The City of Sturgeon Bay will save close to $109,000 by refinancing bonds related to the city’s tax incremental district number two. The city council agreed to go ahead with a refinancing plan put together by Robert W. Baird & Company at its regular meeting Tuesday. The district, which encompasses the waterfront downtown, features bond financing of $5,585,000. Of that amount, about $1.8 million is intended for general fund purposes, according financial consultant Brian Rueckl…[audio:http://wdor.com/wp-content/uploads/2013/11/N1813.mp3|titles=Financial Consultant Brian Rueckl]
Alderman Bob Schlicht praised staff-members for finding ways to save the city a significant amount of money over the life of the district…[audio:http://wdor.com/wp-content/uploads/2013/11/N1814.mp3|titles=Alderman Bob Schlicht]
The City of Sturgeon Bay has four tax incremental finance districts, the industrial park, the waterfront, the former Wiretech property & the newly created west side waterfront district. The theory behind the program is to invest funds in developing property & recoup the investment by way of increased tax revenue from the district over a specific period of time.