Committee recommends parameters resolution to start $12.7 million note sale

The Monroe Finance & Taxation Committee on Monday recommended that the common council adopt a parameters resolution to begin a 2026 note sale that would finance projects included in the city’s capital plan. Chair (name withheld in transcript) made the motion and a committee member seconded; the roll-call vote was unanimous. Administrator Wendy introduced Greg Johnson of Ehlers, who presented the financing analysis.

Johnson said the total project costs proposed to be financed are "the $12,743,009.50," and that the model conservatively allocates some TID District 12‑attributable debt to the property tax levy if increment is insufficient. He outlined a tax-impact analysis showing debt-service payments beginning in 2027 and estimated the levy increase at about $700,000, with an example that for each $100,000 in property value the annual debt-service portion of the bill would rise about $66. He also noted estimated principal and interest over the 20‑year life of the notes is about $19,697,000 and that the plan would bring the city to roughly 52% of its statutory 5% general‑obligation debt limit if fully executed.

Committee members asked about sale timing around the Martin Luther King Jr. holiday and what would happen if financial parameters were not met. Johnson said a parameters resolution allows staff to award a sale only if day‑of benchmarks (such as a true interest cost cap) are satisfied; if parameters cannot be met the sale would be postponed. The committee directed staff to recommend the parameters option to the council so legal documents can be prepared and a possible sale timeline brought forward.