MONROE - Green County supervisors took a step toward ensuring the $18 million in funding for a new government services building is secure so plans can move forward.
Supervisors voted 27-2 to finance the project, with supervisors Betty Grotophorst and Jeff Williams voting against the resolution. Supervisors Sherri Fiduccia and Cal Wickline were absent. Funding for the project required approval by three-fourths of the county board.
The $18 million will be borrowed over a three-year period; each year, the county will take out $6 million in bonds to cover the estimated $17.25 million cost of the building project.
Brian Della of Public Financial Management in Milwaukee said the resolution allowed for borrowing to take place, and that the smaller amounts staggered over three years was the most practical option. Borrowing on a monthly basis would be expensive, but taking out all $18 million at once would mean waiting with money with nowhere to apply it.
Della added he is confident the interest rate will be less than 3 percent, noting that 2.5 percent is "easily attainable." Any money not being used during the project can be invested to gain funds. The total amount of borrowing could not be exceeded, but Della said the county could take less than $18 million in bonds if the project costs less than anticipated.
The project would drive up the county's annual debt service by steps, increasing from $1.042 million this year to a leveled out $2.31 million from 2019 to 2028. The current debt service costs taxpayers 39.2 cents per $1,000 of home valuation; the tax rate is $5.658 per thousand for Green County residents. This means that a resident who owns a $100,000 home pays $568.80 in county taxes, and $39.20 of that goes to pay off debt for the county. Borrowing for the new building will add almost $50 to that taxpayer's bill for debt service.
Plans call for a new structure to be built south of the current government services building to the west of the driveway leading into the Pleasant View complex from Wisconsin 81. The current facility has parts that are 51 and 128 years old. Ron Locast of Potter Lawson Architects in Madison told the board in April that the current facility not only has structural problems, but it is not energy efficient, has limited accessibility and security is lacking.
The new building would be roughly 57,000 square feet, increased from the 37,000 to 40,000 square feet of the current government services building. It would house the Aging and Disability Resource Center on the ground floor with separate, covered entrances for the health and human services departments. The upper level will house the mental health, alcohol and other drugs, community support, and children, youth and families departments. A lower, exposed level will have a room for the veterans services department, data services and a dental partner. There will also be a community room on the lower level.
Supervisors voted 27-2 to finance the project, with supervisors Betty Grotophorst and Jeff Williams voting against the resolution. Supervisors Sherri Fiduccia and Cal Wickline were absent. Funding for the project required approval by three-fourths of the county board.
The $18 million will be borrowed over a three-year period; each year, the county will take out $6 million in bonds to cover the estimated $17.25 million cost of the building project.
Brian Della of Public Financial Management in Milwaukee said the resolution allowed for borrowing to take place, and that the smaller amounts staggered over three years was the most practical option. Borrowing on a monthly basis would be expensive, but taking out all $18 million at once would mean waiting with money with nowhere to apply it.
Della added he is confident the interest rate will be less than 3 percent, noting that 2.5 percent is "easily attainable." Any money not being used during the project can be invested to gain funds. The total amount of borrowing could not be exceeded, but Della said the county could take less than $18 million in bonds if the project costs less than anticipated.
The project would drive up the county's annual debt service by steps, increasing from $1.042 million this year to a leveled out $2.31 million from 2019 to 2028. The current debt service costs taxpayers 39.2 cents per $1,000 of home valuation; the tax rate is $5.658 per thousand for Green County residents. This means that a resident who owns a $100,000 home pays $568.80 in county taxes, and $39.20 of that goes to pay off debt for the county. Borrowing for the new building will add almost $50 to that taxpayer's bill for debt service.
Plans call for a new structure to be built south of the current government services building to the west of the driveway leading into the Pleasant View complex from Wisconsin 81. The current facility has parts that are 51 and 128 years old. Ron Locast of Potter Lawson Architects in Madison told the board in April that the current facility not only has structural problems, but it is not energy efficient, has limited accessibility and security is lacking.
The new building would be roughly 57,000 square feet, increased from the 37,000 to 40,000 square feet of the current government services building. It would house the Aging and Disability Resource Center on the ground floor with separate, covered entrances for the health and human services departments. The upper level will house the mental health, alcohol and other drugs, community support, and children, youth and families departments. A lower, exposed level will have a room for the veterans services department, data services and a dental partner. There will also be a community room on the lower level.