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Rockland board refinances TIF loan, approves bleachers and probes WWTP improvements
Summary
At its Feb. 11 meeting the Village of Rockland approved refinancing a TIF loan with First National Bank of Bangor, approved purchase of new bleachers to be partly funded by TIF, and asked an engineering firm to check whether wastewater treatment plant upgrades would remain eligible for TIF funding.
The Village of Rockland board on Feb. 11 approved refinancing a tax increment financing (TIF) loan and cleared funding for new park bleachers while asking staff and consultants to confirm whether planned wastewater treatment plant (WWTP) improvements could be paid from TIF funds.
President Jon Hohlfeld and the trustees voted to record a refinancing with First National Bank of Bangor for a loan principal of $217,425.52 at 4.95% interest; annual payments of $61,352.96 are due Feb. 1, with the remaining balance due Feb. 1, 2029. The board also approved a quote of $17,368 for two 2–4 row, 21-foot bleachers with concrete pads (freight estimated at about $2,000). Two existing bleachers will be refurbished and set between the baselines. The park fund will cover as much as it can, with the balance funded from the TIF; if TIF funds remain at the end of the district life they will repay the park fund.
Kianna Lindh of MSA told the board the TID cash flow shows money could remain in the TIF “to pursue another project.” The trustees asked Lindh to contact the Department of Natural Resources to confirm whether proposed WWTP improvements would remain an eligible TIF expense and, if so, what percentage of the improvements could be covered. Lindh will report back at the March 11 board meeting.
Several motions relating to finance were approved during the meeting: the board accepted the February treasurer’s report and approved village vouchers (checks #13532–#13555; the minutes list an amount that appears to contain a typographical error). The board recorded that tax settlement checks for La Crosse County and local school districts were not included because the settlement program was down.
The bleacher purchase was approved by motion of Trustee Bob Rueckheim, seconded by Trustee Randy Rowell. The board also authorized refurbishing of two existing bleachers and placement between baselines; final refurbishment costs were not specified.
The board tabled a quote from Digital Bay for village cameras and approved an addition to the Uniform Development Code so related development steps may move forward. The village will solicit donations and memorials to pay for picnic tables and benches at Brooks Park.
What happens next: MSA will contact the DNR about TIF eligibility for WWTP work and report back at the March 11 meeting; refinanced loan payment dates and bleacher procurement will proceed according to the approved motions.
