Funding Plan for West Side Waterfront Development Moves Forward

The City of Sturgeon Bay has moved a step closer to receiving more than $3.1 million in funding to pay for costs related to the development of the former Door County Cooperative property on the west side waterfront. The city council Tuesday okayed the issuance of general obligation promissory notes and the issuance and sale of taxable note anticipation notes, based on a recommendation from its financial consultant, Baird and Company. The original estimate for the borrowing was $3,165,000, but the final numbers were less than that, according to Finance Director and City Treasurer Val Clarizio…

Clarizio explains the role taxable note anticipation notes play in the acquisition of funding…

Clarizio pointed out that the funding will pay for city spending on the property, such as the razing of buildings, testing on-site and the hiring of consulting firms. The development of commercial projects within the tax incremental district encompassing the property is intended to pay off the city’s investment over the life of the district through increased taxes.

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