Oak Creek OKs borrowing $20.5 million for City Hall/Library

March 5, 2014

Oak Creek — The Common Council on Tuesday unanimously authorized city staff to seek bids for $20.5 million in bonds to help pay for the new City Hall/Library building, Fire Station No. 1 and communications tower in the Drexel Town Square mixed-use development.

"We are still in a good environment, interest-wise," City Administrator Gerald Peterson told the council. He expects to present a proposal to the council in May, with the first expenditures on the $28.4 million project expected to come in June.

Other funds projected to help pay for the project include more than $2 million from future land sales in Drexel Town Square, $2 million from impact fees paid by developers and $1.5 million from anticipated gifts to the library.

"No new additional taxes or fees will be required," Mayor Steve Scaffidi stressed.

Peterson said afterward that April 26 is the target date to break ground.

In a related matter, the council unanimously approved a technical change to the Drexel Town Square planned development district. The change will allow the Four Points Sheraton Hotel to move the location of its restaurant and bar, and add landscaping and outdoor seating. Officials said they had encouraged hotel developers to make those changes.

"They did a very nice job," 2nd District Alderman Dan Bukiewicz said. "A lot of thought went into this."

Scaffidi called the design changes "an engaging thing for the community, and it really enhances the hotel significantly."

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