Kenosha finance committee approves $37.5 million in bond sales, CIP changes, housing funding and multiple contracts

Finance Committee Chairperson Wilson presided over a meeting April 21 in which the committee approved the sale of general obligation promissory notes totaling about $35.94 million and a separate taxable issuance of about $1.555 million, approved capital-improvement program adjustments including a $25,000 feasibility study for Washington Pool, reallocated HOME program funds to Habitat for Humanity to build two homes, and authorized multiple leases and contracts including a six-year golf-cart operating lease and a parking-lot lease with Angry Bob Sports Bar LLC.

The actions matter because they set near-term financing terms for stormwater and city projects, move roughly $323,000 in federal HOME program funds into local home construction, and add or confirm multiple operational contracts that affect parks, transit and city property management.

The committee approved two bond resolutions explaining market context and rates. Director Stegatos and Jim Town, the municipal adviser, said the tax-exempt series (Series 2025A) sold with an “all-in” cost near 3.7 percent amid volatile markets; Town credited the city’s rating and the underwriter’s ability to place the bonds during a short sale window. The committee also approved a taxable series (Series 2025B) to fund downtown development with an average cost reported near 5.8 percent; staff noted both series include optional redemption features allowing refinancing if rates fall.

The committee approved a package of special-charge levies for nuisance, trash removal and reinspection fees totaling listed amounts (see Votes at a glance). It also approved capital-improvement program amendments: creation of PK-25-003, a Washington Pool feasibility study for $25,000, funded by reductions to two existing park/athletic improvement lines so there is no net increase; and an amendment to correct an earlier entry that increases a facility-improvement line by $380,000 (made up of a $200,000 private donation and $180,000 in ARPA funds) and adjusts the authorized total to $487,003.99.

On housing, Tim Casey, city development staff, described a proposed amendment to the 2022 consolidated plan to reallocate $323,005.71 from a canceled new homebuyer program to Habitat for Humanity to build two homes on 306 Sixth Ave., including one for Allison Fabiano, a future Habitat homeowner who spoke at citizen comment. Casey said the amendment would be sent to the U.S. Department of Housing and Urban Development for approval after council approval.

The committee voted to dissolve Tax Incremental District No. 6 and to route about $354,000 in expected tax increment to the city’s housing program…