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Mitchell Can Improve Corn Palace With Money, Bonds



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Officials in Mitchell say the city could invest a significant amount of money in an improved Corn Palace without asking for a tax increase from residents.
 
Council members were told this week that the city has more than $70 million in bonding capacity remaining, and it has an additional $1.7 million in cash to be dedicated to a project such as improving the Corn Palace.
 
Finance Officer Marilyn Wilson says Mitchell has an assessed value of $632 million. She says the city could still borrow more than $17 million for capital improvement and other projects and bond more than $55 million for water and other basic infrastructure projects.
 
The council says it has no intention to go that far in debt.
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