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Stetsonville board unanimously renews TIF loan with Prevail Bank to avoid March balloon payment
Summary
At a Feb. 16 special meeting, the Village of Stetsonville board approved Resolution 02-2026 to renew a TIF loan with Prevail Bank and authorize a general obligation promissory note of about $258,198.14, preventing a large balloon payment that would have been due in March 2026.
The Village of Stetsonville board unanimously approved Resolution 02-2026 at a special meeting Feb. 16, renewing the terms of a tax increment financing (TIF) loan with Prevail Bank and authorizing issuance of a general obligation promissory note for approximately $258,198.14 to avoid a large balloon payment due in March 2026.
President Greg Brunner called the meeting to order at 4:00 p.m. and Clerk/Treasurer Tia Kancilia recorded that board members Will McCarron, Tyler Lemke and Al Riemer were present; Stephanie Bohn was excused. The meeting posting was confirmed in accordance with statutes and the Pledge of Allegiance was conducted.
According to the minutes, the original loan was established in March 2016; without renewal the village would have faced a large balloon payment in March 2026. The board discussed Resolution 02-2026, which authorizes renewal of the TIF loan and the issuance and delivery of a general obligation promissory note in the approximate amount of $258,198.14.
Board Member Will McCarron moved to approve Resolution 02-2026; Al Riemer seconded the motion. The board voted "all ayes," the motion carried, and the resolution was approved and signed. The minutes record that the resolution was both approved and signed at the meeting.
After approving the resolution, the board approved a motion to adjourn, which carried by unanimous vote. The minutes note the next regular board meeting is scheduled for Monday, March 9, 2026, at 4:00 p.m. at the Jean M. Thomsen Memorial Library.
The minutes are marked "unapproved" and were signed by Clerk/Treasurer Tia M. Kancilia, indicating the official record will be subject to formal approval at a subsequent meeting.
