Oconomowoc council hears detailed plan, bids and financing options for Village Green overhaul

City of Oconomowoc staff on Tuesday updated the Common Council on the Village Green renovation project, presenting final design renderings, a set of construction bids and a proposed financing plan while asking the council for direction on an easement needed to extend the boardwalk.

The project presentation, led by Jason Herzog, a city staff member, summarized 10 months of community outreach, two public meetings and design revisions with the architectural board. Herzog said the city received six bids and that “Elite Builds was the low bidder on this project.” He told the council the top four bids were clustered within about $40,000, which he said indicated bidders understood the scope.

Laurie (finance staff) summarized potential funding sources and a remaining shortfall. “After all of the funding available, which adds up to $3,300,000, we still have a funding gap of about $1,700,000,” Laurie said. She presented a scenario that would bridge the shortfall with borrowing: a $1.7 million, 10-year loan with straight-line annual payments of about $211,000. In that scenario Laurie said the debt service would increase the city’s mill rate by roughly 0.05, producing an estimated tax increase of about $23 on a $430,000 home.

Council members and staff outlined the package’s main elements: a new pavilion with restrooms, expanded boardwalk around the south side of Fowler Lake, four bump-outs along the shoreline with seating and lighting, improved perimeter…