Manitowoc Mayor Justin Nickels
The Manitowoc Common Council this week approved the borrowing amount for 2019 city wide projects. Mayor Justin Nickels told SeehaferNews.com, “For just over $6 million of borrowing that we are doing, we are getting an interest rate of 1.8% for a ten year borrow. That is unreal.” The Mayor added that the incredibly low interest rate reflects the city’s current financial health. A recent completed 2018 audit shows the overall debt of approximately $53 million Isn’t increasing allowing for more flexibility to add or complete projects within desired timelines.
Nickels says a project at the former Elk’s Club Development site was added on to the list of projects to get government assistance. “The sewer line runs, not under Maritime Drive but adjacent to it,” Nickels explained. Due to the project going on there, “This year we will be removing the sewer and moving to what will be the new road.” That new road, which stems from the roundabout on Maritime, is expected to be done by this time next year.
