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State Line 94 TID report: village bought out MRO, replaced with lower‑cost GO debt
Summary
The board received the annual report for TID 7 (State Line 94). Staff said the MRO was bought out in 2025 and replaced with GO debt at about 3.9% interest, which could allow the district to close a few years earlier than previously planned; outstanding GO debt of roughly $12.9 million will be repaid from future increment.
The Joint Review Board unanimously received and filed the annual report for Tax Increment District 7 (State Line 94) at the June 18 meeting. Chair said the district was amended in April 2024 to a single parcel improved by the Fresenius Kabi facility; it was created on May 7, 2018, with an expenditure period ending May 7, 2034, and termination May 7, 2039.
Finance Director Kathy Gessel told the board that 2024 revenues (tax increment plus interest) totaled more than $1,000,000 and that the village bought out the existing MRO in 2025 and replaced it with general obligation debt at an interest rate of 3.9 percent. "In 2025, we actually bought out the MRO," Gessel said, noting the municipality’s ability to borrow at a lower rate could enable closing the TID a couple years early if projections hold. The newly issued GO debt will require principal and interest payments (about $12.9 million over time) to be covered by future increment. The board took the report as informational and approved receipt and filing by voice vote.
