Village Board of Trustees

Village of Weston, Wisconsin OFFICIAL PROCEEDINGS OF THE BOARD OF TRUSTEES held on Tuesday, June 20, 2017, at 6:00 p.m., in the Board Room, at Weston Municipal Center, 5500 Schofield Avenue, Weston President Ermeling Presiding. CALL TO ORDER: 1) Board of Trustees special meeting called to order at 6:00 p.m., by President Ermeling. 2) Recording Secretary will take roll call of Trustees. Roll call indicated 6 Board of Trustees members present. Member Present Berger, Scott YES Ermeling, Barbara YES Ostrowski, Kevin YES Porlier, Mark YES White, Loren YES Zeyghami, Hooshang YES Ziegler, Jon NO Village Staff in attendance: Village Administrator, Daniel Guild, Community Development Director, Jennifer Higgins, Finance Director, John Jacobs, and Recording Secretary, Valerie Parker. Community Development Authority citizen members present: Todd Hagedorn and Dave Jelmeland. Present in the audience were: Greg Johnson, of Ehlers, Justin Frahm, of JSD, and Dennis Steinkraus, of FDG. Guild explained the BOT and CDA meetings are being held concurrently. The Public Hearing will be held jointly between the two bodies, where a presentation will be given by Johnson. Following the public hearing, CDA will take action and refer the borrowing to the BOT, then the BOT will act on the CDA’s recommendation. The BOT will then adjourn, and the CDA will continue its regular meeting business. PUBLIC HEARING: CDA Chair, Trustee White, called the joint CDA and BOT public hearing to order. He stated the public hearing notice, dated June 1, 2017, which was posted within the meeting packet and published as a legal ad in the Wausau Daily Herald on Tuesday, June 6, 2017, and Tuesday, June 13, 2017. 3) Summary Report for results of negotiated sale for the $19,300,000 Community Development Lease Revenue Bonds, Series 2017A 4) Official Statement for the Community Development Authority of the Village of Weston, Wisconsin $19,300,000 Community Development Lease Revenue Bonds, Series 2017A 5) Moody’s Investors Service Credit Opinion, Dated June 13, 2017 – for the Village of Weston, WI Lease Revenue Bonds, Series 2017A Ehlers was present and explained this report is the summary of the sale of the CDA Lease Revenue Bonds, initially authorized by the CDA and BOT last month. He explained the purpose of these bonds was to refund the existing debt of the Village, specifically all of the existing CDA lease revenue bonds outstanding for TIF District #1, with the exception of one taxable issue, which is maturing this year. The only portion of this bond issue that included any new money was $250,000 for some ongoing planning, engineering, and other professional services costs, related to the Village’s ongoing efforts in planning the future development in TIF #1. The balance of this bond issue is just raising funds to paying off all of the existing CDA lease revenue bonds and restructure the debt service payments within the remaining maximum life of TIF District 1. This will also allow the Village to apply payment at a lower interest rate. Valerie Parker updated @ 6/26/2017 10:09 AM Page 1 Mtg_BoT-170821 Consent_Minutes_BOT 170620620 Ehlers then went through and explained the report (copy attached) to the CDA and BOT. Ehlers explained the only thing different between the documents within the meeting packet to those handed out tonight, is that the materials handed out tonight contain the final numbers ($19,255,000). Ehlers pointed out the Village and CDA did obtain a rating from Moody’s Investors Services. The Village’s general obligation debt rating level is at Aa3, and the Village’s outstanding lease revenue debt for TIF #1 was assigned a rating A2. White asked the CDA for any questions, which there were none. Ermeling asked the BOT for any questions, where there were none. Ermeling confirmed with Ehlers that when the Village is in the “black”, it means we have paid off the Village’s debt in 2018. Jacobs stated that based on the taxes we collect later this year yet, that this could occur within the 2017 calendar year yet. Guild recognized Jacobs and Johnson for all their work in making this happen. Ermeling recognized and thanked Guild and Jacobs for their work in getting State legislatures on board. White asked the audience for any questions they may have. There were none. White closed the public hearing at 6:16 p.m. Ermeling closed the public hearing at 6:17 p.m. TAKE ACTION ON ITEMS CONSIDERED DURING PUBLIC HEARING: Jacobs pointed out the actual dollar amount that is being approved is $19,255,000. The CDA took action to approve Resolution No. CDA-2017-002, and forward on to the BOT for their approval. 6) Report of Terms of Amended and Restated Lease of Certain Public Property Located in Tax Incremental District No. 1. 7) Resolution No. 2017-028: Resolution Approving the Amended and Restated Lease of Certain Property and Improvements, and Approving the Issuance of $19,300,000 Community Development Authority and Related Documents and Transactions. Motion by Zeyghami, second by Ostrowski, to approve Report of Terms of Amended and Restated Lease of Certain Public Property located in Tax Incremental District NO. 1, as well as Resolution No. 2017-028 (in the amount of $19,255,000). Yes No Votes: Abstain: Not Result: Vote: 6 0 0 Voting: 1 PASS Member Present Berger, Scott YES Ermeling, Barbara YES Ostrowski, Kevin YES Porlier, Mark YES White, Loren YES Zeyghami, Hooshang YES Ziegler, Jon --- Valerie Parker updated @ 6/26/2017 10:09 AM Page 2 Mtg_BoT-170821 Consent_Minutes_BOT 170620620 ADJOURN UNTIL NEXT MEETING DATE OF: • Wednesday, July 5, 2017 @ 6:00 p.m. • Monday, July 24, 2017 @ 6:00 p.m. Ermeling pointed out the July 5th closed session meeting starts at 6:30 p.m., not 6:00 p.m. The July 24th meeting is the next regular BOT meeting. Ermeling adjourned the Board of Trustees meeting at 6:20 p.m. Respectfully Submitted, Valerie Parker Recording Secretary Valerie Parker updated @ 6/26/2017 10:09 AM Page 3 Mtg_BoT-170821 Consent_Minutes_BOT 170620620