Suamico board authorizes up to $3.18 million in notes to finish Lineville reconstruction

The Suamico Village Board on April 21 unanimously approved Resolution 25‑008 authorizing the issuance and sale of general obligation promissory notes not to exceed $3,180,000 to fund the final phase of the County Highway M (Lineville) reconstruction project.

Director Deminy told trustees the presale documents and resolution would allow the village to move forward with a competitive sale of notes and that repayment for the 2025 notes will be split between levy dollars and Tax Increment District (TID) 4 increment. He said the village’s TID 4 is projected to contribute both an upfront cash component and future debt‑service offsets, but those TID revenues are not expected to materially assist debt service until 2028 because the district currently shows a negative balance.

“We would intend to take during that,” Director Deminy said while summarizing the packet materials and timing for a sale. Todd Taives of Ehlers, the village’s independent financial adviser, outlined the sale structure and cost assumptions, saying the notes will be sold competitively and that the $3,180,000 figure represents an upper bound that accounts for issuance costs and conservative market assumptions. “We are independent advisers … to help you obtain the capital at the lowest cost,” Taives said.

Taives’ presentation broke down estimated interest and showed scenarios with and without the TID 4 allocation. He said the TID 4’s allowable contribution is up to roughly 47% of the project and that the district’s total projected contributions across cash and future offsets amount to a bit over $3,000,000 for portions of the project. Taives also reviewed statutory debt‑capacity metrics, noting the village’s net debt percentage would tick up with the new issue and then decline over time assuming no additional borrowing.

Trustees asked a few clarifying questions about timing and market assumptions; one trustee said borrowing was not a favored option but acknowledged it appeared necessary to complete the project. Trustee Stevens seconded the motion to adopt the resolution, and a roll‑call vote recorded seven ayes and no nays.

The action authorizes staff and bond counsel to proceed with the issuance process; the final sale on the competitive market will determine exact interest rates and the final par amount within the authorized cap.