Council Approves Walmart Borrowing, Spending

The South Milwaukee City Council gave the proposed Walmart development what is likely its last significant approval on Tuesday night.

The council voted, 6-2, to issue $1.5 million in promissory notes that will fund cleanup of the proposed development site and, separately, to appropriate $1.5 million to fund the Walmart development agreement and other related tax incremental financing district costs.

The vote was as the other votes have been — with Aldermen Craig Maass and Frank Van Dusen III voting no.

The vote paves the way for construction to begin soon, and I’ll share an update on timelines when I get them. The store is tentatively scheduled for a spring 2013 opening, according to information shared at Monday’s Community Development Authority meeting. The land sale involving the city, Walmart and other private landowners closed in the last week.

The Walmart item was not the only significant item on Tuesday’s agenda.

• The council also voted, 8-0, to approve several items related to issuing of $1.5 million in taxable general obligation refunding bonds and $1.25 million in general obligation promissory notes — borrowings that I referenced (albeit at slightly different dollar amounts) in a previous post and in this post about our strong Moody’s rating.
• The council also agreed to appropriate $4.6 million to fund wastewater system improvements (through a Clean Water Fund loan). Learn more in my previous post on this topic.

Of course, I’d like to know what you think of these votes. Post your comments below!