Des Moines City Council approves incentives for Federal Home Loan Bank move
Monday, April 17, 2017 10:37 AM
The Federal Home Loan Bank of Des Moines will receive a 10-year discount on parking rates to help accommodate its move to an office building it plans to buy at 909 Locust St., which has served since the 1990s as the local headquarters for a variety of companies that have morphed into what is now Voya Financial Inc. The Des Moines City Council voted April 17 to approve terms of a package of economic development incentives for the Federal Home Loan Bank of Des Moines, which plans to spend up to $25 million to update and renovate the building. In addition to the discount on parking rates for 425 stalls, the City Council approved a 15-year tax increment finance package of 50 percent of the value of improvements to the building. Federal Home Loan Bank has been located at 801 Walnut St. since 2007. It became the largest regional bank in the federal home loan system in 2015 after finalizing its merger with the Federal Home Loan Bank of Seattle. The lender currently employs 260 people and plans to add 20 more. Voya will move its 433 employees to Hub Tower. Voya also is seeking a parking discount to assist with its move.