Mazuma Credit Union is leaving Kansas City for a new headquarters being built in Overland Park, a relocation that will be eligible for tax incentives from Kansas.
Company CEO Brandon Michaels said Thursday his firm and its 100 employees had outgrown its current offices at 9300 Troost Ave. and had been searching for new space around the metropolitan area. They decided on the northwest corner of 135th Street and Metcalf Avenue in Overland Park.
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The 60,000 square-foot building is expected to be completed by September 2014 and is located in the Shoppes at Deer Creek Woods development.
Michaels declined to discuss incentives, but as a new company to Kansas, his firm will be eligible for assistance from the PEAK program which allows a company to keep 95 percent of its employees' state income taxes for up to five to seven years.
“Incentives didn’t play a role in our decision,” he said. “We have 6,000 members in Johnson County who had to commute. Now we’re providing them with a retail bank in Johnson County. That was important to our decision.”
The Troost location, which Mazuma first occupied in 1983, will remain a retail bank operation after the move is completed.
Michaels did say his company is expected to grow its workforce by 9 percent annually in the coming years. He declined to discuss the value of the new building.
Mazuma Credit Union was established in 1948 and serves more than 52,000 members in the Kansas City metropolitan area.