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Friday - June 8, 2018 2:31 am

Finance committee approves plan to borrow $43 million for La Crosse Center expansion Featured

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Another hurdle has been cleared for the massive expansion of the La Crosse Center.

The city council's finance committee voted Thursday night to borrow $43 million for the $49 million design of the Center.

The good news is that there is a way the biggest municipal project La Crosse has ever undertaken won't cost city taxpayers anything extra.

The bad news is that the only way borrowing for the La Crosse Center is painless for taxpayers is if the city borrows a third less each year to fix things like streets.

All that, however, still has to get worked out. At this point, it's unclear what the exact impact on taxpayers will be over the next 20 years.

For now, the city council finance committee Thursday night approved a $49 million design for the La Crosse Center that includes $43 million in new borrowing.

Never has the city borrowed as much for any one project.

The proposed expansion is expected to add $12.1 million annually to the local economy and create more than 150 jobs.

The plan will increase space inside by 27,300 square feet and add a ballroom wing and terrace that extends out over Riverside Park.

If the city council opts to maintain current levels of borrowing for roads, bridges and other infrastructure, Center borrowing will mean an increase in property taxes that would mean the owner of $120,000 home would pay $1,199 in additional taxes over the next 20 years.  

Last modified on Friday - June 8, 2018 12:22 pm
WIZM staff

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