Ashwaubenon committee approves resolution to redeem notes to close TID No. 4

The Village of Ashwaubenon Finance and Personnel Committee on Aug. 19 approved a resolution authorizing redemption of outstanding general obligation promissory notes tied to Tax Incremental District (TID) No. 4 so the village can close the district and finish its fiscal year audit dated Sept. 30, 2025.

Village Manager Joel, explaining the item, said, “back in March, the board, passed a resolution to terminate, or to close TID number 4.” He said one debt issue remains; the notes became callable June 1, 2024, and have two remaining principal payments of $30,000 each payable in 2026 and 2027 with interest amounts described in the staff report. Joel said using cash on hand in the district to retire the notes now would allow the village to pay off the bonds, avoid maintaining a separate cash reserve for future payments and produce a cleaner audit.

The resolution authorizes the village to redeem the callable notes and directs staff to proceed after the statutorily required waiting period. Joel noted there is a roughly 30-day restriction before payment may be made following passage and that early payoff would reduce interest by prorating it to the current year.

Why it matters: closing a TID removes a source of long-term reporting and payment obligations tied to that district and allows related tax increment and debt items to be reconciled in the village’s audit. Committee members approved the resolution by motion; the recorded vote tally was not specified in the committee transcript.

What was not decided: The resolution authorizes payoff; the transcript does not specify the resolution number, exact payoff date, or the final interest dollar totals after proration. The village will complete those payment steps during the post-adoption administrative process and when the statutory waiting period ends.