The city plans to start cleaning up its future riverfront redevelopment site and manage a sizable amount of stormwater and street work next year as part of its updated Capital Improvement Plan.
The Common Council unanimously approved the five-year plan at its Nov. 9 meeting, where city finance director Jamin Friedl outlined some of the larger projects slated for 2022-26.
For next year, the big ticket items relate to streets and stormwater in 2022, where the city will spend around $3.7 million on projects, including around $600,000 to reconstruct Academy Street, around $430,000 to replace pavement on Milwaukee Street, and around $200,000 on Hwy. 51 roundabouts.
It’s a pretty significant investment in streets, but I think if you drive around Stoughton enough, I think you know why it’s needed,” he said.
Also planned for next year is $660,000 for the Redevelopment Authority for environmental remediation on TIF district 8. Friedl said most of the long-term borrowing will be for the riverfront redevelopment next year, particularly environmental remediation.
The city’s long-term borrowing in the next five years starts at around $4.1 million next year, rising to around $5 million in 2023-24 and falling to around $2.9 million in 2025 and around $3.7 million in 2026.
“This would be a mix, in most instances, of actual bonds and general obligation notes in order to make some of this fit,” he said. “We did need some longer-term repayment options for some of the specific projects … not to have an impact on (future) mill rates.”
Some larger future projects include $3.7 slated for Yahara River Park improvements in 2023, around $1.9 million of which will come from grant funding.
In an email to the Hub last week, Mayor Tim Swadley said the city will continue to seek and secure grants to further reduce borrowing in the future. He said the latest update to the CIP continues to “invest in our infrastructure, public safety and quality of life improvements.”
“These investments make Stoughton a more attractive place to live, shop and visit,” he wrote. “I am pleased we are able to improve our community, while minimizing impacts to the taxpayers.“
Contact reporter Scott De Laruelle @sdelaruelle@wisconsinmediagroup.com
