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By Cara L. Dempski
ELK MOUND – The Elk Mound Board of Trustees learned during its April 5 meeting that the storm flow drainage from work being done at the high school will likely exceed the village’s existing storm flow capacity; the information was presented by engineer Sheryl Claflin of CBS squared. She indicated the current system is for a 10-year flow, and calculations provided to her exceeded the peak flow, and she explained the district will need to adjust its storm flow planning in order to not inundate the village system.
Next, Josh Low of Ehlers and Associates introduced the discussion and action on a $963,000 general obligation promissory note for the refinancing of existing debt and the financing for a new public works truck. The financing is for a 10-year loan with a 2.1% interest rate. Information presented showed an $87,000 principal payment for 2022 for a total of $105,000 for principal and interest combined. The plan will have a balloon payment in 2031; there will be an option to refinance in 2031. The balloon payment in question would be for $138,000. A motion to approve this received unanimous support.
The board got a look at some early designs for the new Tax Increment District and learned a significant portion of it would be dedicated to single and multifamily dwellings. The rest of the area in question would be dedicated to commercial and industrial development. Low said the first phase of the development is expected to start later this year. The full development of the district is expected to generate $79 million in taxable value.
The next agenda item addressed the possibility of returning to in-person meetings, a motion to return to meeting in person starting with the April 19 meeting received unanimous approval.
Terry Stamm reported the next meeting of the County Solid Waste and Recycling Board will be held at 7 p.m., April 27, at the fire station in Colfax.
That concluded the business before the board for the evening.
The Elk Mound Board of Trustees will meet at 6 p.m. in the boardroom of the Village Hall on April 19.