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DeForest amends 2026 CIP, adds projects and authorizes parameters for up to $14.09M in promissory notes
Summary
Trustees amended the 2026 capital improvement plan to add projects including a $4M fire station share and Hickory Lane reconstruction, removed or deferred some smaller items, and approved a parameters resolution authorizing up to $14.09 million in general obligation promissory notes on a 10‑year amortization schedule.
The Village of DeForest on June 2 approved an amended 2026 capital improvement plan and authorized the parameters for a bond sale of up to $14.09 million in general obligation promissory notes to finance capital projects.
Finance staff presented the CIP amendment, which added projects including the village's portion of a new fire station (roughly $4 million spread across two years), a $1.9 million property acquisition, and a $4 million reconstruction of Hickory Lane. Some previously listed projects were removed or deferred, including sanitary line work and certain Green Acres improvements. Officials said developer cost shares and other revenue offsets reduce the net borrowing required for the amended plan.
Municipal advisor Kayla Thorp of Ehlers reviewed the debt issuance parameters: the proposed notes would be amortized over 10 years (the village's longstanding practice), abatements are planned so utilities and Tax Increment Districts cover their allocated shares, and the sale strategy includes a market window for a late‑June sale and an anticipated mid‑July closing. Thorp said the proposal includes conservative assumptions about future net new construction value (planning assumption of ~3.5% annual net new construction vs. several recent higher years) and showed the modeled taxpayer impact under conservative scenarios.
Thorp summarized potential impacts, saying the modeled cost to the sample property owner with $100,000 of taxable value would be about $302 spread over the 10‑year schedule under conservative assumptions; staff emphasized this is a conservative model that may be offset by higher-than-assumed net new construction. Trustees discussed how public safety impact fees and other revenues would reactively be applied to reduce levy support for associated debt service if collected.
After discussion, trustees approved the CIP amendment (Resolution 2026‑073) and the parameters resolution authorizing the issuance of up to $14,090,000 in general obligation promissory notes, Series 2026A (Resolution 2026‑074), both by unanimous vote.
