MONROE - Monroe Common Council members approved borrowing $5.185 million for upcoming roadwork on 8th Street set to begin in March but denied an additional $335,000 of bonding for refunding Tax Increment Finance District 8 obligations to the city.
Pavement will be torn up and turn lanes will be slightly reconfigured throughout the summer months as work is conducted along the commercial strip of the city. Additional work to replace aging pipes below the street will also be conducted. Crews plan to close down one lane at a time in order to allow for a flow of traffic. Work will elongate the 8th Street turn onto 4th Avenue West. Signage will be placed in order to keep businesses operating as functionally as possible and avoid confusion for drivers.
Initially, the city had budgeted for $5 million for the street project. However, upon questioning from Marsh, City Administrator Phil Rath said the additional $185,000 in costs are to accommodate for taxes and other additional expenses associated with the project.
Alderman Michael Boyce called for the refinancing measure to be removed from the plans. He said the purpose of a TID is to have funding on hand for development. With the eligible funds designated to new borrowing, the TID would still have had $93,300 in revenue.
Fellow aldermen agreed with Boyce's assessment and voted 6-3 to remove the refinancing measure. Boyce, Jeff Newcomer, Chris Beer, Ron Marsh, Tom Miller and Richard Thoman voted against refinancing while Brooke Bauman, Charles Koch and Reid Stangel voted for the additional bonding.
Council members also approved the publicity measure of bonding, which mandates the city notify the public of the possibility of resisting bonding through a petition. In order to call for a referendum, signed opposition would need to be presented to electors within 30 days of the initial resolution. Signatures would have to total 10 percent of voters who cast a ballot for governor in the last general election.
The bonding for $5.185 million was approved unanimously. Ehlers & Associates Inc. representative Maureen Schiel said the company will complete the bonding process of Feb. 22 and report the results to council members that evening.
Pavement will be torn up and turn lanes will be slightly reconfigured throughout the summer months as work is conducted along the commercial strip of the city. Additional work to replace aging pipes below the street will also be conducted. Crews plan to close down one lane at a time in order to allow for a flow of traffic. Work will elongate the 8th Street turn onto 4th Avenue West. Signage will be placed in order to keep businesses operating as functionally as possible and avoid confusion for drivers.
Initially, the city had budgeted for $5 million for the street project. However, upon questioning from Marsh, City Administrator Phil Rath said the additional $185,000 in costs are to accommodate for taxes and other additional expenses associated with the project.
Alderman Michael Boyce called for the refinancing measure to be removed from the plans. He said the purpose of a TID is to have funding on hand for development. With the eligible funds designated to new borrowing, the TID would still have had $93,300 in revenue.
Fellow aldermen agreed with Boyce's assessment and voted 6-3 to remove the refinancing measure. Boyce, Jeff Newcomer, Chris Beer, Ron Marsh, Tom Miller and Richard Thoman voted against refinancing while Brooke Bauman, Charles Koch and Reid Stangel voted for the additional bonding.
Council members also approved the publicity measure of bonding, which mandates the city notify the public of the possibility of resisting bonding through a petition. In order to call for a referendum, signed opposition would need to be presented to electors within 30 days of the initial resolution. Signatures would have to total 10 percent of voters who cast a ballot for governor in the last general election.
The bonding for $5.185 million was approved unanimously. Ehlers & Associates Inc. representative Maureen Schiel said the company will complete the bonding process of Feb. 22 and report the results to council members that evening.