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Board approves Ehlers' TID terminations and moves forward with street and utility financing plan
Summary
Ehlers presented TID termination scenarios and a $1.851 million street and utility financing plan. The board approved TID terminations and authorized financing steps; Ehlers estimated about $2.080 million in tax increment available for affordable housing under an extension scenario.
Finance advisor Brian Roemer presented options for TID terminations and street/utility financing. Roemer said that if no tax increment is collected before April 15, 2026 the village faces a permanent levy limit increase of about 8.85% for 2025/26. If the village invokes an affordable‑housing extension on one or both TIDs, the village could receive approximately $2.080 million (based on 2025 collections), with 75% allocated to affordable housing and 25% available for housing elsewhere in the village.
Roemer outlined project costs for a streets and utilities package: watermain $648,000; storm sewer $47,000; street construction $1,143,000; cost of issuance $13,000; total financed amount $1,851,000. Options presented included rapid amortization with higher annual levy use or a five‑year interest‑only structure with balloon maturity. The board approved the Ehlers TID terminations and authorized moving forward with financing steps by unanimous voice votes; Roemer noted an issuance requires roughly 60+ days from authorization to closing.
