NORTH LIBERTY, Iowa – The North Liberty City Council on Tuesday night voted to approve the purchase and transfer of land for a new University of Iowa Community CU office building, a 100,000-square-foot structure projected to cost $20 million to build.
Plans call for the city to purchase 64 acres of undeveloped land on the west side of the city, near I-380 from North Liberty LLC for $11 million, then transfer 24 acres to the credit union for $1.
Under the deal, the city will borrow $11.3 million from the credit union to pay for the land. It plans to pay back the purchase price through revenue generated by increased property tax on the facility.
According to data from the Iowa City Area Development Group, the project will generate 400 direct jobs, 230 indirect jobs and 324 induced jobs.
The city has not made plans for the remaining 40 acres of land that will not be used by the credit union.
