New Headquarters Earns CU LandDeal

ELKHART, Ind. - (07/15/05) -- Bayer FCU was granted a $571,319windfall Tuesday when the Elkhart Redevelopment Commission agreedto forgive 75% of the $761,759 purchase price for the creditunion's new headquarters building. The loan forgiveness, whichcould be extended to include the entire purchase price, was amongof inducements the city agreed on to get the $240 million creditunion and other local businesses to locate on the city's RiverWalkdevelopment, part of the revitalization of the downtown, accordingto Dallas Bergl, president of Bayer FCU. The project, located atthe confluence of the Elkhart and St. Joseph rivers, features,restaurants, offices and retail businesses. "Well probably end uppaying nothing (for the property)," Bergl told The Credit UnionJournal of an agreement to extend the 42,000 square-footheadquarters project in additional phases over the next 10years.