CHIPPEWA FALLS — The Chippewa Falls City Council unanimously approved a resolution Tuesday on a $2,395,000 borrowing package, with the money to be used on a variety of road and infrastructure projects. The Council also agreed to borrow $715,000 in promissory notes.
Brian Reilly, a financial advisor at Ehlers Investment Partners, walked the council through the financial paperwork.
“This would be a five-year term. I know we will get market interest,” Reilly said. “The award goes to the lowest interest expense.”
The city would have to pay about $165,000 annually on the interest on the $2.4 million borrowing package, he said.
The rates will be finalized at a meeting next month.
In other news
• City resident Beth Arneberg expressed concern about traffic volumes on Eagle Street, at the southwest entrance to Irvine Park, by the Rutledge Home. Construction began this month on several new duplexes in that corridor.
Arneberg said with the additional homes comes more traffic, and she is concerned that the new homes will make it less easy to see cars entering and exiting the park.
“The road is narrow and there aren’t any sidewalks,” Arneberg told the Council. “I also think a traffic study should be done.”
• In one final note, the city was slated to go into closed session to continue discussions with a logistics supply company that is looking at constructing a $6 million facility in the Lake Wissota Business Park. The company is looking at a 125,000-square-foot facility that would employ 30 to 40 workers. However, Mayor Greg Hoffman announced at the end of the meeting that there wouldn’t be a closed session after all.