The Common Council unanimously approved taking on $7.4 million in debt for 2019 projects at its Feb. 12 meeting.
The amount is almost “dollar-for-dollar” identical to project costs in the city’s capital improvement plan, finance director Jamin Friedl said.
Nearly $3 million of that borrowing will go for the Glacier Moraine Drive road construction project near the north side business park, between Williams Drive and Progress Way. The city is contractually obligated to construct about one-third of the road by the end of 2020, and planning director Rodney Scheel said during last fall’s budget discussions it would increase efficiency and cost-effectiveness to install the entire street at the same time in 2019.
The debt for that project is expected to be paid by the business park’s tax-increment funding district, TID 6.
The other $4.5 million will pay for one-time costs, like $2.7 million for road improvements, $700,000 for a new fire truck and $500,000 for public works equipment.
That debt service will hit the levy in 2020 and remain steady for the next nine years. It will raise the tax rate by .47 cents per $1,000 in assessed value, with a total cost over the 10-year project estimated at $467.60 per $100,000 of assessed value, according to financing documents.