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GoogleThe bond, issued by D.A. Davidson, will be used toward construction costs in renovating the Keystone Hotel on Norris Avenue into a business center.
Required bank loans have been secured with McCook National Bank, AmFirst Bank, First Central Bank and Wells Fargo Bank.
The bond will be paid back for the next 10 years using a portion of the half-cent city sales tax revenue allotted to the MEDC.
Total costs of renovating the building come to an estimated $4 million. Half the costs will be funded by an federal economic development grant. Another grant from the USDA will provide $76,000.
The council also will be asked, as part of the bond request, to approve a letter of intent that pledges tax increment financing proceeds for 15 years to the MEDC.
Unlike consent agenda items, that the council can approved in one motion, the bond proposal and the letter of intent for TIF are regular agenda items that the council will discuss before voting.
Another regular voting item includes the approval of adding new language to a city law regarding unsafe buildings. The language will clarify whether such buildings or public nuisances should be repaired, altered, rehabilitated demolished or removed, after inspection by the city building inspector.
The amended city law was proposed by the Problem Resolution Team, that inspects buildings identified by city staff or the public as nuisance or safety hazards.
Other regular voting items up for approval Monday night are the second readings of two city ordinances. One adds the definitions of unsafe buildings to include those that are 50 percent damaged, decayed or deteriorated from its original condition. The other adopts the floodplain management for the city, establishing flood information for FEMA flood insurance.
The council will also be asked to approve a consent agenda item for bid specifications for two new outdoor warning sirens, that will replace two current sirens at West 11 and A Street and on Apollo Drive.
The current sirens are still fully operational and provide ample coverage but the new sirens will provide a larger coverage area, overlapping with other areas.
Funding for the sirens was approved in the 2008-09 budget.
Starting the meeting off will be a presentation by Karl Elmshaeuser, executive director of the West Central Nebraska Development District, who will give an overview of services that they provide.
The West Central Nebraska Development District is a economic development organization that governmental entities can join for a fee.
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With the stock market falling, the MEDC should reconsider asking for bond money. This could cause real problems when money isn't available. If we go into another "depression", this city will be in real trouble. You better weigh the odds for this. It looks like trouble in the making.
But, the old standby will to be raise taxes and develop more taxes to pay for this. No wonder houses are going up for sale. The only ones that will benefit from this will be the banks. Not the people in McCook.
If you read AND understand the article then you would know this is being done with federal funds, existing taxes, not new ones and it doesn't raise existing taxes. In addition, this would add revenue to the tax rolls after the 15 year TIF expires. That would expand the property tax revenue, considerably, with just one project, which in turn, helps to relieve the burden on other taxpayers. Sure, 15 years is a long time but that's why it's called "planning ahead" and it's better than never happening at all. Healthy skepticism is fine but let's try to avoid unjustified "doom and gloom" speculation. It only manages to incite fear without reason and provides no benefit to anyone.
It's not "doom and gloom" as you say. It's the past track record of the city. Check out the history of what has happened in the city. It's not skepticism and there is reason behind it. I've seen it for the past 50 years.
A cart can't be pulled by a dead horse.
FYI --- Took a drive in this great city. There are seventeen (17) empty commercial/retail business buildings in the downtown area of McCook. A few of them became empty in the last 6 months and the others have been empty for years. And three (3) more to the west side of McCook. These buildings are in a very good area for business. It just depends of what business you want in there and the size of building you want. They do vary in size from small to large. Has anyone looked at that????
Hmmm??? We want economic development in this city?? Why not fill those empty buildings instead of spending all that money for the Keystone. It will take the same percentage of cost to update those as it would the Keystone. Some would cost less because they are already updated.
The city council needs to check this out instead of having blind judgment on what they are doing.
Think about it. Everytime a new business comes to town people run them off. The new businesses dont last. Why do you think McCook's population is decreasing because there is nothing to keep people here. We have a Theater, a bowling alley and lots of bars that is it. If you want McCook to be a thriving community and for it to grow get some businesses in here. So may empty builings that could be used for businesses. McCook is afraid of change.. PLAIN AND SIMPLE
Wouldn't it be nice if those who like to criticize everything that goes on in a community, would actually step up to the plate & actually take on some of the issues you seem to be so critical of. Run for city council or volunteer to be on some of the boards that deal with these things. You don't help anyone by constantly complaining! If you have a problem, step up & take some responsibility.