The City of Sturgeon Bay is moving ahead with the process of obtaining funding for the development of tax increment district four on the west side waterfront. The city council approved the issuance of $3,165,000 of taxable note anticipation notes during its regular meeting Tuesday. Baird Financial Consultant Bradley Viegut said the notes are like short term borrowing and are put in place until long term bonding is needed. Viegut said the current interest rate was at 1.82%. He indicated that he would return to the council with firmer numbers related to the borrowing in May. According to an executive summary, the purpose of the borrowing is to implement the Sturgeon Bay west side redevelopment plan. The funds are projected to be used for planning, engineering and design related to the project, demolition of buildings, upgrades and relocation of public utilities, street improvements, environmental remediation, parking, mooring/dockage improvements, a public promenade and other development on the west side waterfront. Two new council-members, Kelly Catar0zoli and Will Gregory, voted against the recommendations supporting the borrowing from the finance committee and the waterfront redevelopment authority.
