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West Bend council approves $10.85 million note sale to fund fire station and TID projects
Summary
The West Bend Common Council approved Resolution 62 on March 16, 2026, authorizing the sale of about $10.85 million in general obligation promissory notes to finance a new Fire Station No. 1, stormwater and road work in Tax Increment Districts 14 and 17, and routine capital projects.
On March 16, 2026, the West Bend Common Council voted to authorize the sale of approximately $10,850,000 in general obligation promissory notes, Series 2026, to fund a mix of capital projects including a new Fire Station No. 1 and work tied to Tax Increment Districts 14 and 17.
Phil Kossen of public‑finance adviser Ehlers told the council the borrowing breaks down into three primary components: about $4,700,000 for a new Fire Station No. 1, roughly $2,000,000 tied to TID 14 and TID 17 design and stormwater work, and the remainder for routine capital such as streets, parks and equipment. Kossen said the fire station portion would be financed over 20 years and the city’s typical capital borrowings over 10 years, with the TID portions amortized to match each district’s life.
Kossen said the city holds a AA rating from Standard & Poor’s and staff plan a competitive sale process. He outlined the tentative schedule: a rating call in early April, review of the official statement April 6, distribution of final documents the week of April 13, council award on April 20 and a closing expected May 13.
“The ultimate sizing identified at $10,850,000,” Kossen said, adding that the issue would be presented as one debt sale with four amortization schedules. He told the council the projected debt‑service impact is manageable under the city’s borrowing capacity.
Council members moved and approved Resolution 62 by voice vote; the council signaled unanimous approval among those present. The council will return April 20 to formally award the sale if market conditions are acceptable.
Next steps: city staff and the city’s financial advisers will proceed with the rating process and prepare final sale documents for the April timeline Kossen described.
