Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Public Debt topic
No spam. Unsubscribe anytime.
Greendale trustees approve up to about $24M in notes for capital projects and TID6 costs
Summary
Trustees approved resolutions to proceed with pre‑sale reports for roughly $17.145 million in tax‑exempt notes and about $6.72 million in taxable notes to fund capital improvements, TID 6 infrastructure, and to refinance prior note anticipation borrowings; staff outlined sale timing and tax allocation.
The Village of Greendale on May 5 approved resolutions to proceed with pre‑sale steps for two debt issuances that together would finance capital projects and TID‑related costs.
Casey Griffith of Ehlers reviewed a pre‑sale plan that separates tax‑exempt and taxable borrowing. The tax‑exempt portion was presented at roughly $17,145,000 for items including street projects, stormwater work, sidewalk replacement, equipment purchases and some TID infrastructure. The taxable portion — presented separately at about $6,720,000 — covers prior note anticipation notes, carrying costs and predevelopment loan refinancings connected to TID 6.
Griffith outlined the schedule: trustees reviewed pre‑sale reports May 5; the official statement will be distributed to underwriters on May 26; the board will meet for the sale on June 2; estimated closing is June 25. He noted some items remain approximate in pre‑sale reports and that the resolutions presented used approximate dollar amounts.
Staff and trustees discussed the TID‑6 positions, including the 2021 land purchase note, a 2024 carrying‑cost draw and a developer predevelopment draw. Stephanie (staff) and Casey explained that components of the TID 6 activity were deemed taxable (private‑purpose components) while other infrastructure elements were appropriate for tax‑exempt issuance. Trustees were shown charts breaking out project uses, repayment schedules and estimated tax impacts per an average $350,000 home after abatements.
Trustees approved the pre‑sale resolutions by roll call. Staff said rating agency calls and final structuring will follow the board’s approvals before the sale date.
