GREEN BAY - The city will borrow $23.3 million this year to fund road repairs and other projects as part of its first capital improvement program in nearly two decades.
The Green Bay City Council this week signed off on a $137 million road map to buy equipment and upgrade bridges, park shelters and city-owned facilities over the next five years. The borrowing approved Tuesday will cover projects like a new roof for City Hall and additional parking at the Wildlife Sanctuary.
Of the $23.3 million, roughly $9.4 million is supported by taxpayer dollars, while the rest is covered by tax-incremental financing districts and fees for public utilities and parking. The borrowing was already accounted for in the 2020 budget approved last year, so it won't impact the current tax rate of $9.46 per $1,000 of assessed property value.
The 2020 borrowing also allows the city to resurface or rebuild 8.7% more feet of roads than it did last year — something officials and residents have pushed for as streets in their neighborhoods crumble.
"This is really a no-frills bond request," Genrich said Tuesday. "I wish it were lower. In an ideal world, I think it certainly would be less, but I think it's very reflective of the needs we have as a community."
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The plan approved Tuesday capped off roughly a year of work to assemble a long-term strategy to manage city projects and the debt associated with funding them. It also makes good on one of Genrich's key campaign promises.
Officials hadn't put together a long-term capital plan since around 2001.
The city intends to borrow a total of $117.2 million from now through 2024, nearly half of which would be covered through the general tax levy. Finance Director Diana Ellenbecker said borrowing will increase the tax rate over time by about 2 cents, or about $3 for the owner of a $150,000 home.
Over the next five years, residents can expect repairs to the Main Street bridge, new baseball and soccer fields at Perkins Park, a pickleball court at Murphy Park, and upgrades to several fire stations. The plan also allows the city to buy new police cameras, election tabulators and vehicles for multiple departments.
However, the city for now has tabled a request to build a new public safety building, a project pushed by former Mayor Jim Schmitt as the police department outgrew its aging building on South Adams Street.
Contact Haley BeMiller at hbemiller@gannett.com. Follow her on Twitter at @haleybemiller.
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Green Bay borrows $23M for 2020 as part of new 5-year capital plan to upgrade bridges, parks, streets - Green Bay Press Gazette
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