WATERLOO, Iowa (AP) — A foundation that has distributed $65 million since its founding plans to leave its office in downtown Waterloo for a new building in Cedar Falls.
The Waterloo-Cedar Falls Courier reports Friday (http://bit.ly/ZQoMXbhttp://bit.ly/ZQoMXb ) the Community Foundation of Northeast Iowa will build a 5,000-square-foot building costing $1.5 million to $2 million.
Kaye Englin, the foundation's president and CEO, says the organization was running out of room and considered dozens of sites before settling on one in the Midway Business Park in Cedar Falls.
Construction likely will take six or seven months, and the building could be ready by late 2015.
The organization plans a fundraising campaign, an internal loan and use of surplus dollars to pay for the building.
The foundation has distributed $65 million in grants since its founding in 1956.