AGENDA
JOINT REVIEW BOARD ANNUAL MEETING
TOWN OF LISBON
August 23, 2021 at 5:00 p.m.
The meeting will be held at the Lisbon Town Hall, located at W234 N8676 Woodside Road,
Lisbon, Wisconsin 53089.
Please note that due to COVID-19, some JRB members will be participating virtually via the
Town’s virtual Zoom connection.
Join Zoom Meeting
https://us06web.zoom.us/j/82584096442?pwd=ckwvbkdERzdCLzdRVDNJVm90K3F0dz09
Meeting ID: 825 8409 6442
Passcode: 709831
Dial by your location
+1 312 626 6799 US (Chicago)
Find your local number: https://zoom.us/u/au/MeARzTU
1. Call to order.
2. Appointments (as needed): a. Public member. b. Chairperson.
3. Review Annual PE-300 Report and the performance and status of: a. Tax Incremental District No. 1
4. Approve “Resolution Acknowledging Filing of Annual Report and Compliance with Annual Meeting Requirement.”
5. Adjourn.
T
OWN OFL
ISBONW234 N8676 Woodside Rd.
Lisbon, WI 53089
Office: (262) 246-6100 - E-Mail: townhall@townoflisbonwi.com – www.townoflisbonwi.com
TOWN OF LISBON
NOTICE OF PUBLIC MEETING
JOINT REVIEW BOARD
NOTICE IS HEREBY GIVEN that the Town of Lisbon will hold a Joint Review Board (“JRB”) meeting on August 23, 2021, at 5:00p.m. at the Lisbon Town Hall, located at W234 N8676 Woodside Road, Lisbon, Wisconsin 53089.
The purpose of this meeting is to review the Annual Report and the performance and status of each Tax Incremental District governed by the Joint Review Board as required by Wis. Stat.
§66.1105(4m)(f).
Please note that due to COVID-19, some JRB members will be participating virtually via the Town’s virtual Zoom connection.
Join Zoom Meeting
https://us06web.zoom.us/j/82584096442?pwd=ckwvbkdERzdCLzdRVDNJVm90K3F0dz09 Meeting ID: 825 8409 6442
Passcode: 709831 Dial by your location
+1 312 626 6799 US (Chicago)
Find your local number: https://zoom.us/u/au/MeARzTU
This meeting is open to the public. Copies of the Annual Report are available at the Office of the Town Clerk at the Lisbon Town Hall, W234 N8676 Woodside Road, and on the Town’s website, https://www.townoflisbonwi.com/335/Legal-Notices-Public-Hearings for review.
By Order of the Town of Lisbon
Waukesha County, Wisconsin
Publish: Lake Country NOW & Northwest NOW on August 18, 2021.
August 10, 2021
Paul Farrow, County Executive c/o Andrew Thelke, Director of Administration & JRB Member Waukesha County
Joseph Osterman, Town Board Chair & JRB Town Member
Matt Gehrke, JRB Public Member
Richard Bamhouse, President c/o Jane Kittel, VP of Finance & Administration & JRB Member
Waukesha County Area Technical College District
800 Main Street Pewaukee, WI 53072
Paul Mielke, Superintendent School Board President c/o Shelli Reilly, Assistant Superintendent of Business Services & JRB Member
Hamilton - Lisbon School District W220 N6151 Town Liine Road Sussex, WI 53089
Sent Via Electronic Mail Only
reilsh@hamilton.k12.wi.us; jkittel@wctc.edu; athelke@waukeshacounty.gov; matthewjohngehrke@gmail.com; josterman@townoflisbonwi.com; Knickolaus@townoflisbonwi.com; ecappozzo@townoflisbonwi.com
RE: Town of Lisbon, Wisconsin
at 5:00 p.m. on August 23, 2021. Meeting attendance information can be found in the attached documents.
This meeting has been scheduled as required by Wis. Stat. § 66.1105(4m)(f) for the purpose of reviewing the Town
status of each district governed by the Board. The meeting is informational and no action will be taken by the Board other than to appoint a chair and public member as necessary, and to acknowledge filing of the annual report and compliance with the annual meeting requirement.
Joint Review Board
Town of Lisbon, Wisconsin August 10, 2021
Page 2 of 2
As a quorum must be achieved for the Town to meet its annual meeting requirement, we would ask that you ensure the availability of your appointee to participate. The Board will also include a member appointed by the Town as well as a public member. The Town will nominate the public member for consideration by the Board.
W
• The meeting agenda.
• A copy of the legal notice published for this meeting.
•
A copy of the summary report for each of the Town OR was
active in the prior calendar year, which will include the following, will be e-mailed to you prior to the meeting.
o Current TID boundary map. o Current TID cash flow projection.
o A copy of the PE-300 annual report filed with the Wisconsin Department of Revenue as required by Wis. Stat. § 66.1105(6m)(c)(intro).
If you have any questions regarding the meeting or attached materials, please contact me or Paula Czaplewski at 800-552-1171.
Sincerely, EHLERS
Jon Cameron, CIPMA Municipal Advisor
cc: Kathy Nickolaus, Town Administrator Elisa Cappozzo, Town Clerk
Todd Taves, Municipal Advisor, Ehlers Annie Mallon, Public Finance Analyst, Ehlers
Paula Czaplewski, Senior Public Finance Analyst - TIF, Ehlers
•
•
•
Type of District Base Value 835,844
District Creation Date Appreciation Factor 0.00% Apply to Base Value
Valuation Date Jan 1, 2019 Base Tax Rate 15.44
Max Life (Years) Rate Adjustment Factor
Expenditure Period/Termination 15 11/26/2033 Revenue Periods/Final Year 20 2040
Extension Eligibility/Years Yes 3 Tax Exempt Discount Rate 3.50%
Recipient District Taxable Discount Rate 5.00%
Construction
Year Value Added
Valuation Year
Inflation Increment
Total
Increment Revenue Year Tax Rate Tax Increment
Tax Exempt NPV Calculation
Taxable NPV Calculation
1 2019 1,109,700 2020 0 1,109,700 2021 $15.44 17,130 15,450 14,797
2 2020 267,700 2021 0 1,377,400 2022 $15.44 21,262 33,979 32,290
3 2021 5,400,000 2022 0 6,777,400 2023 $15.44 104,619 122,066 114,262
4 2022 8,500,000 2023 0 15,277,400 2024 $15.44 235,829 313,913 290,241
5 2023 7,000,000 2024 0 22,277,400 2025 $15.44 343,885 584,203 534,634
6 2024 7,100,000 2025 0 29,377,400 2026 $15.44 453,484 928,584 841,570
7 2025 0 2026 0 29,377,400 2027 $15.44 453,484 1,261,319 1,133,889
8 2026 0 2027 0 29,377,400 2028 $15.44 453,484 1,582,802 1,412,289
9 2027 0 2028 0 29,377,400 2029 $15.44 453,484 1,893,414 1,677,432
10 2028 0 2029 0 29,377,400 2030 $15.44 453,484 2,193,522 1,929,948
11 2029 0 2030 0 29,377,400 2031 $15.44 453,484 2,483,482 2,170,441
12 2030 0 2031 0 29,377,400 2032 $15.44 453,484 2,763,636 2,399,481
13 2031 0 2032 0 29,377,400 2033 $15.44 453,484 3,034,316 2,617,614
14 2032 0 2033 0 29,377,400 2034 $15.44 453,484 3,295,843 2,825,360
15 2033 0 2034 0 29,377,400 2035 $15.44 453,484 3,548,526 3,023,214
16 2034 0 2035 0 29,377,400 2036 $15.44 453,484 3,792,664 3,211,646
17 2035 0 2036 0 29,377,400 2037 $15.44 453,484 4,028,546 3,391,105
18 2036 0 2037 0 29,377,400 2038 $15.44 453,484 4,256,452 3,562,018
19 2037 0 2038 0 29,377,400 2039 $15.44 453,484 4,476,650 3,724,793
20 2038 0 2039 0 29,377,400 2040 $15.44 453,484 4,689,402 3,879,816
Totals 29,377,400 0 Future Value of Increment 7,524,983
Notes:
Actual results will vary depending on development, inflation of overall tax rates.
NPV calculations represent estimated amount of funds that could be borrowed (including project cost, capitalized interest and issuance costs).
Town of Lisbon
Tax Increment District #1 Tax Increment Projection Worksheet
Mixed Use November 26, 2018
20
No
Page 1 8/16/2021
Town of Lisbon
Tax Increment District #1
Cash Flow Projection ‐ Total Anticipated Development
Year
Dated Date: Dated Date: Dated Date:
Principal Rates Interest Principal Est. Rate Interest Principal Est. Rate Interest Year
2020 0 1,408,447 150 1,408,597 (1,408,597) (1,939,922) 3,360,000 2020
2021 17,130 3,295,475 3,312,605 1,659,915 3,000 1,662,915 1,649,690 (290,232) 3,360,000 2021
2022 21,262 83,357 104,619 69,001 3,000 72,001 32,619 (257,613) 3,360,000 2022
2023 104,619 104,619 50,000 0.30% 47,330 3,000 100,330 4,289 (253,324) 3,310,000 2023
2024 235,829 235,829 100,000 0.40% 47,055 3,000 150,055 85,774 (167,550) 3,210,000 2024
2025 343,885 343,885 100,000 0.65% 46,530 3,000 149,530 194,355 26,805 3,110,000 2025
2026 453,484 453,484 100,000 0.80% 45,805 100,000 3,000 248,805 204,679 231,484 3,010,000 2026
2027 453,484 453,484 100,000 1.00% 44,905 100,000 3,000 247,905 205,579 437,063 2,910,000 2027
2028 453,484 453,484 100,000 1.15% 43,830 20,160 3,000 166,990 286,494 723,556 2,810,000 2028
2029 453,484 453,484 100,000 1.35% 42,580 3,000 145,580 307,904 1,031,460 2,710,000 2029
2030 453,484 453,484 100,000 1.45% 41,180 3,000 144,180 309,304 1,340,764 2,700,000 2030
2031 453,484 2,610,000 3,063,484 2,610,000 1.55% 20,228 3,000 2,633,228 430,256 1,771,020 2,700,000 2031
2032 453,484 453,484 225,000 3.50% 90,563 3,000 318,563 134,921 1,905,942 2,475,000 2032
2033 453,484 453,484 225,000 3.50% 82,688 3,000 310,688 142,796 2,048,738 2,250,000 2033
2034 453,484 453,484 250,000 3.50% 74,375 3,000 327,375 126,109 2,174,847 2,000,000 2034
2035 453,484 453,484 250,000 3.50% 65,625 3,000 318,625 134,859 2,309,706 1,750,000 2035
2036 453,484 453,484 300,000 3.50% 56,000 3,000 359,000 94,484 2,404,190 1,450,000 2036
2037 453,484 453,484 325,000 3.50% 45,063 3,000 373,063 80,421 2,484,611 1,125,000 2037
2038 453,484 453,484 350,000 3.50% 33,250 3,000 386,250 67,234 2,551,845 775,000 2038
2039 453,484 453,484 375,000 3.50% 20,563 3,000 398,563 54,921 2,606,766 400,000 2039
2040 453,484 453,484 400,000 3.50% 7,000 3,000 410,000 43,484 2,650,250 0 2040
Total 7,524,983 5,905,475 83,357 13,513,815 3,360,000 448,443 2,700,000 475,125 220,160 0 3,068,362 95,150 10,367,240 Total
Notes:
1. Wikoff development agreement calls for a Deficiency PILOT payment to be made starting January 1, 2022 based on a minimum assumed value of $5,400,000. Construction on the Wikoff building began in 2021. For purposes of this cash flow analysis it is assumed that the final value of the building will be $5,400,000 with the first full year of increment collection being in 2023. Therefore there is no Deficiency PILOT payment beyond 2022.
03/17/21 Total
Expenditures Annual Cumulative
Principal Outstanding Balances
Lannon Interceptor Repayment 220,160
02/28/19 Project
Expenses Admin. Expenditures
G.O. Refunding Bond 2,700,000
04/01/31 Taxable G.O. Note
3,360,000 Projected Revenues
Tax
Increments Bond Proceeds
Wikoff Developer
Pymt
Total Revenues
Projected TID Closure
Lisbon 2021 TID 1 Annual Report
Form
TID Annual Report
WI Dept of RevenuePE-300 2020
Section 1 - Municipality and TID
Due date Municipality
TID number Creation date Mandatory termination date
Report type TID type
County
TID name Expected termination date
Co-muni code
Section 2 - Beginning Balance Amount
TID fund balance at beginning of year
67010 LISBON WAUKESHA 07/01/2021 ORIGINAL
001A 6 TID 1 11/26/2018 11/26/2039 N/A
$-531,325 Section 3 - Revenue
Allocation from another TID Tax increment
Investment income Debt proceeds Special assessments Shared revenue Sale of property
Amount
$0
$0
$0
$0
$0
$0
TID number $0
Developer guarantees
Developer name N/A $0
Transfer from other funds
Source N/A $0
Grants
Source N/A $0
Other revenue
Source N/A $0
Total Revenue (deposits) $0
Page of 1 3
Form
TID Annual Report
WI Dept of RevenuePE-300 2020
Section 4 - Expenditures Capital expenditures Administration Professional services Interest and fiscal charges DOR fees
Discount on long-term debt Debt issuance costs Principal on long-term debt Environmental costs
Real property assembly costs Allocation to another TID
Amount
$1,408,447
$150
TID number Developer grants
Developer name N/A $0
Transfer to other funds Fund
Other expenditures Name
Total Expenditures $1,408,597
Section 5 - Ending Balance Amount
TID fund balance at end of year Future costs
Future revenue Surplus or deficit
$-1,939,922
$1,888,114
$10,826,537
$6,998,501
Page of 2 3
Form
TID Annual Report
WI Dept of RevenuePE-300 2020
Section 6 - Contact Information Contact name
Contact phone Contact title Contact email
Joan Siefert Town Treasurer
(262) 246-6100 jsiefert@townoflisbonwi.com
Page of 3 3
JOINT REVIEW BOARD
RESOLUTION ACKNOWLEDGING FILING OF ANNUAL REPORT AND
COMPLIANCE WITH ANNUAL MEETING REQUIREMENT
TOWN OF LISBON
WHEREAS, Wis. Stat. § 66.1105(4m)(f) requires the Joint Review Board (“JRB”) meet annually on July 1, or when an annual report under Wis. Stat. § 66.1105(6m)(c)(intro.) becomes available, to review the annual report and to review the performance and status of each district governed by the JRB; and
WHEREAS, the Town has filed an annual report with the Wisconsin Department of Revenue for the following district:
Tax Incremental District No. 1; and
WHEREAS, a copy of the annual report has been provided to each overlying taxing jurisdiction; and
WHEREAS, the JRB met on August 23, 2021 to review the annual report and the performance and status of the district governed by the JRB.
NOW, THEREFORE, BE IT RESOLVED that the Town has complied with its reporting requirements under Wis. Stat. § 66.1105(6m)(c)(intro.) and requirement to hold an annual JRB meeting under Wis. Stat.
§ 66.1105(4m)(f).
Passed and adopted this day of , 2021.
Resolution introduced and adoption moved by JRB member: ____________________
Motion for adoption seconded by JRB member: _______________________________
On roll call motion passed by a vote of _______ ayes to _______ nays
ATTEST:
__________________________________ ___________________________ JRB Chairperson Signature Clerk Signature
