The Exchange is advertised as a 2 million dollar effort to revitalize McGregor and increase tax revenue.
The City of McGregor, Chamber of Commerce, McGregor Economic Development Corporation [MEDC], and downtown businesses are currently creating the Downtown Exchange Community Center. The current [2019] Debt and Debt Service for The Downtown Exchange is near $3 million dollars and the actual costs to build and operate will certainly increase.
![The Downtown Exchange -- [Click to Enlarge - Image Opens in a New Window]](https://city.dennisfehler.com/wp-content/uploads/2019/09/comptroller_MEDC_spent_1920.jpg "The Downtown Exchange -- [Click to Enlarge - Image Opens in a New Window]")
A nonprofit entity was formed in 2013 titled \”the McGregor Downtown Exchange Inc.\” At the time, the intent was to purchase the foreclosed, bank owned, Top Crop property by a privately funded group lead by David Livingston [TJ Cigar Lounge]. The announced proposal was to spend 5+ million dollars to create a Community Center titled \”The McGregor Downtown Exchange.\”
In the same 2013 time frame, the Chamber of Commerce produced the Vision 2030 documentation. Among other announced goals and objectives, the Vision 2030 document justifies the necessity for the Downtown Exchange Community Center.
Somehow over the past few years, the Downtown Exchange Project has transitioned from a privately funded effort to a totally Taxpayer-funded project controlled by the City of McGregor, the City Council, and the McGregor Economic Development Corporation [MEDC], funded by Certificates of Obligation [CO Bonds].
The Exchange was Built Using Taxpayer-Funded Certificates of Obligation – [without voter approval].
People are asking, why are we are spending 3 Million Dollars on a Community Center and One-half Million Dollars on LaunchPad Park instead of repairing the Streets in McGregor?
Justified spending by the – Vision 2030 Steering Committee
These are some of the people that believe the Exchange is a good idea.
What can be done?
People need to find their voice and begin to \”lead the Bureaucratic leadership.\”
If we don\’t help them understand, they will continue to repeat the same spending behavior.