The city will borrow $12.4 million to pay for capital improvement projects that will be undertaken in 2012.
The money will pay for sewer projects, street paving, bridge repairs, building improvements and business district infrastructure. The debt will be paid back over 10 years, city Finance Director John Ruggini said.
The Common Council has authorized city staff to put the bond sales out to bid with the hopes of getting an interest rate of about 2.25 percent. Bids are expected to be opened Aug. 7, at which time the council will need to vote to finalize the process.
The city is taking on more infrastructure projects, necessitating an increase in borrowing in coming years. In the past there was a spending cap of $3.5 million, but that has been lifted.
Even after some of the major projects are completed, it's unlikely the need to borrow will return to earlier lows. A certain amount of money - reaching a plateau at about $8 million per year come 2022 - will be necessary to maintain the infrastructure.
"We're going to have to make an annual investment in the infrastructure to keep up with it," Ruggini said.
Residents will see the results of the borrowing for sanitary and storm sewer lines on their water bills. The average homeowner will pay $364 for those two portions of the bill in 2012. That dollar amount is expected to grow to $718 in 2022.
2012 Capital Improvement Projects
90th Street, Meinecke Avenue and 101st Street
Capitol Drive between 84th and 124th streets
Highway 100 from Walnut Street to Hampton Avenue
design for streets to be repaved in 2013
Harmonee Bridge repairs
bridge spot repairs
Watertown Plank North sanitary improvements
Ruby Avenue Area sanitary improvements Phase II
Ravenswood Area sanitary and storm improvements
design of pump stations
design of East Tosa utility improvements and flood relief
Meinecke Avenue Neighborhood sewer improvements
Ruby Avenue Area (100th Street) stormwater improvements
North Avenue Strategic Plan implementation
Village Strategic Plan implementation
back-up generator for police station
Muellner Building gutter and roof replacement
parks maintenance garage roof repairs
Public Works garage overhead door improvements
Fire engine replacement
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