MONROE - After months of planning, designing and redesigning the new look for downtown Monroe, the Monroe City Council passed a resolution Tuesday approving the Main Street Downtown Square Improvement Plan.
The council's vote authorizes city officials to take necessary action to begin work on the project.
Members of Fehr-Graham and Associates presented the final version of the new streetscape design at 6 p.m. Tuesday to the Community Improvement Committee, which passed its recommendation on to council.
However, at 6:15 p.m., the Finance and Taxation Committee held off on taking any action on bonding options for the project until bids for the project have gone out.
A preliminary financing report, prepared by lending company Ehlers & Associates, Brookfield, shows a high, estimated cost of $2.9 million, for street, streetscape and utility improvements within the downtown area.
According to the report, the City of Monroe can have a General Obligation Debt outstanding up to 5 percent of the city's equalized value, a limit set by state law. The city currently has $23,995,825 of its borrowing limit remaining.
The improvements will be located in Tax Increment District 7, the taxes from which will go to fund the project.
Members of the Finance and Taxation Committee passed a motion made by Alderman Dan Henke to have the project go out for bids before working on the bonding.
The council's vote authorizes city officials to take necessary action to begin work on the project.
Members of Fehr-Graham and Associates presented the final version of the new streetscape design at 6 p.m. Tuesday to the Community Improvement Committee, which passed its recommendation on to council.
However, at 6:15 p.m., the Finance and Taxation Committee held off on taking any action on bonding options for the project until bids for the project have gone out.
A preliminary financing report, prepared by lending company Ehlers & Associates, Brookfield, shows a high, estimated cost of $2.9 million, for street, streetscape and utility improvements within the downtown area.
According to the report, the City of Monroe can have a General Obligation Debt outstanding up to 5 percent of the city's equalized value, a limit set by state law. The city currently has $23,995,825 of its borrowing limit remaining.
The improvements will be located in Tax Increment District 7, the taxes from which will go to fund the project.
Members of the Finance and Taxation Committee passed a motion made by Alderman Dan Henke to have the project go out for bids before working on the bonding.