Knowles named to EL board vacancy

by Emmitt B. Feldner
of The Review staff

ELKHART LAKE – The Village Board got a new member and some good financial news Monday.

Terri Knowles was confirmed to fill the board seat left vacant by the resignation last month of former Trustee Steve Kapellen.

“She’s been a very active member of the community,” Village President Alan Rudnick said of Knowles. “We’re delighted to have her on the board.”

He noted that Knowles, along with being a member of the Zoning Board of Appeals, has been involved with the Elkhart Lake Chamber of Commerce, the Elkhart Lake-Glenbeulah Athletic Association, the Elkhart Lake-Glenbeulah Education Foundation and other groups.

Maureen Holsen, municipal advisor with Ehlers and Associates, provided the board with the results of the village’s note sale earlier that day.

She explained that the amount of the notes was reduced to $2.555 million thanks to some reduced upfront costs.

The low bidder for the ten-year note was BOK Financial Securities of Milwaukee. There were five bids in total, Holsen said.

BOK’s bid was for an overall interest rate of 2.5788 percent, with annual interest ranging from 1.5 percent in the first year to 2.65 percent in the final year.

The majority of the borrowing is to refinance the remainder of the 2008 bonding for the new firehouse, which the village was paying more than 4 percent a year interest on.

The rest of the proceeds will go toward capital projects including construction and improvements at the Grashorn Municipal Building, purchase of a fire and dump truck, stormwater and sewer system improvements, land acquisition for a new public works building and construction of public restrooms.

Holsen said the refinancing should save the village between $130,000 and $150,000 over the 10-year life of the note.

“That’s almost exactly what we looked at last month,” Holsen said of the projected savings.

She added that the note includes a balloon payment in the final year, 2027, but that the plan is to refinance that amount at that time.

At the recommendation of the Municipal Planning and Development Committee, the board scheduled a hearing on proposed changes to the shoreland ordinance for the Dec. 18 board meeting.

Village Administrator/Clerk/Treasurer Jessica Reilly said the minor changes impact the number of trees required on shoreland properties and some setback requirements.

Reilly said that property tax bills are at the county and should be mailed out shortly. The village’s overall tax rate is $17.40 per $1,000 of assessed valuation, down roughly 28 cents from last year, she added.

Trustee Lynn Shovan reported that the Public Works Committee had reached a maintenance agreement for the stormwater retention pond on Rhine Street opposite the Throttlestop building.

The board approved a commendation resolution for retiring Public Works Director Richard Solek.

“I’d like to personally thank him for all he’s done for the village,” Rudnick said of Solek. “The village continues to improve in its look thanks to him.”


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