Board poised to borrow $1.2 million to pay for projects

The Grafton Village Board will decide whether to borrow $1.2 million to pay for several projects on Monday, May 21.

During the  Finance Committee meeting on Monday, May 7, Village Administrator Jesse Thyes said the money would be used to reimburse developers for projects completed in two tax incremental financing districts.

The most significant projects are construction of the Lumberyard public plaza and an environmental remediation payment to the developer of the site for a total of $949,936.  

The remainder of the borrowing will go toward reimbursement for a traffic signal at the intersection of Wisconsin Avenue and Cedar Street that costs $170,000 and a $44,000 guard rail on Wisconsin Avenue.

According to Thyes, a resolution will be considered during the May 21 Village Board meeting to approve the sale of bonds on June 18. 

The village’s current credit rating is Aa2, which will be confirmed by Moody’s Credit Service to ensure a lower interest rate for the borrowing, Thyes said.