Investing for the Future: Council Approves Biennial Capital Plan and Borrowing

Our biennial capital plan is much more than numbers on a page. It’s a chance to show real commitment to investing in our infrastructure, efficiency and priorities for future growth.

The plan approved by the South Milwaukee City Council in February — and the borrowing associated with it approved in March — is no different.

The council voted unanimously to borrow more than $7.3 million for a variety of projects. Among the items in the capital plan for 2018-19 being funded with the 10-year borrowing:

  • More than $2 million in road repairs and replacements, including on Milwaukee Avenue at Nicholson, Marshall, Edgewood, Memorial, Juniper, Linden and Willow.
  • More than $1.6 million for the stormwater utility, often to support main replacements with the aforementioned street projects;
  • $1.2 million in Milwaukee Avenue streetscaping;
  • $400,000 for new vacuum and dump trucks;
  • $300,000 for hazardous tree removal, and another $50,000 for tree planting;
  • $350,000 in sidewalk and alley repair and replacement, as we continue this annual investment;
  • $300,000 for land acquisition, as the city continues to seek opportunities to strategically acquire properties for potential redevelopment;
  • $250,000 to advance the Shoreline Park being developed along 5th Avenue at the former Northwest Barrel site;
  • $200,000 in economic development costs, as we continue our work on redeveloping significant opportunity sites across the city;
  • $100,000 to support improvements to Little League Park, including a new parking lot;
  • $75,000 to bring our new city brand to life (more on that rollout soon); and
  • $40,000 for a salt brine maker and tanks, as we explore moving to pre-treating our roads ahead of snow and ice storms next winter and beyond.

Check out the full plan here.

The borrowing portion of this is significant. We are able to bond for this money at just shy of 3 percent, a terrific interest rate that reflects our strong Aa2 bond rating – one recently reaffirmed by Moody’s.

This bond rating is the result of a continuing legacy of strong, and conservative, financial management practices we all should be proud of. In other words, we are good stewards of taxpayer money. Because of it, we are able to invest in the future of our city.

1 Comment

Filed under South Milwaukee

One response to “Investing for the Future: Council Approves Biennial Capital Plan and Borrowing

  1. Brian Genduso

    I see some progress is planned for the Shoreline Park this year and next. For me, this is welcome news. I live nearby and just a few weeks ago was wondering if anything was happening with this valuable piece of land. It was probably about 4 years ago when there were some public meetings and concepts put together by AECOM. Have the plans for what is going to be done become more solidified since then? I’d love to know more. Thank you!

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