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Moline fast tracks $4.4M TIF for IHMVCU Headquarters

MOLINE -- The IH Mississippi Valley Credit Union will have a new $26 million headquarters on River Drive by March of 2020.

A special ordinance was presented Tuesday night during the committee of the whole meeting, creating a $4.4 million tax increment district (TIF) for the property located at 2500 River Drive. The city will sell the land to IHMVCU for $2.9 million. 

The site will include an 80,000 square-foot headquarters office building, 300 parking spaces, and a community room for public use. Costs for storm water utilities, public sidewalks and other requirements is included in the $2.9 million payment to the city. 

That ordinance was approved 7-1, and moved on for a vote during the city council meeting. Ald. Kevin Schoonmaker cast the lone no vote. 

Ald. Schoonmaker told the council that he welcomes the project and thinks that IHMVCU negotiated a great deal with a "very generous incentive package." However, the project does not create tax money for the city and creates only a minimal amount of new jobs."

"My largest issue is that significant incentives are being awarded to a company that pays no income tax," Ald. Schoonmaker said. "I find that very hard to swallow. The hard-working Moline taxpayers, both the citizens and the businesses, pay income tax and should not be asked to carry this significant burden for this development."  

During the council meeting, the ordinance was given consideration, which was approved 6-2. Ald. Quentin Rodriguez and Ald. Schoonmaker objected. 

"By considering this and moving through this tonight it limits the public's opportunity for input," Ald. Schoonmaker said. "For a project this size, I think that's a travesty."

At the end of the meeting, Ald. Dick Potter told the council that he agreed with Ald. Schoonmaker's statement, and that passing the ordinance through this quickly is "not something we want to take lightly."

"I rarely agree to something like this," Ald. Potter said. "I think this is an extraordinary thing, and I think this is a different project and we need to do it." 

The building is well into the design phase, according to Caitlin Russell, Vice President of Russell, the construction company for the project.

She said IHMVCU's current location, 2121 47th St., is a leased property and plans for its future are still being worked out. 

Brian Laufenberg, president and CEO of IH Mississippi Valley Credit Union, was excited about getting the approval from the council. He said he looks forward to developing a partnership with their soon-to-be next door neighbor, Western Illinois University.  

"I feel strongly about the (Quad City) Chamber's Q2030 initiative and when you look at how we can try to keep good Quad City talent here and keep the younger people here," Mr. Laufenberg said. "Instead of them having to go or feeling like they need to go to a different venue, they can stay right here in Moline." 

Mayor Stephanie Acri said the deal will create "prosperity" for all of the parties involved. 

"It's going to be a beautiful building and a campus-like setting and it's such a lovely thing to have up against our river," Mayor Acri said. "It is an anchor investment for us as city partners to the developers because it does raise that bar and sets that standard. This project brings balance to what we have been working on."

 

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