development group, A & M Development, LLC, will purchase the remaining 40 acres for future development. Under this plan, the city will not be selling bonds or purchasing property.
The hearing on Feb. 8 will address the economic development agreements between the City of North Liberty and UICCU, as well as the City of North Liberty and A&M Development. The agreement with UICCU states that the City will rebate 100 percent of the new incremental taxes, that is, taxes assessed for the development above the property’s current value, for eight years, not to exceed $5.4 million. The agreement stipulates that the rebate could be as low as $4.3 million if the adjacent 40 acres is developed within the first five years of the agreement. The UICCU estimates the total project cost for the Member Support Center to be between $25 and $30 million.
The agreement with A&M Development states that the City will rebate 100 percent of the incremental taxes generated by the remaining 40 acres, not to exceed $5 million. The agreement provides rebates mainly for office development; however, it will provide rebates for any development that occurs within the first five years. A&M Development is a group of investors lead by Mike Hahn, co-owner of McComas-Lacina Construction in Iowa City.
“We are excited to see this project move forward! UICCU and A & M Development have been and will continue to be solid partners in this venture and we look forward to working with both of them on the development of this property,” City Administrator Ryan Heiar said. “These rebate agreements are a great investment for North Liberty as the UICCU’s facility will be a tremendous asset to the community and the 380 Corridor and will no doubt spur future development of housing, office and commercial uses in the area.”
City Council meetings are held the second and fourth Tuesday of the month at 7:00 p.m. in the North Liberty Council Chambers are located at 25 W. Cherry Street, North Liberty. For more information or comments, please contact City Hall at (319) 626-5700.
