The Stevens Point Finance Committee voted in favor of borrowing an additional $1.7 million to complete the city’s redevelopment of the downtown mall.
“This should be the last expenditure that we would have to make,” said Mayor Andrew Halverson. “It closes the project and gets a good final project.”
If approved by the Common Council Monday, Feb. 18, the money would be used to pay for an $800,000 parking lot and green space area where the center portion of the mall was demolished and for more than $700,000 in estimated environmental remediation costs.
Community Development director Michael Ostrowski said the city has about $470,000 left from the $5.965 million approved by referendum in February 2011 for the mall redevelopment project. He said that money will be spent as the final bills from the demolition project come in. Legal and maintenance expenses the city did not budget for used an additional $250,000 of the original borrowing.
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