MONROE - Financing for the westside fire station is going to get one more look Monday.
Monroe Mayor Ron Marsh is bringing a different financing option to the Finance and Taxation Committee table before the sale of bonds goes through. The Common Council authorized the sale Feb. 17, with the sale of bonds to start March 16.
"Considerable dollars" could be saved, Marsh said Friday.
Marsh declined to give details of the new financing option, but did say the committee review of it will not slow down the bonding currently in process, nor delay the construction timeline.
"In fact, if Council decides to go with the (new) option, it could be faster, " Marsh said.
An estimated date for construction to begin is in April with completion expected by Oct. 1.
If the new option is approved, the city would simply negate the bond sale, Marsh added.
The Finance & Taxation committee will meet at 5:30 p.m. Tuesday at city hall.
The sale of $950,000 in general obligation bonds includes $50,000 for financing-related costs and a term of 20 years. The city qualified for a Build America Bonds designation by the U.S. Treasury, which will subsidize 35 percent of the annual interest costs.
The equalized tax rate for debt service is projected to add about 9 cents per $1,000 of equalized value, or about $9 per year more on a $100,000 home.
The estimated cost of the westside fire station project is about $900,000, which includes $24,000 for construction of office space in a portion of the downtown station for use by the city Police Department, and $43,000 for additional building equipment for the new station.
Fire Chief Daryl Rausch is set to hire contractors in mid-March.
Midwest Builders of Fennimore's bid of $376,987 for phase one includes site work and the steel building.
Harmony Construction Management of Madison bid $258,000 for interior work, and J.F. Ahearn Fire Protection of Madison bid $18,922 for the sprinkler and fire alarm systems.
The bids came in under budget, putting the project $14,000 under estimate as of Feb. 3.
Monroe Mayor Ron Marsh is bringing a different financing option to the Finance and Taxation Committee table before the sale of bonds goes through. The Common Council authorized the sale Feb. 17, with the sale of bonds to start March 16.
"Considerable dollars" could be saved, Marsh said Friday.
Marsh declined to give details of the new financing option, but did say the committee review of it will not slow down the bonding currently in process, nor delay the construction timeline.
"In fact, if Council decides to go with the (new) option, it could be faster, " Marsh said.
An estimated date for construction to begin is in April with completion expected by Oct. 1.
If the new option is approved, the city would simply negate the bond sale, Marsh added.
The Finance & Taxation committee will meet at 5:30 p.m. Tuesday at city hall.
The sale of $950,000 in general obligation bonds includes $50,000 for financing-related costs and a term of 20 years. The city qualified for a Build America Bonds designation by the U.S. Treasury, which will subsidize 35 percent of the annual interest costs.
The equalized tax rate for debt service is projected to add about 9 cents per $1,000 of equalized value, or about $9 per year more on a $100,000 home.
The estimated cost of the westside fire station project is about $900,000, which includes $24,000 for construction of office space in a portion of the downtown station for use by the city Police Department, and $43,000 for additional building equipment for the new station.
Fire Chief Daryl Rausch is set to hire contractors in mid-March.
Midwest Builders of Fennimore's bid of $376,987 for phase one includes site work and the steel building.
Harmony Construction Management of Madison bid $258,000 for interior work, and J.F. Ahearn Fire Protection of Madison bid $18,922 for the sprinkler and fire alarm systems.
The bids came in under budget, putting the project $14,000 under estimate as of Feb. 3.