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Luck Village Board approves TID No. 3 extensions, tables termination and OKs two loans
Summary
At its Sept. 25 special meeting the Luck Village Board approved extensions to TID No. 3, authorized use of affordable-housing extension funds for the Park Avenue Project, tabled a termination until April 2025, and approved two five-year loans including a $158,769.69 golf course refinance.
The Luck Village Board on Sept. 25 approved a series of financing actions and resolutions related to Tax Increment District (TID) No. 3 and local projects, and authorized two five-year loans.
Chair Sonja Jensen called the special meeting to order; roll call showed six members present and one absent. The board first approved the meeting agenda on a motion by Ron Steen, seconded by Bridget Cleary; the minutes record the vote as "all in favor."
The board received informational presentations from Kianna on Park Avenue and State Highway 48 village/TID shares and on cash flows for TIDs No. 2 through No. 4. No formal action was taken on those informational items.
The board voted to adopt a resolution extending TID No. 3 after a motion by Ron Steen and a second by Stephanie Mueller. The minutes record the action as carried with the board "all in favor." The board also approved an Affordable Housing Extension Resolution for TID No. 3, moved by Chair Sonja Jensen and seconded by Ron Steen, and explicitly authorized use of those extension funds for the Park Avenue Project; the minutes record that motion as carried "all in favor."
A separate motion to terminate TID No. 3 was moved by Chair Jensen and seconded by Ron Steen but was tabled until April 2025; the minutes note the board voted "all in favor" to postpone the termination question.
On financing, the board approved a five-year loan for the Park Avenue Project from Frandsen Bank and Trust at a stated interest rate of 6% (motion by Jensen, second by Mark Beidleman). The board also approved refinancing the golf course loan balance of $158,769.69, which matures Nov. 30, 2024, with Sterling Bank for five years at 3.7% (motion by Jensen, second by Ron Steen). Both financing motions are recorded in the minutes as carried with the board "all in favor." The minutes do not record individual vote tallies or names tied to each "aye" vote.
The meeting was adjourned on a motion by Mike Broten, seconded by Stephanie Mueller. The minutes were submitted by Jennifer Anderson, Village Clerk.
What happens next: The transcript records that the TID termination item was tabled to April 2025; other items (loan closings, use of TID extension funds) will proceed through the usual administrative steps specified by staff and bank documentation.
