State Sells SECU Plot For $1

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Gov. Mike Easley signed into law a bill that will allow the state to sell State Employees CU a downtown block for $1.

The rock-bottom price will facilitate a $100 million Green Square redevelopment project, to be financed by the credit union, that will include 170,000 square feet of space for the state Department of Environmental and Natural Resources; 95,000 square feet for a new N.C. Museum of Natural Sciences and 60,000 square feet for the credit union.

The project will provide the state with low-cost lease space with an option to buy the property, according to Mike Lord, chief financial officer of SECU.

"It's a good deal for us because it gives us a permanent site right in the middle of our membership base," Lord told The Credit Union Journal.

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