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West Bend council authorizes $10.85 million borrowing to finance new fire station and TID projects
Summary
The West Bend Common Council voted March 16 to authorize 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 two tax‑increment districts, and routine capital projects; officials said homeowner tax impacts are modest.
On Monday, March 16, 2026, the West Bend Common Council approved Resolution No. 62, authorizing the sale of approximately $10,850,000 in general obligation promissory notes to fund a new fire station, work tied to Tax Increment Districts (TID) 14 and 17 and the city’s routine capital program.
Phil, the city’s public finance advisor with Aers, told the council that the total issue reflects three categories of borrowing: roughly $4.7 million for a new Fire Station No. 1, about $2 million tied to TID 14 and TID 17 for stormwater and design work, and the remaining amount for the city’s typical 10‑year capital needs such as streets and equipment. “We are at $10,850,000,” Phil said during his pre‑sale presentation.
Why it matters: officials said the structure spreads repayment to match asset life — 20 years for the fire station and shorter terms for routine capital — and offsets some tax impacts with revenues from the affected TIDs. Phil said the city will seek a competitive sale and a rating call in early April, with a council award expected April 20 and a closing targeted for May 13.
The finance presentation included an analysis of homeowner impact. Using the financing assumptions presented, Phil estimated a modest change to the debt service levy, projecting an increase of a few cents per $1,000 of assessed value in the near term and noting the fire station portion translates to roughly $20–$25 annually for a typical homeowner over the 20‑year amortization illustrated in the city’s chart.
Council members asked few questions during the presentation and moved promptly to a vote on the resolution. A motion to approve Resolution No. 62 was seconded and carried by voice vote.
Next steps: staff and the advisor will proceed with the competitive sale process, the city will hold the rating call in early April and return to the council for an award on April 20 before closing the financing in May.
Sources: presentation and discussion at the West Bend Common Council meeting, March 16, 2026; remarks by Phil, public finance advisor (Aers).
