Local News: Council agrees to annex MEDC property (6/23/22)

The McCook City Council agreed to annex a strip of property along West Seventh owned by the McCook Economic Development Corp.

Bruce Crosby/McCook Gazette

McCOOK, Neb. — A parcel of property the McCook Economic Development Corp. has identified as instrumental for future housing was unanimously approved for annexation by the McCook City Council Monday night.

The MEDC requested the annexation of the property it owns north of West R along West Seventh, considered outside the city’s boundaries. The property was purchased by the MEDC from North Pointe Properties in 2021 and is part of the Clary Subdivision, the site of new housing for low-income seniors at Clary Village and income-eligible families at Quillan Courts.

City Manager Nate Schneider said for adequate traffic circulation, Clary Subdivision should connect to West Seventh in order to have easy access for fire, trash and emergency services.

Charlie McPherson, MEDC director, told the council that tax increment financing (TIF) could be used to offset costs for infrastructure needs like streets and sewers and would help in attracting developers. Greg Wolford of W Designs said that a preliminary plat of the property would be presented to the council in the near future.

TIF allows developers to invest in infrastructure and other improvements and pay for them by capturing the increase in property taxes. To be eligible for TIF funding, an area has to be designated as blighted and substandard. Percent of land within the City of McCook designated as blighted, and thus eligible for TIF, is 29.3%. No more than 35% can be designated as blighted, per state law. The property requested to be annexed has already been approved by the city council to be included as part of the blighted study, Schneider said Monday night.

The property annexation was approved as an ordinance, that requires two more readings before going into effect.

Other TIF projects in the city, according to the  Tax Increment Financing Report 2022 presented to the McCook City Council in April, are:

Keystone Hotel Rehabilitation: $310,000North Point Properties LLC (27 lots in three phases),: $208,000Clary Village: $180,000McCook Hotel Group LLC (Cobblestone): $628,875Quillan Courts: $110,000Next Generation, Inc. Facility: $720,000 (Feb. 20, 2017) and amended Sept. 4, 2018, $1.02 million. McCook Lodging LLC, Holiday Inn and Suites: $1.4 million Blackwood Enterprises: $200,000N-Stant Convenience: $196,500 MEDC Infill Housing: $45,225.

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