The Black Hawk County Board of Supervisors has given approval for a controversial business project. The supervisors have cleared the way for the Peregrine Financial Group to move the company’s headquarters from Chicago to rural Cedar Falls. The board voted unanimously last night to rezone nearly seven acres of wooded land next to Beaver Hills Country Club just north of the City.
The international financial brokerage firm plans to construct a 10-million dollar two-story mirror-glass building on the site and bring in 70 high-paying jobs. Despite the promise of six-figure salaries, the zoning issue has sparked feuding between some residents and county officials. Area homeowners don’t want the increased traffic in their neighborhood and they’re concerned about the impact the new building will have on a nearby wetlands area.
Earlier this month, the county’s planning and zoning commission rejected the plan based on the lack of infrastructure and setting a precedent for future urban sprawl. That decision angered local economic development officials, who feared the jobs would go to another county.