By Kellen Olshefski
Staff Writer
At its meeting Monday night, the East Troy Village Board approved a 10-year repayment term with a flat three percent interest for the final assessments for the Division Street project.
Village Administrator Judy Weter noted the board has never exceeded 10 years for assessments to her knowledge, even when assessments for Highways 20 and ES were tens of thousands of dollars.
Village Trustee Dustan Stanford said with the current state of the economy, anyway the board can “soften the blow to the people,” he’s all for it.
“I don’t know what’s the best thing to do, but I sure don’t want to have to see someone not buy that gallon of milk for their kids, or whatever, because they have to make that assessment payment,” he said.
According to Village President Randy Timms, the most expensive assessment is for a landowner in the effected area who owns two properties worth more than $3,000 each. Timms said over a 10-year period, the landowner would owe about $52 per month, or $624 annually.
The least, according to Timms, would be a monthly payment of about $10 per month.
“Even though the bill is due annually, you’re probably going to save for it monthly,” he said.
Stanford noted that the project has to be paid for and as the village’s history has been to assess, the board can’t decide not to assess now.
Weter suggested a 3 percent interest rate for the first three years with the option of raising it if interest rates rise.
Weter said that in regards to CDs invested in banks at a little more than 2 percent, the village is earning next to nothing.
“There are some holding costs for these, not just the fact of holding the note, but each year with the accounting documents, there’s things that need to be done in each the water and the sewer in this capital fund because of this,” Weter said.
“So, the longer you extend it out, the more it ends up costing you in man-hours and accounting fees to take care of it.”
Stanford again reiterated making the payments less devastating to those in the effected area.
“I’m not trying to gouge somebody,” he said. “I guess what I’m trying to say, if we can do this for a flat 3 percent across the term and cover our costs, that makes sense.”
Before the motion made by Stanford for 10 years and a flat 3 percent passed unanimously, Timms noted the board “probably has little choice” as to how they handle it, he doesn’t like it, and he would love for the board to take the opportunity to see if there’s a better way to handle it over the long-haul.
“My personal opinion is that we all drive on it. Maybe not every single block of streets of the village, but it seems we all enjoy all the streets here, essentially, and I understand the dilemma that we have,” he said.
“We can’t simply raise taxes by spreading this debt over every household, but this is the way the village has done this for a long time and it is probably the more equitable way to do it, but I’d sure like to find a better way.”
Other business addressed at the board’s Monday night meeting included:
• Discussion regarding the creation of the Mill Pond Park trail.
• The approval of the purchase of two new Tasers by the Village of East Troy Police Department, totaling $2,456.58, not including shipping, using funds from seized cars.
The old Tasers would be kept as backups as the batteries are still good and the police department has unused cartridges.
• The approval of a sign, to be erected along Graydon Avenue, rededicating the Rossmiller Recreation Area and Francine L. Pease Skateboard Park.
