Keystone Awarded over $1.5 million

12.20.07-
McCook Economic Development Corporation received word yesterday from Senator Ben Nelson’s office, of final approval of Federal funding for renovation of the historic Keystone Hotel as a technology, business and entrepreneurship center. In announcing the $1,578,500 award from the Department of Commerce Nelson said: "I want to congratulate the McCook Economic Development Corporation. I’ve been working with them on the Keystone project for about three years and their persistence and hard work has paid off. This grant represents a significant investment in the economy of McCook and Southwest Nebraska. The Keystone Entrepreneurship Center will create an environment where new businesses can grow and prosper creating good jobs and economic opportunities while greatly contributing to the growing reputation of Nebraska as The Silicon Prairie.”

Rex Nelson, executive director of McCook Economic Development reports that this is a major step in a project that could ultimately create 40 new jobs and create over $3.7 million in new economic impact annually. A request for contractor bids is expected immediately and efforts to complete the financial package are under way. Construction could start as soon as March with a potential completion date of December 2008. The Federal funds require a 50% local match which will be derived from several sources including local bank financing, tax increment financing, charitable contributions and city funding. Commenting on the funding announcement Nelson said: “I really appreciate the help of Senator Nelson's office throughout the process. This is a high impact project that will benefit the community in many ways. I look forward now to pulling together the final pieces of the puzzle that we need to provide locally to make it happen.”