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Manitowoc council approves revenue bonds for Emmanuel Evangelical Lutheran Church expansion
Summary
After a public hearing with no public commenters, the city adopted a resolution authorizing up to $3.6 million in City of Manitowoc revenue bonds to finance an 8,542 sq. ft. classroom addition and renovations at Emmanuel Evangelical Lutheran Church; city stated it bears no obligation to repay the bonds.
The Manitowoc Common Council voted unanimously to adopt a final resolution authorizing City of Manitowoc revenue bonds for Emmanuel Evangelical Lutheran Church, Inc., to fund an addition and renovations to the church’s school facility.
Finance Director and Treasurer Sean Elford told the council the Series 2025 bond issuance would be “not to exceed the amount of $3,600,000” to finance the construction of an approximately 8,542-square-foot classroom addition and other renovation projects to the borrower’s existing 28,820-square-foot school facility. Elford said the bonds would be issued in the city’s name to furnish tax-exempt financing to the church “with no obligation on the city of Manitowoc or its taxpayers to make the payments of the bonds.”
The clerk read proof of publication for the required public hearing, which was published in the Herald Times Reporter on Dec. 8. No written comments were received and no members of the public spoke during the hearing; council closed the hearing and later adopted the committee’s recommendation on the resolution.
Why it matters: Revenue bonds issued in a local government’s name can provide nonprofit borrowers access to tax-exempt financing that lowers borrowing costs. Council members noted the finance committee had reviewed the initial resolution on Nov. 4 and returned the matter recommending adoption.
The motion to adopt the final resolution was made and seconded during the finance committee report and passed unanimously. The council did not record individual roll-call names during the vote in the transcript beyond the unanimous voice vote; nine members had been recorded present earlier in the meeting.
What’s next: The resolution authorizes the city’s issuance of the bonds. The transcript does not specify closing dates, bond terms, or the lender/underwriter; those details were not provided during the meeting and are listed as not specified in public materials presented at the hearing.
