Property Tax Rebate Helps Fund NewBranch

WAUNAKEE, Wis. - (06/09/05) -- Summit CU will receive $475,000 inlocal property tax rebates as part of Tax Incremental Financingagreement to help spur redevelopment in the downtown area. Underthe deal, the $645 million credit union will receive an annualrebate of 85% of its property taxes on the new branch for as longas 20 years as part of an agreement to build the $2.225 millionfacility. The two-story building will provide the credit union withabout 12,000 square-feet of space on the southeast corner ofMadison and Main streets. The project will preserve the originalfaÇade of the old bank building at the site. The branch willbe the credit union's 12 when it opens in 2007.