The University of Iowa wants to use the Iowa City School District Central Administrative Office Building to relocate businesses displaced by its School of Music’s downtown expansion.
The School Board voted to accept the UI’s $4.5 million offer on the facility, 509 S. Dubuque St., at its Tuesday meeting. The UI must receive approval from the state Board of Regents at its Aug. 5 meeting before moving forward.
The regents voted at its June meeting to approve the UI’s purchase of private land near the intersection of Burlington and Clinton Streets to replace the flood-damaged Voxman Music Building and Clapp Recital Hall.
UI officials have been hesitant to release many details about its use of the School District site. Though, it seems businesses located in the proposed site for the School of Music — such as Bank of the West and MidWestOne Bank — could be moved to the office building.
The district property consists of 56,790 square feet. The two banks’ combined square footage is 52,150.
President and CEO of MidWestOne Bank Charlie Funk said the bank branch — 325 S. Clinton St. — has always been open to relocation upon hearing the university was interested in its site.
“We have had wonderful discussions with the university,” he said.
Although he could not remember the exact date discussions began, the bank has cooperated with the university for a number of months.
“We want the university to have what it wants, and we want the community to win,” he said.
Calls to Bank of the West, 301 S. Clinton St., were not immediately returned Thursday.
Regent Robert Downer of Iowa City said he supports the property purchase because the building is available and reasonably close.
“If the property can be obtained so the School of Music can move forward as contemplated without businesses being affected by the move, there is a good outcome for everyone,” he said.
The School District building is a key component in efforts to relocate the School of Music, UI spokesman Tom Moore said, and “discussions are ongoing.”
Funk could not discuss whether the MidWestOne Bank branch will move to the South Dubuque Street building, but he said the bank was very clear it wanted to remain downtown.
“We need a comparable location to serve our needs, and as long as the university does that, we are willing to move,” Funk said.
Downer agreed the businesses must be accommodated.
“Whether or not this is a good solution is up to the businesses in question based on how well it fits their needs,” he said.
Discussions about which business may move to the building are still ongoing, but further details will be provided at the August regents meeting, Moore said.
Downer said he expects the regents will approve the UI’s proposal.
“I think the whole process the University of Iowa has gone through has generally been met with approval of the board, and I see no signs that its approach might be changing,” he said.