Minerva Credit Union plans new building
MINERVA − A new office building is in the works for Minerva Area Federal Credit Union, which looks to build on land adjacent to its current location at 3570 Union Ave. SE.
Projected cost of the new building is $1.5 million. To encourage the project, Minerva Village Council recently approved a tax abatement of up to 50% over a 15-year period. The tax break would apply to the taxable value of the new construction.
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"They were kind of restricted by the size of their building," Mayor Timothy Tarbet said. "In the current building, they don't have a drive-up window. We are excited. They are a great local business."
The credit union has been operating in the village since 1971. Minerva Area Federal Credit Union acquired a little less than an acre just north of its current location in 2021. It paid $150,000 for the land, according to Stark County real estate records.
"Where we are now just doesn't suit our needs," said Jane Yankovich, chief executive officer for Minerva Area Federal Credit Union. "We have gone to the size where we need to expand. We have outgrown our facility."
Once the building project is complete, the credit union could add one new part-time employee and a new temporary worker, according to the tax agreement with the village.
"I think they are breaking ground this spring," village Councilman Matthew Kishman said. "We had a couple banks close in Minerva. I think they have picked up some business."
PNC Bank and Chase Bank, both in the 100 block of North Main Street, closed recently.
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So far, construction plans have not been submitted to the Stark County Building Department.
"The (credit union) board has not approved a plan yet," Yankovich said. "It is in the planning process right now."
However, the agreement with village officials states the building project should be finished in late November.
Denise Freeland, executive director of the Minerva Area Chamber of Commerce, said the credit union's current building will be rented once the new facility opens. "They are busy and growing, and need more space. We always have people looking for spaces for businesses," Freeland said.
Membership in the Minerva Area Federal Credit Union is open to those who live, work, attend school or worship services within the Minerva Local School District. Also, those with family members currently enrolled in the credit union are eligible to join.
This article originally appeared on The Repository: Minerva Area Federal Credit Union is planning new office building
