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Sturgeon Bay gets "Double A 2" Moody's credit rating

The Sturgeon Bay Common Council opened the business part of its meeting Tuesday with some good financial news for the city.  Robert W. Baird provided a recap of the city being upgraded to a “Double A 2” rating from Moody’s Credit Rating which will save Sturgeon Bay about $12,000 with the higher rating for the General Obligation Promissory Notes.  The council then unanimously passed the resolution awarding the sale of $3,100,000 in bonds to fund streets and parking lot projects, improvements to public buildings, vehicle purchases, and infrastructure improvements for TID #6. 


Two public hearings to deal with the proposed amendments for the first readings of ordinances regarding Zoning Codes front lot line were held and subsequently approved.

The council then voted on development incentives for the Estes/Virlee Events Center at 1023 Egg Harbor Road, LLC.  The city would give $211,000 incentives by paying the developer a lump sum of $61,500 within 30 days of an occupancy permit being issued for the events and activity center and then providing annually $10.000 over the next 15 years.  Additional parking for 50 spaces at 911 North 14th Avenue, which would also be utilized by Ace Hardware and the new Rogue Theater, will be completed by the city.  Beginning with 2025 taxes, the project investors would guarantee $1.5 million of incremental value for the earlier 15 years or the life of TID #6.   Construction of the project will begin in September and with the completion by July 31, 2024.  


Mayor David Ward ended the meeting with a special proclamation for Maritime Week and the 233rd anniversary of the United States Coast Guard.  He presented a plaque to Lt. Brett Belanger who was representing the U.S. Coast Guard stationed in Sturgeon Bay. 

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