$8.5 million industrial park development planned
McCOOK, Neb. -- The McCook Industrial Park behind Valmont sat patiently for more than a decade before welcoming its second tenant in 2014, Booe Machinery and Salvage. The 20-acre development appears to be building on recent momentum and has since paved its main access road and is set to welcome a third tenant in the near future.
Next Generation Inc. is planning on constructing an agricultural chemical handling and distribution facility at the industrial park, an estimated $8.5 million investment according to City Manager Nate Schneider. During Tuesday's Coffee with a Cop meeting at the Bieroc Cafe, Schneider expressed his appreciation for the project and the seven jobs it plans to bring to the community.
The McCook Planning Commission approved a redevelopment plan for the project on Monday. The approved plan seeks approximately $720,000 in public funds from Tax Increment Financing and leveraging $8,361,907 in private sector financing, according to the meeting packet.
TIF allows governing entities to redirect property taxes paid in excess of a property's undeveloped value for a period of up to 15 years. Local taxing entities continue to receive tax receipts throughout a project's TIF commitment at the same level they received prior to the development project.
Schneider said the project included construction of 12 herbicide storage tanks and targeted the location due to its rail access. A private use spur to the rail line is also planned.
"This project is a huge win for the City of McCook and Southwest Nebraska. Not only does it bring nearly $8 million in private investment to us, it brings new construction jobs in the building phase, 5-7 new permanent jobs and the real hope of doubling in the next two to three years. The MEDC and city have been very busy with new housing, new hotels and new job creation," added MEDC Board President Dennis Berry Tuesday.