Suwanee City Council has given its approval to the city's Fiscal Year 2018 budget, which projects a millage rate of 4.93 mills, the same as the previous fiscal year.
Council also approved $21.4 million in bonds for urban redevelopment projects, the most significant being the Town Center West expansion, said Denise Brinson, assistant city manager, referencing the 25-acre expansion coming to Town Center Park on the west side of Buford Highway.
"That's a big item this year, just under $40 million," said Brinson.
The bonds were issued with a 3.31-percent interest rate, most of which will go toward transportation projects.
In a press statement, city officials said they do not anticipate any future increases in property taxes or millage rates as a result of the bonds.
“With this AAA rating and bond issuance, we are able to access capital while also enjoying low interest rates,” said Suwanee City Manager Marty Allen.
“We are leveraging the recently-approved SPLOST money we will receive over the next six years to implement long-standing projects that we are ready to begin today.”
Council approved both items unanimously at its meeting Tuesday night.
Brinson said council will not officially adopt the millage rate until August.
