WATERLOO, Iowa – The City Council voted to purchase an Iowa Community CU branch for $814,000, to clear the way for construction of a planned $23-million indoor Cedar Valley SportsPlex.
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The city was forced to pay the credit union’s asking price, which also includes donating a former Happy Chef location – a property the city agreed to buy for $450,000 last week – so ICCU can construct a new building there.
To expedite construction, the city will pay the credit union $52,900 to move now and operate in a temporary trailer while its new facility is erected.
The credit union site is the last parcel the city needed to acquire and demolish to clear the way for the planned sports project.
