Committee: MEDC on right trackAREA News, News - 08.20.15
Thursday, August 20, 2015
McCOOK, Neb. — The McCook Economic Development Corp. is investing in the right areas and doing its part to combat the local housing shortage, at least according to the Citizens Advisory Review Committee.
The committee meets on a quarterly basis with MEDC officials and is tasked with reviewing the functioning and progress of the economic development program and to advise the City Council with regard to the program. Committee member Troy Bruntz and MEDC Executive Director Rex Nelson recapped the committees last two meetings with City Council Monday evening.
“Overall, the committee’s extremely pleased with the decisions MEDC has made, with the use of the funds. We are extremely excited about the direction that these funds are taking in the community,” said Bruntz, who brings a wealth of financial savvy to the committee given his experience as Vice-President of Finance and Chief Financial Officer for Community Hospital.
Bruntz highlighted two significant MEDC investments in local housing, $208,000 used for tax-increment financing at the North Pointe properties development and $120,000 to complete funding for the Clary Village Senior Housing project. Bruntz said barring default, a possibility with any loan, both investments would be repaid over time.
“So we feel good about that,” said Bruntz, adding the housing shortage was something the hospital deals with on an almost weekly basis and he heard from other local business leaders in similar situations on a monthly basis. He said the review committee believed housing was the best area for MEDC to invest funds right now.
“We’re happy with the plan, we think it’s great to see stuff actually happening in regards to housing,” said Bruntz.
Bruntz and Nelson recapped the MEDC quarterly report to City Council, which summarized 10 investments occurring between October of 2014 and June of 2015. Five of the investments related to the Clary Village Sr. Housing development north of the Red Willow County Fairgrounds. (more…)