Council approves bank for economic development bonds

A third party will act as the paying agent for the economic development fund bonds that the city has agreed to issue in the amount of $1.150 million.

The McCook City Council unanimously voted Monday night at its regular meeting to authorize Wells Fargo Bank as the paying agent and registrar for the economic development fund bonds. This adds another level of transparency to the process, said City Manager Kurt Fritsch, as well as additional oversight.

The city will pay $350 for the acceptance fee and $350 each year for maintenance, included within the bond proceeds.

Auditors would look favorably upon this process, he added, and free up City Clerk LeaAnn Doak who Fritsch said already has plenty to do.

City sales tax revenue committed to the McCook Economic Development Corp. will pay back the bond. The money will go toward renovating the Keystone Hotel on Norris Avenue into a Business Center.

In other regular agenda business, the council also approved three ordinances:

* The updated floodplain management ordinance on its third and final reading, that will meet federal requirements and maintain flood insurance in the city;

* Two amendments relating to ordinances addressing dilapidated structures in the city. One amendment will be utilized to remove abandoned structures in the city and adds the definition of unsafe buildings those that are fifty percent damaged, decayed or deteriorated from its original condition. Another provides standards in the determination of whether a nuisance or unsafe property should be repaired, altered, demolished or removed, upon the recommendation of the building inspector. These standards include that if the structure can be restored to meet city code, it shall be ordered to be repaired; if it cannot be repaired, it will be ordered to be demolished; and if it has been determined to be a fire hazard, it will be demolished or removed. The amended ordinance also requires a 60-day notice.