MOLINE, Ill.–The $1.2-billion I.H. Mississippi Valley Credit Union has announced plans to build a $26-million headquarters building on this city’s riverfront, thanks in part to incentives provided by the city.
The City Council, in a 7-1 vote, has signed off on a deal in which Moline, Ill., will sell property it owns at 2500 River Drive to the credit union for $2.925 million so it can build an 80,000-square-foot facility, according to the Quad City Times. Construction is expected to begin in the spring.
The Quad City Times is located in an established TIF Redevelopment Project Area that is set to expire in 2036. The city’s total incentive payment will be paid from the net incremental real estate tax generated by the project, the Times said, and IH Mississippi Valley will receive a TIF incentive payment of up to $3.9 million, or 15% of the $26 million project. The credit union also will be rebated for eligible TIF expenses, including site work up to $525,000 for a total incentive package of $4.425 million.
One member of the City Council objected to an incentive package for the credit union, arguing I.H. Mississippi Valley doesn’t pay income tax.
The credit union said the facility will initially employ 220 people and it is projecting adding approximately 80 more jobs over the following 10 years, according to the Quad City Times.
IHMVCU CEO Brian Laufenberg told the quad City times the new building will have a community room and "a lot of collaborative space and innovation space" to connect with the Western Illinois University Quad-Cities campus.