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Beloit council suspends rules to approve Chapin Street rezoning; lays over three other rezoning requests and approves $15.815 million bond sale
Summary
Council approved Ordinance 38-61 to rezone 717 and 725 Chapin Street for single-family residential use after suspending rules; three other rezoning petitions were laid over for future consideration. The council also authorized the sale of general obligation promissory notes after a competitive sale produced a lower-than-expected borrowing cost.
The Beloit City Council took several final and procedural votes on zoning and financing at its March meeting.
Zoning and rezoning
Ordinance 38-61: The council approved Ordinance 38-61, which amends the zoning district map to permit single-family residential use at 717 and 725 Chapin Street. Planning staff told the council the college had already sold one of the properties and the new owners sought residential use. The council suspended its usual rule to consider the ordinance immediately; motion to suspend the rules was moved from the floor and the ordinance was then approved on a voice vote. Motion to approve was made by Councilor Adama and seconded by Councilor Blakely.
Ordinance 38-63 (1990 East Bradley Street): Planning staff reported that the property was annexed earlier without a temporary zoning assignment and staff recommended permanent R1B single-family zoning. The council opened and closed the public hearing and then voted to lay over the item on a motion by Councilor Forbeck, second by Councilor Dentsch.
Ordinance 38-62 (113 Bluff Street): The applicant sought rezoning from R1B to R2 (two-family residential) for a property built as a duplex; staff said the request is consistent with the comprehensive plan after a recent amendment. The council opened and closed the public hearing and laid the item over on a motion by Councilor Forbeck, second by Councilor Dentsch.
Ordinance 38-64 (1014 Master Street): The council opened and closed the public hearing on a request to make temporary R1A zoning permanent and voted to lay the item over on a motion by Councilor Blakely, second by Councilor Adama.
Finance: promissory notes sale
Resolution 2025-0038: The council approved a resolution authorizing issuance and sale of general obligation promissory notes, series 2025A, to finance the capital improvement program. City staff reported a competitive sale produced five bids; BOK Financial Securities of Milwaukee submitted the winning bid with a true interest cost of 3.759%. The final borrowing amount presented for approval was $15,815,000, lower than earlier estimates; the sale reduced net principal and interest obligations by $657,122 compared with the presale estimate. Standard & Poor’s affirmed the city’s rating at AA-minus. The motion to approve was made by Councilor Forbeck and seconded by Councilor Day; the council approved the resolution on a roll-call vote, recorded as Aye from Councilors Blakely, Adama, Day, Forbeck, Dentsch and Council President Levy (6-0).
