Redgranite Village Board gets update on TID funding for 2019 projects
Ehlers, Inc. advisors Jonathon Schatz and Dawn Gunderson-Schiel attended the Jan. 15 Redgranite Village Board meeting to summarize their findings after reviewing the village’s TID #1 cash flow and planned projects for feasibility.
They told the board that the TID #1 increment value is $9,964,700, generating approximately $230,000 tax revenue per year. They said the expenditure period ends June 17, 2019 with revenue collection ending in 2031, after maximum life extension was approved. A minimum of $1,501,000 is planned for future project costs.
Their projection showed that the cash flow generated from TID #1 will adequately support the existing commitments (Safe Water Drinking Loan and other cash obligations) along with the cash transfer to TID #2 throughout its life, with residual fund balance.
They also told the board they project that the cash flow generated from TID #1 will sufficiently support the planned projects (fire hydrants and street work) within the district, with some residual fund balance. They said the increment generated was able to sufficiently cover costs with no need for property tax levy.
Schatz and Gunderson-Schiel also discussed methods of generating capital to pay for the planned project costs, including G.O. bond issuance, a State Trust Fund Loan, a negotiated sale and private placement through a bank loan.
Just prior to the Redgranite Village Board meeting, the board held their annual caucus. Nominations for village trustee positions for the April election were: Sandy Lyles, Fred Eichmann, Joel Kalata, Joan Kapp, and Belinda Passarelli for Village President.
Clerk/Treasurer Christy Groskreutz told the board that the Community Development Block Grant (CDBG) balance, effective Dec. 31, 2018, was $86,287.25. This amount is available to village residents considering home rehabilitation projects.
Groskreutz also told the board that $248,322.77 was collected in real estate taxes, with $64,649.68 returned to the village and $52,789.55 going to the TIF.
In other business, the board:
*Approved Ordinance 9-2-13(c), which no longer involves prosecution of those apprehended with drug paraphernalia, but individuals would receive citations instead.
*Approved Safe Drinking Water disbursement #5 for $201,239.24.
*Approved a construction services contract for the Hydrant Replacement Project for $53,770 and a construction services contract for Wisconsin and Main Streets Projects for $99,870. The bid date will be moved to Feb. 12, with construction to begin in April and end September 1.
*Scheduled a meeting for Wednesday, Jan. 23 at 5 p.m. for the purpose of discussing/prioritizing future village projects.
*Approved the hiring of Deputy Clerk Nathan Fiene, who will start employment for the village on Jan. 22.
*Accepted the resignation of one part-time police officer.
*Approved Police Chief Tarr attending a Wisconsin Chief of Police Conference, and related costs, from Feb. 11 to 13.
*Approved a Class B Beer, Wine, and Liquor license for Ricky’s Bar (former Redrock Pizza) and operator’s licenses for Richard Young (Ricky’s Bar), Larry Gulbrandson (Kwik Trip), and Andrew Burk (Shell).
The next regular Redgranite Village Board meeting is scheduled for Tuesday, Feb. 19 at the municipal building at 7 p.m.