Oak Creek outlines financing plans for $4M road improvement program

Oak Creek's Common Council is poised to enhance local infrastructure through a proposed funding program aimed at addressing road conditions and public safety. During the meeting on February 19, 2025, city officials discussed the necessity of issuing general obligation debt to finance the initiative, given the constraints of levy limits and the absence of general revenue capacity.

The council is considering two funding options: a $3 million or a $4 million annual program. The $3 million option is projected to maintain a stable tax impact for residents, with an estimated cumulative cost of approximately $221.55 over ten years for the median home value of $341,800. This approach would allow the city to offset a significant reduction in tax revenue due to the closure of Tax Increment District 7, which is expected to decrease the city's tax levy by about $470,000.

Alternatively, the $4 million option would provide additional resources for larger projects and inflationary pressures, resulting in a total estimated cost of around $296.62 over the same period. This option would average about $30 per year for homeowners, slightly higher than the $22 per year projected under the $3 million plan.

City officials emphasized the importance of acting swiftly to implement the program, as delaying could lead to increased interest costs and potential credit rating implications. The council is expected to make a decision soon, with the goal of initiating the program this year to ensure timely improvements to the city's infrastructure. The discussions reflect a proactive approach to maintaining and enhancing public safety and road conditions, which are critical to the community's quality of life.