City officials secured a 1.7 percent average interest rate on $9.4 million it is borrowing to fund the construction of a replacement for Fire Station No. 1.
The low rate was aided in part by the city's recently reconfirmed AAA bond rating. Moody's Investors Services on Tuesday confirmed the highest possible rating for the city.
Construction is expected to get under way in mid-July on the two-story, 29,500-square-foot station, which will be located at 1601 Underwood Ave. When finished, it will offer more space for apparatus storage and maintenance and training activities, modern mechanical systems and sustainable design features.
Common Council members Tuesday unanimously approved the $9.4 million in borrowing, along with $5.3 million in borrowing to fund the cost of capital projects. The second loan, one the city takes out each year, was borrowed using a Build America federal subsidy for a 2.9 percent average interest rate.
Jim Archambo, city administrator, said ongoing economic turbulence has municipal bond investors looking to governments with higher bond ratings, since they usually represent a lower financial risk.
Your link to the biggest stories in the suburbs delivered Thursday mornings.
Enter your e-mail address above and click "Sign Up Now!" to begin receiving your e-mail newsletter Get the Newsletter!
- Wauwatosa Business Spotlight: Bavaria, relatively new, harkens to the old world
- Wauwatosa Ask Now: What can be done to make the Village more pedestrian-friendly?
- Wauwatosa Things to Do: July 30
- Annual 'Tosa's Night Out' is Aug. 4 at Hart Park
- Container Store opens at Mayfair this fall: Container Store opens at Mayfair this fall
- Wauwatosa Weekly Planner: July 30
- Mayfair holds back-to-school style event
- Tosa police: stealing vehicles to 'joy ride' is new trend among criminals (2)
- Medical College of Wisconsin construction begins Aug. 3
- Wauwatosa Things to Do: July 23, 2015 issue