Committee Eyes Borrowing For Business Park, Water And Sewer Projects

The is considering borrowing almost $16.6 million to finance a number of sewer, water and roads projects.

The most significant projects include borrowing $8.6 million for an attenuation basin for the Hoods Creek area, and $2.3 million in sewer upgrades to the Kremer subdivision. A number of the projects were already approved in the Village budget.

An additional $2.2 million—not included in the $16.6 million—was also discussed for infrastructure upgrades to the Caledonia Business Park.

Dave Wagner, a financial consultant with Ehlers & Associates, presented information about the financial impact of the loans at the Finance Committee's Tuesday meeting. 

He explained the business park upgrades would be entirely dependent on a development agreement going through between an unnamed business and the Village.

“That project would include infrastructure upgrades itself and the Village would only do it if the development was going through,” Wagner said.

The Village Board discussed the business prospect coming into the Caledonia Business Park near Highway H and Dunkelow Road last week in a closed session, but no formal agreement has been reached.

Village President Ron Coutts said the business, which is looking at moving to the Caledonia Business Park, didn’t want to be named because it is also considering other locations across the country. Coutts did say the business could bring 147 jobs.

Here’s the breakdown for three of the borrowing packages the Finance Committee talked about doing, minus the potential TIF District borrowing.

The first one includes a $2.8 million sewer upgrade project in the Kremer subdivision and refinancing $1.5 million from a project done in 2005.

The second bond issue would pay about $8.6 million of the $9 million it will cost to put in a catch basin for sewer overflows during heavy rains along a . Wagner said they would not have final numbers for the project until May 8.

A third borrowing will include refinancing $2.3 million in debt the Village incurred in 2006, $500,000 in borrowing to pay for a new water tower and $900,000 in road financing.

The Committee didn’t take any formal action, but Wagner said he’d come back on May 15 to present at least three bond resolutions.

Check back tomorrow to learn more about the upgrades to the Kremer subdivision and the new water tower.