TIF funding sought for gas station

McCOOK, Neb. — The McCook Planning Commission will be asked to approve tax increment financing for a proposed gas station at a vacant lot at the intersection of U.S. Highways 83 and 6/34.

The city received a redevelopment application from Smoker’s Outlet, doing business as N-Stant Convenience, for property it owns directly northeast of the intersection. The redeveloper owns and operates a convenience store adjacent to the project site and would like to expand business to include a fuel station that will have eight fuel pumps, or four-island double sided fuel canopies. TIF assistance is being requested to assure funding is available for the project and expansion would not occur unless TIF funding is approved.

The location has already been designated as blighted and substandard in the city’s redevelopment plan and so qualifies for TIF.

It’s anticipated that approximately $196,500 of public improvements can be financed with proceeds from TIF. Current project valuation of the property is $125,000. Estimated assessed valuation is $1,107,724, generating a tax increment base of $982,724. The annual estimated tax shift at the current city levy is $18,785. The redeveloper plans to use approximately $1 million of its own money into the project.

The McCook City Planning Commission will be asked to approve the redevelopment plan and related actions, i.e., TIF funding, at its meeting Monday, 5:15 p.m. at the city council chambers at the city municipal building. Because of restrictions due to COVID-19, the meeting will be done via the ZOOM online platform.