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McCook Gazette

MEDC director clarifies funding issues related to proposed McCook city budget

Friday, July 17, 2009

Rex Nelson, director of the McCook Economic Development Corp., said that the MEDC program administration was increased by $15,000 to $110,000 in the 2009-10 city budget, to partially fund the addition of a business coach position. The position has been funded by a grant and these funds have since run out.

The budget for the economic development fund/LB 840 also includes $96,444 that will be allocated for loan and grant programs, which includes expenditures of $26,000 remaining from the current year, and $7,000 for other business expansion and recruitment programs.

The bond redemption payment for the Keystone bonds will be $138,443. The LB840 Economic Development Program is projected to receive $330,000 from the in-coming year.

Proceeds generated previously by sale of the Keystone bonds are being held in reserve and expended as construction proceeds. The final $754,977 of that fund will be used in 09/10 to complete renovation of the Keystone Hotel into a business center. An additional $112,000 is being held in reserve to assure that funds are available for bond payments.

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  • A business coach? Didn't know we even had one. What has this person done? What type of track record, success, etc.? $110,000 to partially fund the position - how much is their salary? Do we really need this position? What benefits does this position provide to the City? Is this wasted money on a smoke screen position? I think it would be interesting to hear more about this position.

    -- Posted by FNLYHOME on Fri, Jul 17, 2009, at 2:32 PM

  • May a clarify the clarification? $110,000 supports administration of the various aspects of economic development services, including housing, that MEDC provides to the community. The$15,000 is specifically to couple with other funding sources to pick up business coaching, although we have been funding over half of this activity for over a year now. With four staff positions at MEDC, the city is getting a bargain. We are good at leveraging donations, grants and real-estate income to fill out the funding sources.

    With business coaching, in the last 16 months we have served just under 100 business people including start ups, businesses needing assistance or advice, those needing to add enterprises or evaluate new location decisions and those wanting to retire or otherwise sell or purchase a business. The demand has been incredible! Several articles have run in local news media about these activities and the businesses we have helped.

    As always, call if you want the facts.

    Rex

    -- Posted by Developer Guy on Mon, Jul 20, 2009, at 3:01 PM

  • Thank you Rex for clarification. Will look forward to future endeavors.

    -- Posted by FNLYHOME on Wed, Jul 22, 2009, at 11:37 AM
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