MONROE - The city Finance and Taxation Committee voted Monday, Aug. 5 to finance up to $1 million to tear down the parking ramp downtown and replace it with a surface lot, as recommended by the Community Improvement Committee.
How the city will finance that money is still undetermined.
Mayor Bill Ross said he didn't think the project should be put off until after Cheese Days 2014; he wants the council to make a decision and move forward.
"Every day the ramp gets in worse shape," he said. "You don't want to be using it during Cheese Days knowing it's not in good shape."
City staff will research the best financing method available. Comptroller Bridget Schuchart recommended looking into bank loans, because bank interest rates are still low, if the city wants to begin the project this fall.
Other means of financing include long-term bonds, the state's trust fund loans and levying tax money.
The motion, made by Reid Stangel and seconded by Brooke Bauman, rescinded a previous vote at the meeting, on a similar motion to bond for the funds after Jan. 1.
City Administrator Phil Rath said the city could bond for the project this year, but recommended waiting until next year, because the city has just bonded for updating its wastewater treatment plant and the interest rates it would get on bonds would not be as good.
A 20-year bond for $1 million with interest of about $300,000 would cost about $54,000 to $58,000 annually in repayments, Rath estimated.
Carol Stamm, city clerk, noted the downtown Tax Increment District No. 7, where the ramp is located, increased in value this past year, but is still not ready to meet its own financial obligations. The city supplements the TID's loan repayments, so any more borrowing for the district would mean the city would pay more.
But if the TID increased its performance or received help from another TID, the parking ramp and lot could use it for a loan, allowing for a long-term payment and not use levied funds, Rath explained.
Members of the city council may attend a public meeting with the Main Street Monroe Design Committee at 4:30 p.m. today, Aug. 6, at the Monroe Public Library. The only agenda item is a presentation by Joe Lawniczak, a design specialist with Wisconsin Main Street, who has created a rendering of a possible surface parking lot to replace the ramp.
How the city will finance that money is still undetermined.
Mayor Bill Ross said he didn't think the project should be put off until after Cheese Days 2014; he wants the council to make a decision and move forward.
"Every day the ramp gets in worse shape," he said. "You don't want to be using it during Cheese Days knowing it's not in good shape."
City staff will research the best financing method available. Comptroller Bridget Schuchart recommended looking into bank loans, because bank interest rates are still low, if the city wants to begin the project this fall.
Other means of financing include long-term bonds, the state's trust fund loans and levying tax money.
The motion, made by Reid Stangel and seconded by Brooke Bauman, rescinded a previous vote at the meeting, on a similar motion to bond for the funds after Jan. 1.
City Administrator Phil Rath said the city could bond for the project this year, but recommended waiting until next year, because the city has just bonded for updating its wastewater treatment plant and the interest rates it would get on bonds would not be as good.
A 20-year bond for $1 million with interest of about $300,000 would cost about $54,000 to $58,000 annually in repayments, Rath estimated.
Carol Stamm, city clerk, noted the downtown Tax Increment District No. 7, where the ramp is located, increased in value this past year, but is still not ready to meet its own financial obligations. The city supplements the TID's loan repayments, so any more borrowing for the district would mean the city would pay more.
But if the TID increased its performance or received help from another TID, the parking ramp and lot could use it for a loan, allowing for a long-term payment and not use levied funds, Rath explained.
Members of the city council may attend a public meeting with the Main Street Monroe Design Committee at 4:30 p.m. today, Aug. 6, at the Monroe Public Library. The only agenda item is a presentation by Joe Lawniczak, a design specialist with Wisconsin Main Street, who has created a rendering of a possible surface parking lot to replace the ramp.