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Rothschild board approves early buyout option in PFAS settlement with 3M
Summary
The Village of Rothschild voted 6-0 on June 23, 2025 to accept an early buyout option in its PFAS settlement and authorized the administrator to sign a non-binding letter of intent that will accelerate and change the payment schedule from 3M; staff said the move reduces bankruptcy risk and slightly lowers later scheduled payments.
Village President Dan Helgeson presided over a June 23 meeting at which the Village Board voted 6-0 to accept an early buyout option related to the village’s PFAS settlement and authorized Administrator Ryan VanDeWalle to sign a non-binding letter of intent.
Administrator Ryan VanDeWalle said the village is slated to receive just over $1.2 million from 3M under the settlement framework. He reported the village had received $240,469.48 to date, an estimated $601,173.70 is expected by September 2025 (bringing total receipts to $841,643.18), and an additional $361,173.70 is scheduled between June 2026 and June 2033. VanDeWalle said an early payout would reduce the later scheduled amount to about $328,668.07 if the village signs the LOI by June 25, 2025.
VanDeWalle said village staff have been working with the Napoli Shkolnik law firm and with colleagues (identified in the minutes as Mr. Vergara and Mr. Stoviak) on required reports and submittals. He described the early buyout as a way to reduce the village’s exposure to the risk that 3M could seek bankruptcy protection and be reorganized under a different corporate entity.
Trustee Paul Kennedy moved and Trustee Bill Schremp seconded the motion to accept the early buyout and allow the administrator to sign the non-binding LOI; the motion carried unanimously, 6-0. The minutes record that firm numbers will be provided after the LOI is executed and that staff will continue to work on required submittals.
Next steps: the administrator is authorized to sign the LOI and return with final figures; no further board action on the settlement was recorded at the meeting.
