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Brown Deer approves up to $3M note and loan agreement to advance proposed recreation center site
Summary
The Village of Brown Deer authorized up to $3,000,000 in short-term notes and approved a loan agreement with developer Cobalt Partners to support purchase and development of about 16 acres for a proposed recreation center; trustees approved both measures unanimously, while staff and developers emphasized a sizable funding gap and multi-year timetable.
The Village of Brown Deer Board of Trustees on Tuesday approved a resolution authorizing issuance of not-to-exceed $3,000,000 general obligation promissory notes and a related taxable note anticipation series and voted to approve a loan agreement with Cobalt Partners to support purchase and potential development of roughly 16 acres west of the Badger Meter property.
The measures, adopted on roll call, authorize staff and the village’s financing representatives to finalize pricing for the note on Dec. 15 and, if terms meet the resolution’s parameters, to close and make funds available by the end of December. Trustees approved the debt authorization and the loan agreement subject to track changes in the agreement and final pricing.
Village staff introduced the…
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