On the agenda: Oconomowoc meeting — Flock Camera (Oct 6)

City of Oconomowoc
Common Council
Tuesday, October 06, 2026 - 7:30 PM
City Hall - Council Chambers
174 E. Wisconsin Ave. Oconomowoc, WI 53066
Notice: If a person with a disability requires that the meeting be accessible or that materials at the
meeting be in an accessible format, call the City Clerk’s office at least 48 hours in advance to request
adequate accommodations. Tel: (262) 569-2186

1. Call to order and confirmation of appropriate meeting notification
2. Pledge of Allegiance
3. Roll Call
4. Approval of Meeting Minutes
a. Minutes of September 15, 2026
5. Comments/Suggestions from Citizens
6. Consent Agenda (Items listed under the Consent Agenda are considered in one motion - a
Council member may request to remove an item):
a. Licenses
1. Full-Service Retail Sales Application - Yahara Bay Distillers, Inc for Sales at the
German Christmas Market
7. Committee Reports
a. Finance - Aultman Kloth, Chr; Schellpeper, Secy; Frankowski
1. Consider/act on Resolution 26-R3410 Authorizing the Issuance and Establishing
Parameters for the Sale of Not to Exceed $6,310,000 General Obligation Promissory
Notes, Series 2026A
2. Consider/act on Resolution 26-R3412 Authorizing the Issuance and Establishing
Parameters for the Sale of Not To Exceed $6,145,000 Taxable General Obligation
Promissory Notes, Series 2026B
b. Protection & Welfare - Kowieski, Chr; Spiegelberg, Secy; Jungwirth
1. Consider/act on Ordinance 26-O1138 to Repeal and Recreate Section 9.26 3(a)
Regulation of Private Alarm Systems - First Reading
c. Utility - Schellpeper, Chr; Jungwirth, Secy;
1. Consider/act on Resolution 26-R3406 Budget Amendment to Increase the 2026 Lead
Water Service Line Budget

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2. Consider/act on Resolution 26-R3407 to Join WPPI Group Filing for New Parallel
Generation Rates Pgs-1 and Pgs-2
3. Consider/act on Resolution 26-R3408 to Purchase Two Used Plow Trucks from City of
Waukesha
8. New Business
a. Consider/act on Amended Order for a Special Election for Municipal Court Judge for the
Lake Country Municipal Court
b. Consider/act on Resolution 26-R3409 Rescinding Resolution of Necessity 26-R3387
c. Consider/act on Release of of Certain Obligations Related to Tax Incremental Agreement
d. Consider/act on Release of Stormwater Pond Maintenance Agreement
e. Consider/act on Termination and Release of Condemned Easements
f. Consider/act on Termination and Release of Ingress/Egress Easements
g. Consider/act on Termination and Release of Private Road Maintenance Agreement
9. Staff Reports
10. Reports and Comments from the Aldermen
11. Reports and Comments from the Mayor
12. Closed Session - Conference Room 3
a. Closed Session: Update on Lac La Belle Negotiations
PLEASE TAKE NOTICE that the Common Council of the City of Oconomowoc will convene,
upon passage of the proper motion, into Closed Session pursuant to §19.85(1)(a), Wis.
Stats., the closed session may be attended by the Common Council and staff. The purpose
of the meeting is for deliberating or negotiating the purchasing of public properties, the
investing of public funds, or conducting other specified public business, whenever
competitive or bargaining reasons require a closed session pursuant to §19.85(1)(e) and/or
to confer with legal counsel who is rendering oral or written advice concerning strategy to be
adopted with respect to litigation in which it is likely to become involved as authorized under
§19.85(1)(g), Stats,. Specifically, to be discussed is the potential provision of sanitary sewer
capacity to the Village of Lac La Belle.
The Common Council will adjourn in Closed session and not reconvene in Open Session.
13. Adjourn

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City of Oconomowoc
Common Council Meeting Minutes
September 15, 2026 - 7:30 PM
Aldermen Present: Erik Jungwirth, Zachary Frankowski, Jennifer Aultman Kloth, Kevin Ellis, Karen Spiegelberg,
Charles Schellpeper, Lou Kowieski
Also Present: Matt Rosek, Stan Riffle, Mark Frye, Gina Kozlik, Eric Boettcher, Jason Gallo, Jason Herzog, Kevin
Kaari, James Pfister, Tim Reel, Steve Hatton, Ivan Lam
Mayor Rosek called the Common Council Meeting to order at 7:30 PM and appropriate meeting notice was
confirmed.
Pledge of Allegiance
Roll Call
Approval of Meeting Minutes
a.

Minutes of September 1, 2026
Motion to approve the Council minutes of September 1, 2026 made by Spiegelberg and seconded
by Frankowski. Motion carried 7-0-0.

Comments/Suggestions from Citizens
The following individuals spoke in favor of retaining the Flock Camera system: Sean Osborne, 3333 Silver
Circle, Summit, Neal Ninmann, N64W37630 Woodcrest Drive, Lac LaBelle,
The following individuals spoke against retaining the Flock Camera system: Peter Woehlck, 691 Lake Bluff Drive,
Trevor Nowatske, 1071 Regent Road, Unit 714, Oconomowoc, Evan Ferree, 489 Lake Bluff Drive, Oconomowoc.
David Byczek, 238 N, Lake Rd. and Eric Ido-Bruce, 1505 Fay Lane.
David Byczek also commented with concerns about the Lac La Belle Lake Board, the taxing authority and duplicative
boat landing fees.
Consent Agenda (Items listed under the Consent Agenda are considered in one motion - a Council
member may request to remove an item):
Motion to approve the Consent Agenda made by Aultman Kloth and seconded by Ellis.
Motion carried 7-0-0.
a.

Treasurer's Report
1.

Treasurer's Report and Financials - August 2026

b.

Full-Service Retail Sales Application - Unbound Spirits for sales at the German Christmas
Market

c.

Final Plat for Olde Highlander Addition #4, located along the street extensions of MacGregor
Road, Alasdar Drive and Olde Highlander Drive, within the Olde Highlander Subdivision.

d.

Ordinance 26-O1133 to Repeal and Recreate Section 7.12 - Bicycles - 2nd Reading

e.

Ordinance 26-O1134 to Repeal and Recreate Section 9.22 (4) Skateboards, Roller Skates and
Roller Skis - 2nd Reading

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Common Council - September 15, 2026

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f.

Ordinance 26-O1135 to Repeal and Recreate Section 9.221 (9) In-Line Skates - 2nd Reading

g.

Ordinance 26-O1136 to Repeal and Recreate Section 21.051 (5)(a) Fowler Lake Boardwalk
and Pier Use - 2nd Reading

Committee Reports
a.

Public Services - Ellis, Chr; Kowieski, Secy; Schellpeper
1.
Consider/act on Resolution 26-R3400 Approving Village Green Construction Bid 7:47pm
Public Works Director Herzog reviewed the history of the review of improvements to the park and the
bid for all the items from LaLonde Contractors to include sanitary and water extended into the park with
a total cost of $2.7 million with details outlined in the memo included in the packet. Herzog indicated
the funding sources would be through TIF, park impact fees, tourism and a grant. Alternative #1
includes concrete seat walls with lighting and Alternative #2 includes water and sewer installation for
future planning. Kowieski added that this has the Park Rec Board’s approval.
Motion to adopt Resolution 26-R3400 approving Village Green Construction Bid made by Kowieski and
seconded by Ellis. Motion carried 7-0-0.
2.

Consider/act on Resolution 26-R3401 Approving Construction Management for Village
Green
Herzog explained this is the management part of the contract and funding is the same.
Motion to adopt Resolution 26-R3401 approving Construction Management for Village Green made by
Ellis and seconded by Aultman Kloth. Motion carried 7-0-0.
3.
Consider/act on Resolution 26-R3402 Authorizing Purchase of Splashpad Features
Eric Boettcher, Park and Rec Director, explained plans for Phase 2 of the Splashpad that includes
eight additional water features and the to reallocate budgeted funds to complete the project.
Spiegelberg explained she would be voting against this item because she supported the original
allocation to Hawthorne Ridge Park equipment.
Motion to adopt Resolution 26-R3402 authorizing purchase of splashpad features made by Ellis
and seconded by Aultman Kloth. Motion carried 6-0-1. Voted No: Spiegelberg.
New Business
a.

Consider/act on Process to Fill District 1 Alderman Vacancy
Clerk Kozlik explained that with the resignation of April Welch, Council would need to consider
whether a temporary appointment would be made and also consider a date for a Special Election
with the Ald. Dist. 1 term expiring in April of 2028. She added with the next opportunity to hold a
Special Election would be to join on already scheduled County Executive Special Election
December 15th, but the Mayor would need to be given authority to sign an order with an effective
date of September 29 to allow for more time for candidates to circulate nomination papers. She
also included the options of a January or April 2027 Special Election. Kowieski added that the
December date is expeditious and he supported that. The Mayor asked if there was any interest in
temporary appointment and there was not. Spiegelberg thought it would give that person an
advantage.
Motion made by Frankowski and seconded by Ellis to hold a Special Election December 15, 2026.
and give the Mayor the authority to sign the Order with the September 29th effective date.
Motion to approve that a Special Election be held December 15, 2026 to fill the vacant seat for
District 1 and give the Mayor the authority to sign the Order with the September 29th effective date
made by Frankowski and seconded by Ellis. Motion carried 7-0-0.

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Common Council - September 15, 2026

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b.

Consider/act on Resolution 26-R3392 for Denial of Claim by V Gertz
Finance Director Hatton explained the claim for a fall and the insurance adjuster’s recommendation for
denial.
Motion to adopt Resolution 26-R3392 for Denial of Claim by V Gertz made by Aultman Kloth and
seconded by Jungwirth. Motion carried 7-0-0.

c.

Consider/act on Resolution 26-R3403 Authorizing Levy Limit Exception for Western Lakes
Fire District Charges
Motion to adopt Resolution 26-R3403 authorizing Levy Limit Exception for Western Lakes Fire
District charges made by Ellis and seconded by Kowieski. Motion carried 7-0-0.

d.

Consider/act on Resolution 26-R3404 to Cancel the City's Contract with Flock Safety 8:32 pm
Administrator Frye presented background information on Flock. The Mayor added a brief statement on
benefits and concerns and emphasized that there has been no misuse in the city and that is not what is
prompting review of this item. There were comments from Alderman about concerns of misuse of the
data and storage. Alderman expressed support and trust of the Police Department and the benefits of
Flock’s use under policy guidelines as a safety tool, but there were also concerns raised about protection
of Fourth Amendment rights. Clarification was made that no sale of personal data by the company
occurred, but instead data on traffic counts and flow were involved. There was discussion whether to
hold the item and bring it back next year. Chief Pfister added that Flock has contributed to investigations.
Motion to adopt Resolution 26-R3404 cancelling the Flock contract made by Schellpeper and
seconded by Kowieski. Motion carried 5-0-2. Voted No: Aultman Kloth, Spiegelberg.

e.

2027 Budget Overview
Finance Director Hatton, reminded everyone that the first Council Budget Workshop is set for Thursday,
October 1st. He additionally reviewed the printed copy of the Budget overview and explained access to
the detail through the document.

Staff Reports
Reports and Comments from the Aldermen
Aultman Kloth said they had the official opening day of the dog park and wanted to thank everyone that came
out and also the Suttner Family and everyone else for their donations and help getting it open.
Reports and Comments from the Mayor
Adjourn
Motion to adjourn made by Kowieski and seconded by Schellpeper.
Motion carried 7-0-0.
The meeting adjourned at 9:33 PM.
Minutes taken by Gina Kozlik, City Clerk

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Common Council - September 15, 2026

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MEMORANDUM
CITY CLERK
Date: October 6, 2026
To:

Mayor and Common Council

From: Gina Kozlik, City Clerk
Re:

Producer Full-Service Retail Sales Application – Yahara Bay Distillers, Inc.

BACKGROUND
Effective May 1, 2024, 2023 Wisconsin Act 73 authorizes eligible producers (manufacturers, rectifiers,
wineries, and breweries) to make full-service retail sales with license approval. Yahara Bay Distillers,
Inc, as a qualified producer, is requesting to sell their intoxicating liquor at the German Christmas Market.
The sales will be conducted from a hut in the vendor area on Village Green 11/27 – 11/29/26.
Approval from the community’s governing body is required by the State for the type of alcohol they will be
offering for sale. The license itself will be granted and issued by the Wisconsin Division of Alcohol
Beverages.
ADDITIONAL ANALYSIS
During the review of the applications last year, Protection & Welfare stated that future applications would
be placed under the Consent Agenda. The legislation provides that the governing body, with good
reason, can impose any requirements or restrictions in connection with these approvals.
FINANCIAL IMPACT
N/A
RECOMMENDATION
There were no issues with the sales from previous years. Staff recommend approval under the Consent
Agenda.
SUGGESTED COMMON COUNCIL MOTION
Consent Agenda Item. Motion to approve the Consent Agenda.

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MEMORANDUM
FINANCE DEPARTMENT
Date: October 6, 2026
To:

Mayor and Common Council

From: Steve Hatton, Director of Finance and Administration
Re:

Consider/act on Resolutions 26-R3410 and 26-R3412 for the Issuance of Debt to Pay for
Approved 2026 and 2027 Capital projects and Tax Increment District #7

RELATES TO THE STRATEGIC PLAN
Strategic Goal V. Enhance the Effectiveness of City Government
E. Maintain/Improve the City’s Financial Sustainability
BACKGROUND
The approved 2026 and 2027 Capital Budgets included projects that were planned to be funded with debt.
Additional projects in approved Tax Increment District #7 also require debt funding. Tonight’s resolutions
begin the process to issue debt to fund these commitments from past approvals. Repayment of the debt
being issued comes from the separate Funds sponsoring the projects as outlined in the schedule below.
GO Debt Funded Amt
Basis / Approval
2026 CIP

Project
Cold Storage Building
Street Reconstruction

2026 CIP Total
2027 CIP

Cold Storage Building
Street Reconstruction

2027 CIP Total
TID Amendment
2023A Proceeds on hand
Snyder Way
Parcel Reconfiguration for roads
The Social Developer Incentive
TID Amendment Total
Grand Total

Payor
Levy
190,000
1,800,000
1,990,000
85,000
1,883,762
1,968,762

3,958,762

TID 7

Grand Total
190,000
1,800,000
1,990,000
85,000
1,883,762
1,968,762
(241,098)
(241,098)
2,000,000
2,000,000
500,000
500,000
6,000,000
6,000,000
8,258,902
8,258,902
8,258,902 12,217,664

ADDITIONAL ANALYSIS
The borrowing will be separated into two separate pieces, one tax-exempt and one taxable. The two
separate resolutions reflect this break-out. Greg Johnson of Ehlers Municipal Advisors will attend
tonight’s meeting to present the attached Pre-Sale reports and address any questions.

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7

FINANCIAL IMPACT
These Capital projects have been approved by past Council action and are incorporated into the adopted
2026 Budget and proposed 2027 budget pending adoption.
RECOMMENDATION
Each resolution will need to be motioned and voted separately. Staff recommends approval of both
resolutions.
SUGGESTED MOTION
Motion to approve Resolution 26-R3410
Motion to approve Resolution 26-R3412.

Y:\Debt\2026 GO\2026 GO Debt Issue Memo.docx

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October 6, 2026

PRE-SALE REPORT FOR

City of Oconomowoc, Wisconsin
$6,310,000 General Obligation Promissory Notes,
Series 2026A

Prepared by:

Advisors:

Ehlers
N19W24400 Riverwood Drive,
Suite 100
Waukesha, WI 53188

Greg Johnson, Senior Municipal Advisor
Kayla Thorpe, Municipal Advisor

BUILDING COMMUNITIES. IT’S WHAT WE DO.

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EXECUTIVE SUMMARY OF PROPOSED DEBT
Proposed Issue:
$6,310,000 General Obligation Promissory Notes, Series 2026A

Purposes:
The proposed issue includes financing for the following purposes: finance building, street, and
TID #7 improvements. Debt service for building and street improvements will be repaid from
the property tax levy. Debt service for TID #7 improvements will be repaid from TID #7
revenues, or from shortfall payments as specified in a developer agreement (Neumann).

Authority:
The Notes are being issued pursuant to Wisconsin Statute(s):
•

67.12(12)

The Notes will be general obligations of the City for which its full faith, credit and taxing
powers are pledged.
The Notes count against the City’s General Obligation Debt Capacity Limit of 5% of total City
Equalized Valuation. Following issuance of the 2026 and 2026B Notes, the City’s total General
Obligation debt principal outstanding will be approximately $53,640,000, which is 23% of its
limit. Remaining General Obligation Borrowing Capacity will be approximately $181,488,520.

Term/Call Feature:
The Notes are being issued for a term of 20 years. Principal on the Notes will be due on April
1 in the years 2027 through 2046. Interest will be due every six months beginning April 1, 2027.
The Notes will be subject to prepayment at the discretion of the City on April 1, 2035 or any
date thereafter.

Bank Qualification:
Because the City is expecting to issue no more than $10,000,000 in tax exempt debt during
the calendar year, the City will be able to designate the Notes as “bank qualified” obligations.
Bank qualified status broadens the market for the Notes, which can result in lower interest
rates.

Rating:
The City’s most recent G.O. debt issues were rated by Moody’s Ratings. The current rating on
those issues is “Aa1”. The City will request a new rating for the Notes.

Presale Report
City of Oconomowoc, Wisconsin

October 6, 2026
Page 1

10

Basis for Recommendation:
Based on your objectives, financial situation and need, risk tolerance, liquidity needs,
experience with the issuance of Notes and long-term financial capacity, as well as the tax
status considerations related to the Notes and the structure, timing and other similar matters
related to the Notes, we are recommending the issuance of Notes as a suitable option.

Method of Sale/Placement:
We are recommending the Notes be issued as municipal securities and offered through a
competitive underwriting process. You will solicit competitive bids, which we will compile on
your behalf, for the purchase of the Notes from underwriters and banks.
An allowance for discount bidding will be incorporated in the terms of the issue. The discount
is treated as an interest item and provides the underwriter with all or a portion of their
compensation in the transaction. If the Notes are purchased at a price greater than the
minimum bid amount (maximum discount), the unused allowance may be used to reduce your
borrowing amount.

Premium Pricing:
In some cases, investors in municipal bonds prefer “premium” pricing structures. A premium
is achieved when the coupon for any maturity (the interest rate paid by the issuer) exceeds
the yield to the investor, resulting in a price paid that is greater than the face value of the
bonds. The sum of the amounts paid in excess of face value is considered “reoffering
premium.” For this issue of Notes, any premium amount received that is in excess of the
underwriting discount must be placed in the debt service fund and used to pay a portion of
the interest payments due on the Notes.
The amount of premium allowed can be restricted in the bid specifications. Restrictions on
premium may result in fewer bids, but may also eliminate large adjustments on the day of sale
and unintended results with respect to debt service payment impacts. Ehlers will identify
appropriate premium restrictions for the Notes intended to achieve the City’s objectives for
this financing.

Parameters:
The Common Council will consider adoption of a Parameter Resolution on October 6, 2026,
which delegates authority to the Director of Finance & Administrative Services or City
Administrator to accept and approve a bid for the Notes so long as the bid meets certain
parameters. These parameters are:
* Issue size not to exceed $6,310,000
* Maximum Bid of 110.00%
* Minimum Bid of 98.75%
* Maximum True Interest Cost (TIC) of 4.77%
* Maturity Schedule Adjustments:

Presale Report
City of Oconomowoc, Wisconsin

October 6, 2026
Page 2

11

•
•
•
•
•
•
•

Each maturity increased not more than $275,000.
2027 maturity decreased not more than $30,000.
2028 Maturity decreased not more than $40,000.
2029 Maturity decreased not more than $45,000.
2030 Maturity decreased not more than $95,000.
Maturities in years 2031-2036 decreased not more than $500,000.
Maturities in years 2037-2046 decreased not more than $120,000.

Review of Existing Debt:
We have reviewed all outstanding indebtedness for the City and find that there are no
refunding opportunities at this time. We will continue to monitor the market and the call dates
for the City’s outstanding debt and will alert you to any future refunding opportunities.

Continuing Disclosure:
Because the City has more than $10,000,000 in outstanding debt subject to a continuing
disclosure undertaking (including this issue) and this issue does not meet an available
exemption from continuing disclosure, the City will be agreeing to provide certain updated
Annual Financial Information and its Audited Financial Statement annually, as well as
providing notices of the occurrence of certain reportable events to the Municipal Securities
Rulemaking Board (the “MSRB”), as required by rules of the Securities and Exchange
Commission (SEC). The City is already obligated to provide such reports for its existing
bonds, and has contracted with Ehlers to prepare and file the reports.

Arbitrage Monitoring:
The City must ensure compliance with certain sections of the Internal Revenue Code and
Treasury Regulations (“Arbitrage Rules”) throughout the life of the issue to maintain the taxexempt status of the Notes. These Arbitrage Rules apply to amounts held in construction,
escrow, reserve, debt service account(s), etc., along with related investment income on each
fund/account.
IRS audits will verify compliance with rebate, yield restriction and records retention
requirements within the Arbitrage Rules. The City’s specific arbitrage responsibilities will be
detailed in the Tax Exemption Certificate (the “Tax Compliance Document”) prepared by your
Bond Attorney and provided at closing.
The Notes may qualify for one or more exception(s) to the Arbitrage Rules by meeting 1) small
issuer exception, 2) spend down requirements, 3) bona fide debt service fund limits, 4)
reasonable reserve requirements, 5) expenditure within an available period limitations, 6)
investments yield restrictions, 7) de minimis rules, or; 8) borrower limited requirements.
An Ehlers arbitrage expert will contact the City within 30 days after the sale date to review
the City’s specific responsibilities for the Notes. The City is currently receiving arbitrage
services from Ehlers in relation to the Notes.

Presale Report
City of Oconomowoc, Wisconsin

October 6, 2026
Page 3

12

Investment of Note Proceeds:
Ehlers can assist the City in developing a strategy to invest your Note proceeds until the funds
are needed to pay project costs.

Risk Factors:
G.O. with Planned Abatement: The issuer is abating a portion of G.O. debt service payments
for the issue with tax incremental revenues. In the event this revenue is not available, the City
is obligated to levy property taxes in an amount sufficient to make all debt payments.

Other Service Providers:
This debt issuance will require the engagement of other public finance service providers. This
section identifies those other service providers, so Ehlers can coordinate their engagement
on your behalf. Where you have previously used a particular firm to provide a service, we have
assumed that you will continue that relationship. For services you have not previously
required, we have identified a service provider. Fees charged by these service providers will
be paid from proceeds of the obligation, unless you notify us that you wish to pay them from
other sources. Our pre-sale bond sizing includes a good faith estimate of these fees, but the
final fees may vary. If you have any questions pertaining to the identified service providers or
their role, or if you would like to use a different service provider for any of the listed services
please contact us.
Bond Counsel and Disclosure Counsel: Quarles & Brady LLP
Paying Agent: Bond Trust Services Corporation
Rating Agency: Moody's Ratings

PROPOSED DEBT ISSUANCE SCHEDULE
Parameter Resolution Consideration by Common Council:

October 6, 2026

Due Diligence Call to Review Official Statement:

Week of October 12, 2026

Conference with Rating Agency:

Week of October 12, 2026

Distribute Official Statement:

October 21, 2026

Designated Officials Award Sale of the Notes:

October 28, 2026

Estimated Closing Date:

November 19, 2026

Presale Report
City of Oconomowoc, Wisconsin

October 6, 2026
Page 4

13

Attachments
Table 1: Summary of Existing G.O. Debt
Table 2: Project List
Table 3: Sources and Uses
Table 4: Estimated Proposed Debt Service Schedule
Table 5: Financing Plan Tax Impact
Table 6: G.O. Debt Capacity projection

ACTS
EHLERS’ CONTACTS
Greg Johnson, Senior Municipal Advisor

(262) 796-6168

Kayla Thorpe, Municipal Advisor

(262) 796-6197

Dan Pagac, Public Finance Analyst

(262) 796-6163

Beth Mueller, Senior Financial Analyst

(651) 697-8553

Presale Report
City of Oconomowoc, Wisconsin

October 6, 2026
Page 5

14

Table 1
Existing G.O. Debt Base Case
City of Oconomowoc, WI
Existing Debt
Year
Ending

Total G.O.
Debt
Payments

G.O. Debt
Expense

2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
Total

5,445,876
5,463,614
5,477,895
5,526,264
5,564,901
3,995,704
3,698,248
3,090,794
2,228,125
2,211,256
1,855,525
1,840,050
1,841,363
1,845,013
1,190,700
1,183,675
52,459,002

155,000 (1,415,958) (349,625) (763,525) (150,000)
5,000 (1,587,033) (352,000) (725,175)
5,000 (1,614,733) (348,750) (713,400)
5,000 (1,669,983) (349,875) (708,750)
5,000 (1,700,326) (350,250) (714,775)
5,000 (1,686,989) (349,875) (432,975)
5,000 (1,689,760) (350,400) (428,525)
5,000 (1,677,919) (351,900) (143,600)
5,000 (1,174,831)
0
(143,300)
5,000 (1,181,175)
(142,800)
5,000 (1,211,519)
0
5,000 (1,190,675)
5,000 (1,192,425)
5,000 (1,191,950)
5,000 (1,190,700)
5,000 (1,183,675)
230,000 (22,559,649) (2,802,675) (4,916,825) (150,000)

Less:
TID #7

Less:
Sewer

Less:
Water

Less:
Less:
Less:
Premium Interest income Transfer GF
(5,000)
(5,000)
(5,000)
(5,000)
(5,000)
(5,000)
(5,000)
(5,000)
(5,000)
(5,000)
(5,000)
(5,000)
(5,000)
(5,000)
(5,000)
(5,000)
(80,000)

(285,850)

(285,850)

Notes:
1. EV Growth at 5.37%. 2027 EV includes TID #4 closure.

Less: Impact
Fee Transfer
(290,187)
(314,100)
(100,000)
(100,000)
(100,000)
(100,000)
(100,000)
(100,000)
(100,000)
(100,000)
(100,000)
(100,000)
(100,000)
(100,000)

Less:
Rent
(34,500)
(34,500)
(34,500)
(34,500)
(34,500)
(34,500)
(34,500)
(34,500)
(34,500)
(34,500)
(34,500)
(34,500)
(34,500)
(34,500)

(1,804,287) (483,000)

Net Tax Levy
2,306,232
2,450,806
2,666,513
2,663,156
2,665,050
1,391,366
1,095,063
782,875
775,494
752,781
509,506
514,875
514,438
518,563
0
0
19,606,716

Equalized Value
(TID OUT)
4,112,435,700
4,439,893,500
4,667,850,732
4,907,511,961
5,159,478,104
5,424,380,933
5,702,884,654
5,995,687,578
6,303,523,868
6,627,165,382
6,967,423,606
7,325,151,690
7,701,246,591
8,096,651,313
8,512,357,280
8,949,406,817

Tax Rate
Per $1,000
$0.56
$0.55
$0.57
$0.54
$0.52
$0.26
$0.19
$0.13
$0.12
$0.11
$0.07
$0.07
$0.07
$0.06
$0.00
$0.00

Annual Taxes
$430,000
Home
$241.14
$237.36
$245.64
$233.35
$222.11
$110.30
$82.57
$56.15
$52.90
$48.84
$31.44
$30.22
$28.72
$27.54
$0.00
$0.00

Legend:
Represents +/- 25% Change over previous year

15

Year
Ending
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
Total

Table 2
Project List
City of Oconomowoc, WI
Projects

Payor

Plan Issue

2026

2027

Totals

Cold Storage Building

Levy

2026 G.O. Notes

190,000

85,000

275,000

Street Reconstruction

Levy

2026 G.O. Notes

1,800,000

1,883,762

3,683,762

TID 7 - Snyder Way - Neumann
TID 7 - Parcel Reconfiguration for roads - Neumann
TID #7 2023A Proceeds on hand
Actual CIP Costs

TID #7
TID #7
TID #7

2026 G.O. Notes
2026 G.O. Notes
2026 G.O. Notes
1,990,000

2,000,000
500,000
(241,098)
4,227,664

2,000,000
500,000
(241,098)
6,217,664

16

Table 3
Sources and Uses
City of Oconomowoc, WI
2026
G.O. Notes

TID #7
(Neumann) Levy Portion
Portion

CIP Projects
Cold Storage
Street Reconstruction
TID 7 - Snyder Way
TID 7 - Parcel Reconfiguration for roads
Less TID 7 Cash on Hand
Subtotal Project Costs

275,000
3,683,762
2,000,000
500,000
(241,098)
6,217,664

2,000,000
500,000
(241,098)
2,258,902

3,958,762

CIP Projects

6,217,664

2,258,902

3,958,762

Estimated Issuance Expenses
Municipal Advisor
Bond Counsel
Disclosure Counsel
Rating Fee
Underwriter's Discount
Paying Agent
Subtotal Issuance Expenses

45,400
35,000
24,500
25,000
78,875
900
209,675

16,692
12,868
9,008
9,192
29,000
331
77,091

28,708
22,132
15,492
15,808
49,875
569
132,584

6,427,339

2,335,993

4,091,346

(121,248)

(19,765)

(101,483)

3,909

3,772

137

6,310,000

2,320,000

3,990,000

12.50

TOTAL TO BE FINANCED
Estimated Interest Earnings
Assumed spend down (months)

3.50%
3.00

Rounding
NET ISSUE SIZE

17

275,000
3,683,762

Table 4
Allocation of Debt Service - 2026 G.O. Notes
City of Oconomowoc, WI
Year
Ending

Principal

2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
2042
2043
2044
2045
2046

50,000
75,000
85,000
85,000
100,000
110,000
120,000
125,000
130,000
150,000
155,000
165,000
175,000
185,000
190,000
200,000
220,000

Total

2,320,000

TID #7 (Neumann) Portion
Est. Rate1
Interest

3.68%
3.73%
3.79%
3.87%
3.98%
4.05%
4.16%
4.20%
4.30%
4.41%
4.54%
4.67%
4.77%
5.05%
5.12%
5.19%
5.25%
5.30%
5.35%
5.40%

Total

97,710
112,742
112,742
111,775
109,315
106,101
102,612
98,744
94,279
89,268
83,784
77,911
71,298
63,807
55,669
46,904
37,506
27,615
17,230
5,940

0
97,710
112,742
112,742
161,775
184,315
191,101
187,612
198,744
204,279
209,268
208,784
207,911
221,298
218,807
220,669
221,904
222,506
217,615
217,230
225,940

1,522,948

3,842,948

Principal

Levy Portion
Interest

Total

Year
Ending

Principal (4/1)

Totals
Interest

Total

35,000
45,000
50,000
50,000
570,000
595,000
620,000
645,000
675,000
705,000

143,723
164,450
162,664
160,749
148,438
125,046
100,102
73,661
45,603
15,545

0
178,723
209,450
212,664
210,749
718,438
720,046
720,102
718,661
720,603
720,545

2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
2042
2043
2044
2045
2046

0
35,000
45,000
50,000
100,000
645,000
680,000
705,000
745,000
785,000
825,000
125,000
130,000
150,000
155,000
165,000
175,000
185,000
190,000
200,000
220,000

0
241,433
277,192
275,406
272,523
257,753
231,147
202,713
172,404
139,882
104,813
83,784
77,911
71,298
63,807
55,669
46,904
37,506
27,615
17,230
5,940

0
276,433
322,192
325,406
372,523
902,753
911,147
907,713
917,404
924,882
929,813
208,784
207,911
221,298
218,807
220,669
221,904
222,506
217,615
217,230
225,940

3,990,000

1,139,980

5,129,980

Total

6,310,000

2,662,928

8,972,928

Notes:
1) Estimated Rate assumes current rates + 50 bps
2) TIC of 4.77%.

18

Table 5
Financing Plan Tax Impact
City of Oconomowoc, WI
Existing Debt

Year
Ending

Net Debt
Service
Levy

2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
2042
2043
2044
2045
2046
Total

2,306,232
2,450,806
2,666,513
2,663,156
2,665,050
1,391,366
1,095,063
782,875
775,494
752,781
509,506
514,875
514,438
518,563
0
0
0
0
0
0
0
19,606,716

2026 G.O. Notes
6,310,000
Equalized Value
Dated: 11/19/2026
(TID OUT)
Total P&I
3.68%-5.40%
4,112,435,700
0
4,439,893,500
276,433
4,667,850,732
322,192
4,907,511,961
325,406
5,159,478,104
372,523
5,424,380,933
902,753
5,702,884,654
911,147
5,995,687,578
907,713
6,303,523,868
917,404
6,627,165,382
924,882
6,967,423,606
929,813
7,325,151,690
208,784
7,701,246,591
207,911
8,096,651,313
221,298
8,512,357,280
218,807
8,949,406,817
220,669
9,408,895,768
221,904
9,891,976,237
222,506
10,399,859,483
217,615
10,933,818,953
217,230
11,495,193,477
225,940
8,972,928

Proposed Debt
Tax Levy all debt
Tax Rate All Debt
2026 Taxable G.O. Notes Abatements
Debt Service Levy
Taxes
Total
Levy Change
Total Tax Annual Taxes Annual Taxes
Annual Taxes
6,145,000
Less:
Net Debt
from Prior
Rate for
$430,000
Difference
New
Dated: 11/19/2026
TID #7
Service Levy
Year
Debt Service
Home
From Prior Year
Issue Only
Total P&I
5.56%-6.45%
0
2,306,232
$0.56
$241
331,571
(429,280)
2,629,529
323,298
$0.59
$255
$14
$17
382,582
(495,324)
2,875,963
246,433
$0.62
$265
$10
$19
382,582
(495,324)
2,875,820
(143)
$0.59
$252
($13)
$19
431,192
(592,966)
2,875,799
(21)
$0.56
$240
($12)
$18
452,702
(637,016)
2,109,804
(765,995)
$0.39
$167
($72)
$57
521,364
(712,465)
1,815,109
(294,695)
$0.32
$137
($30)
$54
561,417
(749,028)
1,502,977
(312,132)
$0.25
$108
($29)
$52
637,369
(836,113)
1,494,154
(8,822)
$0.24
$102
($6)
$49
639,654
(843,933)
1,473,384
(20,770)
$0.22
$96
($6)
$47
640,294
(849,562)
1,230,052
(243,333)
$0.18
$76
($20)
$44
639,724
(848,508)
514,875
(715,177)
$0.07
$30
($46)
$0
637,556
(845,467)
514,438
(438)
$0.07
$29
($2)
$0
643,455
(864,753)
518,563
4,125
$0.06
$28
($1)
$0
637,789
(856,595)
0
(518,563)
$0.00
$0
($28)
$0
640,558
(861,227)
0
0
$0.00
$0
$0
$0
636,605
(858,509)
0
0
$0.00
$0
$0
$0
649,968
(872,474)
0
0
$0.00
$0
$0
$0
645,460
(863,075)
0
0
$0.00
$0
$0
$0
639,018
(856,248)
0
0
$0.00
$0
$0
$0
645,156
(871,096)
0
0
$0.00
$0
$0
$0
11,396,010 (15,238,959)
376
Cost of new debt to Sample Taxpayer

Notes:

19

Year
Ending
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
2042
2043
2044
2045
2046
Total

Table 6
General Obligation Debt Capacity Analysis - Impact of Financing Plan
City of Oconomowoc, WI
Existing Debt
Year
Ending

Projected
Equalized
Value (TID IN)1

Debt Limit

2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
2042
2043
2044
2045
2046

4,394,385,000
4,702,570,400
4,958,457,877
5,228,269,313
5,512,762,373
5,812,735,948
6,129,032,400
6,462,539,930
6,814,195,066
7,184,985,301
7,575,951,858
7,988,192,620
8,422,865,209
8,881,190,241
9,364,454,746
9,874,015,793
10,411,304,291
10,977,829,013
11,575,180,828
12,205,037,175
12,869,166,768
13,569,434,565

219,719,250
235,128,520
247,922,894
261,413,466
275,638,119
290,636,797
306,451,620
323,126,996
340,709,753
359,249,265
378,797,593
399,409,631
421,143,260
444,059,512
468,222,737
493,700,790
520,565,215
548,891,451
578,759,041
610,251,859
643,458,338
678,471,728

Existing
Principal
Outstanding

% of Limit

45,355,000
41,185,000
36,795,000
32,240,000
27,495,000
22,580,000
19,115,000
15,845,000
13,095,000
11,145,000
9,165,000
7,500,000
5,815,000
4,090,000
2,320,000
1,170,000
0

20.64%
17.52%
14.84%
12.33%
9.98%
7.77%
6.24%
4.90%
3.84%
3.10%
2.42%
1.88%
1.38%
0.92%
0.50%
0.24%
0.00%

2026 G.O. Notes

6,310,000
6,275,000
6,230,000
6,180,000
6,080,000
5,435,000
4,755,000
4,050,000
3,305,000
2,520,000
1,695,000
1,570,000
1,440,000
1,290,000
1,135,000
970,000
795,000
610,000
420,000
220,000
0

Notes:
1) Projected TID IN EV based on discounted 5-year average at 5.44% annual inflation.

20

Proposed Debt
Combined Principal
Existing
2026 Taxable
& Proposed
% of Limit
G.O. Notes

6,145,000
6,145,000
6,145,000
6,145,000
6,095,000
6,020,000
5,870,000
5,670,000
5,380,000
5,070,000
4,740,000
4,390,000
4,020,000
3,620,000
3,200,000
2,750,000
2,275,000
1,755,000
1,205,000
625,000
0

$45,355,000
$53,640,000
$49,215,000
$44,615,000
$39,820,000
$34,755,000
$30,570,000
$26,470,000
$22,815,000
$19,830,000
$16,755,000
$13,935,000
$11,775,000
$9,550,000
$7,230,000
$5,505,000
$3,720,000
$3,070,000
$2,365,000
$1,625,000
$845,000
$0

20.64%
22.81%
19.85%
17.07%
14.45%
11.96%
9.98%
8.19%
6.70%
5.52%
4.42%
3.49%
2.80%
2.15%
1.54%
1.12%
0.71%
0.56%
0.41%
0.27%
0.13%
0.00%

Residual
Capacity

Year
Ending

$174,364,250
$181,488,520
$198,707,894
$216,798,466
$235,818,119
$255,881,797
$275,881,620
$296,656,996
$317,894,753
$339,419,265
$362,042,593
$385,474,631
$409,368,260
$434,509,512
$460,992,737
$488,195,790
$516,845,215
$545,821,451
$576,394,041
$608,626,859
$642,613,338
$678,471,728

2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
2042
2043
2044
2045
2046

RESOLUTION NO. 26-R3410
RESOLUTION AUTHORIZING THE ISSUANCE AND ESTABLISHING
PARAMETERS FOR THE SALE OF NOT TO EXCEED $6,310,000 GENERAL
OBLIGATION PROMISSORY NOTES, SERIES 2026A
WHEREAS, the Common Council hereby finds and determines that it is necessary,
desirable and in the best interest of the City of Oconomowoc, Waukesha County, Wisconsin (the
"City") to raise funds for public purposes, including paying the cost of street improvements,
including in TID 7 and a cold storage building (collectively, the "Project");
WHEREAS, the Common Council hereby finds and determines that the Project is within
the City's power to undertake and therefore serves a "public purpose" as that term is defined in
Section 67.04(1)(b), Wisconsin Statutes;
WHEREAS, the City is authorized by the provisions of Section 67.12(12), Wisconsin
Statutes, to borrow money and issue general obligation promissory notes (the "Notes") for such
public purposes;
WHEREAS, it is the finding of the Common Council that it is in the best interest of the
City to direct its financial advisor, Ehlers & Associates, Inc. ("Ehlers"), to take the steps
necessary for the City to offer and sell the Notes at public sale and to obtain bids for the purchase
of the Notes; and
WHEREAS, in order to facilitate the sale of the Notes in a timely manner, the Common
Council hereby finds and determines that it is necessary, desirable and in the best interest of the
City to delegate to either the Director of Finance/Administrative Services or the City
Administrator (each, an "Authorized Officer") the authority to accept on behalf of the City the
bid for the Notes that results in the lowest true interest cost for the Notes (the "Proposal") and
meets the terms and conditions provided for in this Resolution by executing a certificate in
substantially the form attached hereto as Exhibit A and incorporated herein by reference (the
"Approving Certificate").
NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City that:
Section 1. Authorization and Sale of the Notes; Parameters. For the purpose of paying
costs of the Project, the City is authorized to borrow pursuant to Section 67.12(12), Wisconsin
Statutes, the principal sum of not to exceed SIX MILLION THREE HUNDRED TEN
THOUSAND DOLLARS ($6,310,000) upon the terms and subject to the conditions set forth in
this Resolution. Subject to satisfaction of the condition set forth in Section 17 of this Resolution,
the Mayor and City Clerk are hereby authorized, empowered and directed to make, execute,
issue and sell to the financial institution that submitted the Proposal (the "Purchaser") for, on
behalf of and in the name of the City, Notes aggregating the principal amount of not to exceed
SIX MILLION THREE HUNDRED TEN THOUSAND DOLLARS ($6,310,000). The
purchase price to be paid to the City for the Notes shall not be less than 98.75% nor more than
110.00% of the principal amount of the Notes.

QB\105037160.2

21

Section 2. Terms of the Notes. The Notes shall be designated "General Obligation
Promissory Notes, Series 2026A" and shall:






be issued in an aggregate principal amount of up to $6,310,000;
be dated as of their date of issuance;
be in denominations of $5,000 or any integral multiple thereof;
be numbered R-1 and upward; and
mature or be subject to mandatory redemption on the dates and in the principal amounts
set forth below, provided that the principal amount of each maturity or mandatory
redemption amount may be (a) increased by up to $275,000, or (b) decreased by no more
than the following amounts, in the following years:
Years
2027
2028
2029
2030
2031–2036
2037–2046

Maximum Decrease
$ 30,000
40,000
45,000
95,000
500,000
120,000

The aggregate principal amount of the Notes shall not exceed $6,310,000. The schedule
below assumes the Notes are issued in the aggregate principal amount of $6,310,000.
Date
04-01-2027
04-01-2028
04-01-2029
04-01-2030
04-01-2031
04-01-2032
04-01-2033
04-01-2034
04-01-2035
04-01-2036
04-01-2037
04-01-2038
04-01-2039
04-01-2040
04-01-2041
04-01-2042
04-01-2043
04-01-2044
04-01-2045
04-01-2046

Principal Amount
$ 35,000
45,000
50,000
100,000
645,000
680,000
705,000
745,000
785,000
825,000
125,000
130,000
150,000
155,000
165,000
175,000
185,000
190,000
200,000
220,000

-2QB\105037160.2

22

Interest shall be payable semi-annually on April 1 and October 1 of each year
commencing on April 1, 2027. The true interest cost on the Notes (computed taking the
Purchaser's compensation into account) shall not exceed 4.77%. Interest shall be computed upon
the basis of a 360-day year of twelve 30-day months and will be rounded pursuant to the rules of
the Municipal Securities Rulemaking Board.
Section 3. Redemption Provisions. The Notes shall be subject to optional redemption as
set forth in the Approving Certificate. If the Proposal specifies that certain of the Notes shall be
subject to mandatory redemption, the terms of such mandatory redemption shall be set forth in an
attachment to the Approving Certificate labeled as Schedule MRP. Upon the optional
redemption of any of the Notes subject to mandatory redemption, the principal amount of such
Notes so redeemed shall be credited against the mandatory redemption payments established in
the Approving Certificate in such manner as the City shall direct.
Section 4. Form of the Notes. The Notes shall be issued in registered form and shall be
executed and delivered in substantially the form attached hereto as Exhibit B and incorporated
herein by this reference.
Section 5. Tax Provisions.
(A) Direct Annual Irrepealable Tax Levy. For the purpose of paying the
principal of and interest on the Notes as the same becomes due, the full faith, credit and
resources of the City are hereby irrevocably pledged, and there is hereby levied upon all of the
taxable property of the City a direct annual irrepealable tax in the years 2026 through 2045 for
the payments due in the years 2027 through 2046 in the amounts as are sufficient to meet the
principal and interest payments when due.
(B) Tax Collection. So long as any part of the principal of or interest on the
Notes remains unpaid, the City shall be and continue without power to repeal such levy or
obstruct the collection of said tax until all such payments have been made or provided for. After
the issuance of the Notes, said tax shall be, from year to year, carried onto the tax roll of the City
and collected in addition to all other taxes and in the same manner and at the same time as other
taxes of the City for said years are collected, except that the amount of tax carried onto the tax
roll may be reduced in any year by the amount of any surplus money in the Debt Service Fund
Account created below.
(C) Additional Funds. If at any time there shall be on hand insufficient funds
from the aforesaid tax levy to meet principal and/or interest payments on said Notes when due,
the requisite amounts shall be paid from other funds of the City then available, which sums shall
be replaced upon the collection of the taxes herein levied.
Section 6. Segregated Debt Service Fund Account.
(A) Creation and Deposits. There shall be and there hereby is established in the
treasury of the City, if one has not already been created, a debt service fund, separate and distinct
from every other fund, which shall be maintained in accordance with generally accepted
accounting principles. Debt service or sinking funds established for obligations previously
-3QB\105037160.2

23

issued by the City may be considered as separate and distinct accounts within the debt service
fund.
Within the debt service fund, there hereby is established a separate and distinct account
designated as the "Debt Service Fund Account for General Obligation Promissory Notes, Series
2026A" (the "Debt Service Fund Account") and such account shall be maintained until the
indebtedness evidenced by the Notes is fully paid or otherwise extinguished. There shall be
deposited into the Debt Service Fund Account (i) all accrued interest received by the City at the
time of delivery of and payment for the Notes; (ii) any premium which may be received by the
City above the par value of the Notes and accrued interest thereon; (iii) all money raised by the
taxes herein levied and any amounts appropriated for the specific purpose of meeting principal of
and interest on the Notes when due; (iv) such other sums as may be necessary at any time to pay
principal of and interest on the Notes when due; (v) surplus monies in the Borrowed Money
Fund as specified below; and (vi) such further deposits as may be required by Section 67.11,
Wisconsin Statutes.
(B) Use and Investment. No money shall be withdrawn from the Debt Service
Fund Account and appropriated for any purpose other than the payment of principal of and
interest on the Notes until all such principal and interest has been paid in full and the Notes
canceled; provided (i) the funds to provide for each payment of principal of and interest on the
Notes prior to the scheduled receipt of taxes from the next succeeding tax collection may be
invested in direct obligations of the United States of America maturing in time to make such
payments when they are due or in other investments permitted by law; and (ii) any funds over
and above the amount of such principal and interest payments on the Notes may be used to
reduce the next succeeding tax levy, or may, at the option of the City, be invested by purchasing
the Notes as permitted by and subject to Section 67.11(2)(a), Wisconsin Statutes, or in permitted
municipal investments under the pertinent provisions of the Wisconsin Statutes ("Permitted
Investments"), which investments shall continue to be a part of the Debt Service Fund Account.
Any investment of the Debt Service Fund Account shall at all times conform with the provisions
of the Internal Revenue Code of 1986, as amended (the "Code") and any applicable Treasury
Regulations (the "Regulations").
(C) Remaining Monies. When all of the Notes have been paid in full and
canceled, and all Permitted Investments disposed of, any money remaining in the Debt Service
Fund Account shall be transferred and deposited in the general fund of the City, unless the
Common Council directs otherwise.
Section 7. Proceeds of the Notes; Segregated Borrowed Money Fund. The proceeds of
the Notes (the "Note Proceeds") (other than any premium and accrued interest which must be
paid at the time of the delivery of the Notes into the Debt Service Fund Account created above)
shall be deposited into a special fund (the "Borrowed Money Fund") separate and distinct from
all other funds of the City and disbursed solely for the purpose or purposes for which borrowed.
Monies in the Borrowed Money Fund may be temporarily invested in Permitted Investments.
Any monies, including any income from Permitted Investments, remaining in the Borrowed
Money Fund after the purpose or purposes for which the Notes have been issued have been

-4QB\105037160.2

24

accomplished, and, at any time, any monies as are not needed and which obviously thereafter
cannot be needed for such purpose(s) shall be deposited in the Debt Service Fund Account.
Section 8. No Arbitrage. All investments made pursuant to this Resolution shall be
Permitted Investments, but no such investment shall be made in such a manner as would cause
the Notes to be "arbitrage bonds" within the meaning of Section 148 of the Code or the
Regulations and an officer of the City, charged with the responsibility for issuing the Notes, shall
certify as to facts, estimates, circumstances and reasonable expectations in existence on the date
of delivery of the Notes to the Purchaser which will permit the conclusion that the Notes are not
"arbitrage bonds," within the meaning of the Code or Regulations.
Section 9. Compliance with Federal Tax Laws. (a) The City represents and covenants
that the projects financed by the Notes and the ownership, management and use of the projects
will not cause the Notes to be "private activity bonds" within the meaning of Section 141 of the
Code. The City further covenants that it shall comply with the provisions of the Code to the
extent necessary to maintain the tax-exempt status of the interest on the Notes including, if
applicable, the rebate requirements of Section 148(f) of the Code. The City further covenants
that it will not take any action, omit to take any action or permit the taking or omission of any
action within its control (including, without limitation, making or permitting any use of the
proceeds of the Notes) if taking, permitting or omitting to take such action would cause any of
the Notes to be an arbitrage bond or a private activity bond within the meaning of the Code or
would otherwise cause interest on the Notes to be included in the gross income of the recipients
thereof for federal income tax purposes. The City Clerk or other officer of the City charged with
the responsibility of issuing the Notes shall provide an appropriate certificate of the City
certifying that the City can and covenanting that it will comply with the provisions of the Code
and Regulations.
(b)
The City also covenants to use its best efforts to meet the requirements and
restrictions of any different or additional federal legislation which may be made applicable to the
Notes provided that in meeting such requirements the City will do so only to the extent
consistent with the proceedings authorizing the Notes and the laws of the State of Wisconsin and
to the extent that there is a reasonable period of time in which to comply.
Section 10. Designation as Qualified Tax-Exempt Obligations. The Notes are hereby
designated as "qualified tax-exempt obligations" for purposes of Section 265 of the Code,
relating to the ability of financial institutions to deduct from income for federal income tax
purposes, interest expense that is allocable to carrying and acquiring tax-exempt obligations.
Section 11. Execution of the Notes; Closing; Professional Services. The Notes shall be
issued in printed form, executed on behalf of the City by the manual or facsimile signatures of
the Mayor and City Clerk, authenticated, if required, by the Fiscal Agent (defined below), sealed
with its official or corporate seal, if any, or a facsimile thereof, and delivered to the Purchaser
upon payment to the City of the purchase price thereof, plus accrued interest to the date of
delivery (the "Closing"). The facsimile signature of either of the officers executing the Notes
may be imprinted on the Notes in lieu of the manual signature of the officer but, unless the City
has contracted with a fiscal agent to authenticate the Notes, at least one of the signatures
appearing on each Note shall be a manual signature. In the event that either of the officers
-5QB\105037160.2

25

whose signatures appear on the Notes shall cease to be such officers before the Closing, such
signatures shall, nevertheless, be valid and sufficient for all purposes to the same extent as if they
had remained in office until the Closing. The aforesaid officers are hereby authorized and
directed to do all acts and execute and deliver the Notes and all such documents, certificates and
acknowledgements as may be necessary and convenient to effectuate the Closing. The City
hereby authorizes the officers and agents of the City to enter into, on its behalf, agreements and
contracts in conjunction with the Notes, including but not limited to agreements and contracts for
legal, trust, fiscal agency, disclosure and continuing disclosure, and rebate calculation services.
Any such contract heretofore entered into in conjunction with the issuance of the Notes is hereby
ratified and approved in all respects.
Section 12. Payment of the Notes; Fiscal Agent. The principal of and interest on the
Notes shall be paid by Bond Trust Services Corporation, which is hereby appointed as the City's
registrar and fiscal agent pursuant to the provisions of Section 67.10(2), Wisconsin Statutes (the
"Fiscal Agent"). The City hereby authorizes the Mayor and City Clerk or other appropriate
officers of the City to enter into a Fiscal Agency Agreement between the City and the Fiscal
Agent. Such contract may provide, among other things, for the performance by the Fiscal Agent
of the functions listed in Wis. Stats. Sec. 67.10(2)(a) to (j), where applicable, with respect to the
Notes.
Section 13. Persons Treated as Owners; Transfer of Notes. The City shall cause books
for the registration and for the transfer of the Notes to be kept by the Fiscal Agent. The person in
whose name any Note shall be registered shall be deemed and regarded as the absolute owner
thereof for all purposes and payment of either principal or interest on any Note shall be made
only to the registered owner thereof. All such payments shall be valid and effectual to satisfy
and discharge the liability upon such Note to the extent of the sum or sums so paid.
Any Note may be transferred by the registered owner thereof by surrender of the Note at
the office of the Fiscal Agent, duly endorsed for the transfer or accompanied by an assignment
duly executed by the registered owner or his attorney duly authorized in writing. Upon such
transfer, the Mayor and City Clerk shall execute and deliver in the name of the transferee or
transferees a new Note or Notes of a like aggregate principal amount, series and maturity and the
Fiscal Agent shall record the name of each transferee in the registration book. No registration
shall be made to bearer. The Fiscal Agent shall cancel any Note surrendered for transfer.
The City shall cooperate in any such transfer, and the Mayor and City Clerk are
authorized to execute any new Note or Notes necessary to effect any such transfer.
Section 14. Record Date. The 15th day of the calendar month next preceding each
interest payment date shall be the record date for the Notes (the "Record Date"). Payment of
interest on the Notes on any interest payment date shall be made to the registered owners of the
Notes as they appear on the registration book of the City at the close of business on the Record
Date.
Section 15. Utilization of The Depository Trust Company Book-Entry-Only System. In
order to make the Notes eligible for the services provided by The Depository Trust Company,
New York, New York ("DTC"), the City agrees to the applicable provisions set forth in the
-6QB\105037160.2

26

Blanket Issuer Letter of Representations, which the City Clerk or other authorized representative
of the City is authorized and directed to execute and deliver to DTC on behalf of the City to the
extent an effective Blanket Issuer Letter of Representations is not presently on file in the City
Clerk's office.
Section 16. Payment of Issuance Expenses. The City authorizes the Purchaser to
forward the amount of the proceeds of the Notes allocable to the payment of issuance expenses
to a financial institution selected by Ehlers at Closing for further distribution as directed by
Ehlers.
Section 17. Condition on Issuance and Sale of the Notes. The issuance of the Notes and
the sale of the Notes to the Purchaser are subject to approval by an Authorized Officer of the
principal amount, definitive maturities, redemption provisions, interest rates and purchase price
for the Notes, which approval shall be evidenced by execution by an Authorized Officer of the
Approving Certificate.
The Notes shall not be issued, sold or delivered until this condition is satisfied. Upon
satisfaction of this condition, an Authorized Officer authorized to execute a Proposal with the
Purchaser providing for the sale of the Notes to the Purchaser.
Section 18. Official Statement. The Common Council hereby directs an Authorized
Officer to approve the Preliminary Official Statement with respect to the Notes and deem the
Preliminary Official Statement as "final" as of its date for purposes of SEC Rule 15c2-12
promulgated by the Securities and Exchange Commission pursuant to the Securities and
Exchange Act of 1934 (the "Rule"). All actions taken by an Authorized Officer or other officers
of the City in connection with the preparation of such Preliminary Official Statement and any
addenda to it or final Official Statement are hereby ratified and approved. In connection with the
Closing, the appropriate City official shall certify the Preliminary Official Statement and any
addenda or final Official Statement. The City Clerk shall cause copies of the Preliminary
Official Statement and any addenda or final Official Statement to be distributed to the Purchaser.
Section 19. Undertaking to Provide Continuing Disclosure. The City hereby covenants
and agrees, for the benefit of the owners of the Notes, to enter into a written undertaking (the
"Undertaking") if required by the Rule to provide continuing disclosure of certain financial
information and operating data and timely notices of the occurrence of certain events in
accordance with the Rule. The Undertaking shall be enforceable by the owners of the Notes or
by the Purchaser on behalf of such owners (provided that the rights of the owners and the
Purchaser to enforce the Undertaking shall be limited to a right to obtain specific performance of
the obligations thereunder and any failure by the City to comply with the provisions of the
Undertaking shall not be an event of default with respect to the Notes).
To the extent required under the Rule, the Mayor and City Clerk, or other officer of the
City charged with the responsibility for issuing the Notes, shall provide a Continuing Disclosure
Certificate for inclusion in the transcript of proceedings, setting forth the details and terms of the
City's Undertaking.

-7QB\105037160.2

27

Section 20. Record Book. The City Clerk shall provide and keep the transcript of
proceedings as a separate record book (the "Record Book") and shall record a full and correct
statement of every step or proceeding had or taken in the course of authorizing and issuing the
Notes in the Record Book.
Section 21. Bond Insurance. If the Purchaser determines to obtain municipal bond
insurance with respect to the Notes, the officers of the City are authorized to take all actions
necessary to obtain such municipal bond insurance. The Mayor and City Clerk are authorized to
agree to such additional provisions as the bond insurer may reasonably request and which are
acceptable to the Mayor and City Clerk including provisions regarding restrictions on investment
of Note proceeds, the payment procedure under the municipal bond insurance policy, the rights
of the bond insurer in the event of default and payment of the Notes by the bond insurer and
notices to be given to the bond insurer. In addition, any reference required by the bond insurer to
the municipal bond insurance policy shall be made in the form of Note provided herein.
Section 22. Conflicting Resolutions; Severability; Effective Date. All prior resolutions,
rules or other actions of the Common Council or any parts thereof in conflict with the provisions
hereof shall be, and the same are, hereby rescinded insofar as the same may so conflict. In the
event that any one or more provisions hereof shall for any reason be held to be illegal or invalid,
such illegality or invalidity shall not affect any other provisions hereof. The foregoing shall take
effect immediately upon adoption and approval in the manner provided by law.
Adopted, approved and recorded October 6, 2026.

_____________________________
Matt Rosek
Mayor
ATTEST:

____________________________
Gina Kozlik
City Clerk
(SEAL)

-8QB\105037160.2

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EXHIBIT A
APPROVING CERTIFICATE
The undersigned [Director of Finance/Administrative Services] [City Administrator] of
the City of Oconomowoc, Waukesha County, Wisconsin (the "City"), hereby certifies that:
1.
Resolution. On October 6, 2026, the Common Council of the City adopted a
resolution (the "Resolution") authorizing the issuance and establishing parameters for the sale of
not to exceed $6,310,000 General Obligation Promissory Notes, Series 2026A of the City (the
"Notes") after a public sale and delegating to me the authority to approve the Preliminary
Official Statement, to approve the purchase proposal for the Notes, and to determine the details
for the Notes within the parameters established by the Resolution.
2.
Preliminary Official Statement. The Preliminary Official Statement with respect
to the Notes is hereby approved and deemed "final" as of its date for purposes of SEC Rule 15c212 promulgated by the Securities and Exchange Commission pursuant to the Securities and
Exchange Act of 1934.
3.
Proposal; Terms of the Notes. On the date hereof, the Notes were offered for
public sale and the bids set forth on the Bid Tabulation attached hereto as Schedule I and
incorporated herein by this reference were received. The institution listed first on the Bid
Tabulation, ____________________ (the "Purchaser") offered to purchase the Notes in
accordance with the terms set forth in the Proposal attached hereto as Schedule II and
incorporated herein by this reference (the "Proposal"). Ehlers & Associates, Inc. recommends
the City accept the Proposal. The Proposal meets the parameters and conditions established by
the Resolution and is hereby approved and accepted.
The Notes shall be issued in the aggregate principal amount of $__________, which is
not more than the $6,310,000 approved by the Resolution, and shall mature on April 1 of each of
the years and in the amounts and shall bear interest at the rates per annum as set forth in the
Pricing Summary attached hereto as Schedule III and incorporated herein by this reference. The
amount of each annual principal or mandatory redemption payment due on the Notes was not
increased by more than $275,000, nor decreased by more than (i) $30,000 in the year 2027, (ii)
$40,000 in the year 2028, (iii) $45,000 in the year 2029, (iv) $95,000 in the year 2030, (v)
$500,000 in the years 2031 through 2036 or (vi) $120,000 in the years 2037 through 2046 as
compared to the schedule included in the Resolution as set forth below:
Date
04-01-2027
04-01-2028
04-01-2029
04-01-2030
04-01-2031
04-01-2032
04-01-2033

Resolution Schedule
$ 35,000
45,000
50,000
100,000
645,000
680,000
705,000

Actual Amount
$___________
___________
___________
___________
___________
___________
___________

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Date
04-01-2034
04-01-2035
04-01-2036
04-01-2037
04-01-2038
04-01-2039
04-01-2040
04-01-2041
04-01-2042
04-01-2043
04-01-2044
04-01-2045
04-01-2046

Resolution Schedule
$745,000
785,000
825,000
125,000
130,000
150,000
155,000
165,000
175,000
185,000
190,000
200,000
220,000

Actual Amount
$___________
___________
___________
___________
___________
___________
___________
___________
___________
___________
___________
___________
___________

The true interest cost on the Notes (computed taking the Purchaser's compensation into
account) is _________%, which is not in excess of 4.77%, as required by the Resolution.
4.
Purchase Price of the Notes. The Notes shall be sold to the Purchaser in
accordance with the terms of the Proposal at a price of $_________, plus accrued interest, if any,
to the date of delivery of the Notes, which is not less than 98.75% nor more than 110.00% of the
principal amount of the Notes, as required by the Resolution.
5.
Redemption Provisions of the Notes. The Notes maturing on April 1, ______ and
thereafter are subject to redemption prior to maturity, at the option of the City, on April 1,
______ or on any date thereafter. Said Notes are redeemable as a whole or in part, and if in part,
from maturities selected by the City and within each maturity by lot, at the principal amount
thereof, plus accrued interest to the date of redemption. [The Proposal specifies that [some of]
the Notes are subject to mandatory redemption. The terms of such mandatory redemption are set
forth in an attachment hereto as Schedule MRP and incorporated herein by this reference.]
6.
Direct Annual Irrepealable Tax Levy. For the purpose of paying the principal of
and interest on the Notes as the same respectively falls due, the full faith, credit and taxing
powers of the City have been irrevocably pledged and there has been levied on all of the taxable
property in the City, pursuant to the Resolution, a direct, annual irrepealable tax in an amount
and at the times sufficient for said purpose. Such tax shall be for the years and in the amounts
set forth on the debt service schedule attached hereto as Schedule IV.

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30

7.
Approval. This Certificate constitutes my approval of the Proposal, and the
principal amount, definitive maturities, interest rates, purchase price and redemption provisions
for the Notes and the direct annual irrepealable tax levy to repay the Notes, in satisfaction of the
parameters set forth in the Resolution.
IN WITNESS WHEREOF, I have executed this Certificate on
______________________, 2026 pursuant to the authority delegated to me in the Resolution.

[_________________________
Steve Hatton
Director of Finance/Administrative Services]

[_________________________
Mark Frye
City Administrator]

-3QB\105037160.2

31

SCHEDULE I TO APPROVING CERTIFICATE
Bid Tabulation
To be provided by Ehlers & Associates, Inc. and incorporated into the Certificate.
(See Attached)

QB\105037160.2

32

SCHEDULE II TO APPROVING CERTIFICATE
Proposal
To be provided by Ehlers & Associates, Inc. and incorporated into the Certificate.
(See Attached)

QB\105037160.2

33

SCHEDULE III TO APPROVING CERTIFICATE
Pricing Summary
To be provided by Ehlers & Associates, Inc. and incorporated into the Certificate.
(See Attached)

QB\105037160.2

34

SCHEDULE IV TO APPROVING CERTIFICATE
Debt Service Schedule and Irrepealable Tax Levies
To be provided by Ehlers & Associates, Inc. and incorporated into the Certificate.
(See Attached)

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[SCHEDULE MRP
Mandatory Redemption Provision
The Notes due on April 1, ____, ____ and ____ (the "Term Bonds") are subject to
mandatory redemption prior to maturity by lot (as selected by the Depository) at a redemption
price equal to One Hundred Percent (100%) of the principal amount to be redeemed plus accrued
interest to the date of redemption, from debt service fund deposits which are required to be made
in amounts sufficient to redeem on April 1 of each year the respective amount of Term Bonds
specified below:
For the Term Bonds Maturing on April 1, 20
Redemption
Date
____
____
____

Amount
$______
______
______ (maturity)

For the Term Bonds Maturing on April 1, 20
Redemption
Date
____
____
____

Amount
$______
______
______ (maturity)

For the Term Bonds Maturing on April 1, 20
Redemption
Date
____
____
____

Amount
$______
______
______ (maturity)

For the Term Bonds Maturing on April 1, 20
Redemption
Date
____
____
____

Amount
$______
______
______ (maturity)]

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EXHIBIT B
(Form of Note)
UNITED STATES OF AMERICA
STATE OF WISCONSIN
WAUKESHA COUNTY
CITY OF OCONOMOWOC
GENERAL OBLIGATION PROMISSORY NOTE, SERIES 2026A

REGISTERED

DOLLARS

NO. R-___

$_______

MATURITY DATE:

ORIGINAL DATE OF ISSUE:

INTEREST RATE:

CUSIP:

April 1, _____

___________, 2026

____%

______

DEPOSITORY OR ITS NOMINEE NAME: CEDE & CO.
PRINCIPAL AMOUNT:

_______________________ THOUSAND DOLLARS
($__________)

FOR VALUE RECEIVED, the City of Oconomowoc, Waukesha County, Wisconsin (the
"City"), hereby acknowledges itself to owe and promises to pay to the Depository or its Nominee
Name (the "Depository") identified above (or to registered assigns), on the maturity date
identified above, the principal amount identified above, and to pay interest thereon at the rate of
interest per annum identified above, all subject to the provisions set forth herein regarding
redemption prior to maturity. Interest shall be payable semi-annually on April 1 and October 1
of each year commencing on April 1, 2027 until the aforesaid principal amount is paid in full.
Both the principal of and interest on this Note are payable to the registered owner in lawful
money of the United States. Interest payable on any interest payment date shall be paid by wire
transfer to the Depository in whose name this Note is registered on the Bond Register maintained
by Bond Trust Services Corporation (the "Fiscal Agent") or any successor thereto at the close of
business on the 15th day of the calendar month next preceding each interest payment date (the
"Record Date"). This Note is payable as to principal upon presentation and surrender hereof at
the office of the Fiscal Agent.
For the prompt payment of this Note together with interest hereon as aforesaid and for the
levy of taxes sufficient for that purpose, the full faith, credit and resources of the City are hereby
irrevocably pledged.
This Note is one of an issue of Notes aggregating the principal amount of $________, all
of which are of like tenor, except as to denomination, interest rate, maturity date and redemption
provision, issued by the City pursuant to the provisions of Section 67.12(12), Wisconsin Statutes,
for public purposes, including paying the cost of street improvements, including in TID 7 and a
cold storage building, as authorized by a resolution adopted on October 6, 2026 as supplemented
by an Approving Certificate, dated ______________, 2026 (the "Approving Certificate")

QB\105037160.2

37

(collectively, the "Resolution"). Said Resolution is recorded in the official minutes of the
Common Council for said date.
The Notes maturing on April 1, ______________ and thereafter are subject to
redemption prior to maturity, at the option of the City, on April 1, ________ or on any date
thereafter. Said Notes are redeemable as a whole or in part, and if in part, from maturities
selected by the City, and within each maturity by lot (as selected by the Depository), at the
principal amount thereof, plus accrued interest to the date of redemption.

[The Notes maturing in the years ________ are subject to mandatory redemption by lot
as provided in the Approving Certificate, at the redemption price of par plus accrued interest to
the date of redemption and without premium.]
In the event the Notes are redeemed prior to maturity, as long as the Notes are in
book-entry-only form, official notice of the redemption will be given by mailing a notice by
registered or certified mail, overnight express delivery, facsimile transmission, electronic
transmission or in any other manner required by the Depository, to the Depository not less than
thirty (30) days nor more than sixty (60) days prior to the redemption date. If less than all of the
Notes of a maturity are to be called for redemption, the Notes of such maturity to be redeemed
will be selected by lot. Such notice will include but not be limited to the following: the
designation, date and maturities of the Notes called for redemption, CUSIP numbers, and the
date of redemption. Any notice provided as described herein shall be conclusively presumed to
have been duly given, whether or not the registered owner receives the notice. The Notes shall
cease to bear interest on the specified redemption date provided that federal or other immediately
available funds sufficient for such redemption are on deposit at the office of the Depository at
that time. Upon such deposit of funds for redemption the Notes shall no longer be deemed to be
outstanding.
It is hereby certified and recited that all conditions, things and acts required by law to
exist or to be done prior to and in connection with the issuance of this Note have been done, have
existed and have been performed in due form and time; that the aggregate indebtedness of the
City, including this Note and others issued simultaneously herewith, does not exceed any
limitation imposed by law or the Constitution of the State of Wisconsin; and that a direct annual
irrepealable tax has been levied sufficient to pay this Note, together with the interest thereon,
when and as payable.
This Note has been designated by the Common Council as a "qualified tax-exempt
obligation" pursuant to the provisions of Section 265(b)(3) of the Internal Revenue Code of
1986, as amended.
This Note is transferable only upon the books of the City kept for that purpose at the
office of the Fiscal Agent, only in the event that the Depository does not continue to act as
depository for the Notes, and the City appoints another depository, upon surrender of the Note to
the Fiscal Agent, by the registered owner in person or his duly authorized attorney, together with
a written instrument of transfer (which may be endorsed hereon) satisfactory to the Fiscal Agent
duly executed by the registered owner or his duly authorized attorney. Thereupon a new fully
-2QB\105037160.2

38

registered Note in the same aggregate principal amount shall be issued to the new depository in
exchange therefor and upon the payment of a charge sufficient to reimburse the City for any tax,
fee or other governmental charge required to be paid with respect to such registration. The
Fiscal Agent shall not be obliged to make any transfer of the Notes (i) after the Record Date, (ii)
during the fifteen (15) calendar days preceding the date of any publication of notice of any
proposed redemption of the Notes, or (iii) with respect to any particular Note, after such Note has
been called for redemption. The Fiscal Agent and City may treat and consider the Depository in
whose name this Note is registered as the absolute owner hereof for the purpose of receiving
payment of, or on account of, the principal or redemption price hereof and interest due hereon
and for all other purposes whatsoever. The Notes are issuable solely as negotiable, fullyregistered Notes without coupons in the denomination of $5,000 or any integral multiple thereof.
This Note shall not be valid or obligatory for any purpose until the Certificate of
Authentication hereon shall have been signed by the Fiscal Agent.
No delay or omission on the part of the owner hereof to exercise any right hereunder shall
impair such right or be considered as a waiver thereof or as a waiver of or acquiescence in any
default hereunder.

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39

IN WITNESS WHEREOF, the City of Oconomowoc, Waukesha County, Wisconsin, by
its governing body, has caused this Note to be executed for it and in its name by the manual or
facsimile signatures of its duly qualified Mayor and City Clerk; and to be sealed with its official
or corporate seal, if any, all as of the original date of issue specified above.
CITY OF OCONOMOWOC
WAUKESHA COUNTY, WISCONSIN

By: ______________________________
Matt Rosek
Mayor
(SEAL)
By: ______________________________
Gina Kozlik
City Clerk

-4QB\105037160.2

40

Date of Authentication: _______________, ______
CERTIFICATE OF AUTHENTICATION
This Note is one of the Notes of the issue authorized by the within-mentioned Resolution
of the City of Oconomowoc, Waukesha County, Wisconsin.
Bond Trust Services Corporation

By____________________________
Authorized Signatory

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41

ASSIGNMENT
FOR VALUE RECEIVED, the undersigned sells, assigns and transfers unto
____________________________________________________________________________
(Name and Address of Assignee)
____________________________________________________________________________
(Social Security or other Identifying Number of Assignee)
the within Note and all rights thereunder and hereby irrevocably constitutes and appoints
______________________________________, Legal Representative, to transfer said Note on
the books kept for registration thereof, with full power of substitution in the premises.
Dated: _____________________
Signature Guaranteed:

_____________________________
(e.g. Bank, Trust Company
or Securities Firm)

________________________________
(Depository or Nominee Name)
NOTICE: This signature must correspond with the
name of the Depository or Nominee Name as it
appears upon the face of the within Note in every
particular, without alteration or enlargement or any
change whatever.

____________________________
(Authorized Officer)

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42

MEMORANDUM
FINANCE DEPARTMENT
Date: October 6, 2026
To:

Mayor and Common Council

From: Steve Hatton, Director of Finance and Administration
Re:

Consider/act on Resolutions 26-R3410 and 26-R3412 for the Issuance of Debt to Pay for
Approved 2026 and 2027 Capital projects and Tax Increment District #7

RELATES TO THE STRATEGIC PLAN
Strategic Goal V. Enhance the Effectiveness of City Government
E. Maintain/Improve the City’s Financial Sustainability
BACKGROUND
The approved 2026 and 2027 Capital Budgets included projects that were planned to be funded with debt.
Additional projects in approved Tax Increment District #7 also require debt funding. Tonight’s resolutions
begin the process to issue debt to fund these commitments flowing from past approvals. Repayment of the
debt being issued comes from the separate Funds sponsoring the projects as outlined in the schedule
below.
GO Debt Funded Amt
Basis / Approval
2026 CIP

Project
Cold Storage Building
Street Reconstruction

2026 CIP Total
2027 CIP

Cold Storage Building
Street Reconstruction

2027 CIP Total
TID Amendment
2023A Proceeds on hand
Snyder Way
Parcel Reconfiguration for roads
The Social Developer Incentive
TID Amendment Total
Grand Total

Payor
Levy
190,000
1,800,000
1,990,000
85,000
1,883,762
1,968,762

3,958,762

TID 7

Grand Total
190,000
1,800,000
1,990,000
85,000
1,883,762
1,968,762
(241,098)
(241,098)
2,000,000
2,000,000
500,000
500,000
6,000,000
6,000,000
8,258,902
8,258,902
8,258,902 12,217,664

ADDITIONAL ANALYSIS
The borrowing will be separated into two separate pieces, one tax-exempt and one taxable. The two
separate resolutions reflect this break-out. Greg Johnson of Ehlers Municipal Advisors will attend
tonight’s meeting to present the attached Pre-Sale reports and address any questions.

1

43

FINANCIAL IMPACT
These Capital projects have been approved by past Council action and are incorporated into the adopted
2026 Budget and proposed 2027 budget pending adoption.
RECOMMENDATION
Each resolution will need to be motioned and voted separately. Staff recommends approval of both
resolutions.
SUGGESTED MOTION
Motion to approve Resolution 26-R3410
Motion to approval Resolution 26-R3412.

Y:\Debt\2026 GO\2026 GO Debt Issue Memo.docx

2

44

October 6, 2026

PRE-SALE REPORT FOR

City of Oconomowoc, Wisconsin
$6,145,000 Taxable General Obligation Promissory
Notes, Series 2026B

Prepared by:

Advisors:

Ehlers
N19W24400 Riverwood Drive,
Suite 100
Waukesha, WI 53188

Greg Johnson, Senior Municipal Advisor
Kayla Thorpe, Municipal Advisor

BUILDING COMMUNITIES. IT’S WHAT WE DO.

45

EXECUTIVE SUMMARY OF PROPOSED DEBT
Proposed Issue:
$6,145,000 Taxable General Obligation Promissory Notes, Series 2026B

Purposes:
The proposed issue includes financing for the following purpose: finance TID #7 development
incentive for The Social in TID #7. Debt service will be repaid from TID #7 revenues, or from
shortfall payments as specified in a developer agreement (Neumann).

Authority:
The Notes are being issued pursuant to Wisconsin Statute(s):
•

67.12(12)

The Notes will be general obligations of the City for which its full faith, credit and taxing
powers are pledged.
The Notes count against the City’s General Obligation Debt Capacity Limit of 5% of total City
Equalized Valuation. Following issuance of the 2026 and 2026B Notes, the City’s total General
Obligation debt principal outstanding will be approximately $53,640,000, which is 23% of its
limit. Remaining General Obligation Borrowing Capacity will be approximately $181,488,520.

Term/Call Feature:
The Notes are being issued for a term of 20 years. Principal on the Notes will be due on April
1 in the years 2030 through 2046. Interest will be due every six months beginning April 1,
2027. The Notes will be subject to prepayment at the discretion of the City on April 1, 2035 or
any date thereafter.

Bank Qualification:
Because the Notes are taxable obligations they will not be designated as “bank qualified”
obligations.

Rating:
The City’s most recent G.O. debt issues were rated by Moody’s Ratings. The current rating on
those issues is “Aa1”. The City will request a new rating for the Notes.

Presale Report
City of Oconomowoc, Wisconsin

October 6, 2026
Page 1

46

Basis for Recommendation:
Based on your objectives, financial situation and need, risk tolerance, liquidity needs,
experience with the issuance of Notes and long-term financial capacity, as well as the tax
status considerations related to the Notes and the structure, timing and other similar matters
related to the Notes, we are recommending the issuance of Notes as a suitable option.

Method of Sale/Placement:
We are recommending the Notes be issued as municipal securities and offered through a
competitive underwriting process. You will solicit competitive bids, which we will compile on
your behalf, for the purchase of the Notes from underwriters and banks.
An allowance for discount bidding will be incorporated in the terms of the issue. The discount
is treated as an interest item and provides the underwriter with all or a portion of their
compensation in the transaction.
If the Notes are purchased at a price greater than the minimum bid amount (maximum
discount), the unused allowance may be used to reduce your borrowing amount.

Premium Pricing:
In some cases, investors in municipal bonds prefer “premium” pricing structures. A premium
is achieved when the coupon for any maturity (the interest rate paid by the issuer) exceeds
the yield to the investor, resulting in a price paid that is greater than the face value of the
bonds. The sum of the amounts paid in excess of face value is considered “reoffering
premium.” For this issue of Notes, any premium amount received that is in excess of the
underwriting discount must be placed in the debt service fund and used to pay a portion of
the interest payments due on the Notes.
The amount of premium allowed can be restricted in the bid specifications. Restrictions on
premium may result in fewer bids, but may also eliminate large adjustments on the day of sale
and unintended results with respect to debt service payment impacts. Ehlers will identify
appropriate premium restrictions for the Notes intended to achieve the City’s objectives for
this financing.

Parameters:
The Common Council will consider adoption of a Parameter Resolution on October 6, 2026,
which delegates authority to the Director of Finance & Administrative Services or City
Administrator to accept and approve a bid for the Notes so long as the bid meets certain
parameters. These parameters are:
* Issue size not to exceed $6,145,000
* Maximum Bid of 110.00%
* Minimum Bid of 98.75%
* Maximum True Interest Cost (TIC) of 6.42%

Presale Report
City of Oconomowoc, Wisconsin

October 6, 2026
Page 2

47

* Maturity Schedule Adjustments:
•
•
•
•

Each maturity increased not more than $385,000.
2030 maturity decreased not more than $45,000.
2031 maturity decreased not more than $70,000.
Maturities in the years 2032 through 2046 decreased not more than $145,000.

Review of Existing Debt:
We have reviewed all outstanding indebtedness for the City and find that there are no
refunding opportunities at this time.
We will continue to monitor the market and the call dates for the City’s outstanding debt and
will alert you to any future refunding opportunities.

Continuing Disclosure:
Because the City has more than $10,000,000 in outstanding debt subject to a continuing
disclosure undertaking (including this issue) and this issue does not meet an available
exemption from continuing disclosure, the City will be agreeing to provide certain updated
Annual Financial Information and its Audited Financial Statement annually, as well as
providing notices of the occurrence of certain reportable events to the Municipal Securities
Rulemaking Board (the “MSRB”), as required by rules of the Securities and Exchange
Commission (SEC). The City is already obligated to provide such reports for its existing
bonds, and has contracted with Ehlers to prepare and file the reports.

Arbitrage Monitoring:
The City has limited responsibilities for arbitrage as it relates to the Notes, however, the Notes
are not exempt from all arbitrage rules. An Ehlers arbitrage expert will contact the City within
30 days after the sale date to review the City’s specific responsibilities for the Notes. The City
is currently receiving arbitrage services from Ehlers in relation to the Notes.

Investment of Note Proceeds:
Ehlers can assist the City in developing a strategy to invest your Note proceeds until the funds
are needed to pay project costs.

Risk Factors:
G.O. with Planned Abatement: The issuer is abating a portion of G.O. debt service payments
for the issue with tax incremental revenues. In the event this revenue is not available, the City
is obligated to levy property taxes in an amount sufficient to make all debt payments.

Other Service Providers:
This debt issuance will require the engagement of other public finance service providers. This
section identifies those other service providers, so Ehlers can coordinate their engagement

Presale Report
City of Oconomowoc, Wisconsin

October 6, 2026
Page 3

48

on your behalf. Where you have previously used a particular firm to provide a service, we have
assumed that you will continue that relationship. For services you have not previously
required, we have identified a service provider. Fees charged by these service providers will
be paid from proceeds of the obligation, unless you notify us that you wish to pay them from
other sources. Our pre-sale bond sizing includes a good faith estimate of these fees, but the
final fees may vary. If you have any questions pertaining to the identified service providers or
their role, or if you would like to use a different service provider for any of the listed services
please contact us.
Bond Counsel and Disclosure Counsel: Quarles & Brady LLP
Paying Agent: Bond Trust Services Corporation
Rating Agency: Moody's Ratings

PROPOSED DEBT ISSUANCE SCHEDULE
Parameter Resolution Consideration by Common Council:

October 6, 2026

Due Diligence Call to Review Official Statement:

Week of October 12, 2026

Conference with Rating Agency:

Week of October 12, 2026

Distribute Official Statement:

October 21, 2026

Designated Officials Award Sale of the Notes:

October 28, 2026

Estimated Closing Date:

November 19, 2026

Attachments
Table 1: Estimated Sources and Uses of Funds
Table 2: Estimated Proposed Debt Service Schedule
Table 3: TID #7 development assumptions (Neumann only)
Table 4: TID #7 tax increment projection (Neumann only)
Table 5: TID #7 cash flow projection (Neumann)

Presale Report
City of Oconomowoc, Wisconsin

October 6, 2026
Page 4

49

EHLERS’ CONTACTS
Greg Johnson, Senior Municipal Advisor

(262) 796-6168

Kayla Thorpe, Municipal Advisor

(262) 796-6197

Dan Pagac, Public Finance Analyst

(262) 796-6163

Beth Mueller, Senior Financial Analyst

(651) 697-8553

Presale Report
City of Oconomowoc, Wisconsin

October 6, 2026
Page 5

50

Table 1
Sources and Uses
City of Oconomowoc, WI
2026
Taxable G.O.
Notes

The Social Neumann
Portion

CIP Projects
TID 7 - The Social Developer Incentive - Neuman
Subtotal Project Costs

6,000,000 6,000,000
6,000,000 6,000,000

CIP Projects

6,000,000

6,000,000

Estimated Issuance Expenses
Municipal Advisor
Bond Counsel
Disclosure Counsel
Rating Fee
Underwriter's Discount
Paying Agent
Subtotal Issuance Expenses

38,200
35,000
24,500
20,000
76,813
900
195,413

38,200
35,000
24,500
20,000
76,813
900
195,413

6,195,413

6,195,413

(52,500)

(52,500)

2,088

2,088

6,145,000

6,145,000

12.50

TOTAL TO BE FINANCED
Estimated Interest Earnings
Assumed spend down (months)

3.50%
3.00

Rounding
NET ISSUE SIZE

51

Table 2
Allocation of Debt Service - 2026 Taxable G.O. Notes
City of Oconomowoc, WI
Year
Ending

The Social - Neumann Portion
Principal
Est. Rate
Interest

2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
2042
2043
2044
2045
2046

50,000
75,000
150,000
200,000
290,000
310,000
330,000
350,000
370,000
400,000
420,000
450,000
475,000
520,000
550,000
580,000
625,000

Total

6,145,000

5.56%
5.60%
5.65%
5.71%
5.75%
6.05%
6.05%
6.05%
6.26%
6.26%
6.26%
6.26%
6.26%
6.45%
6.45%
6.45%
6.45%

Total

Year
Ending

Principal (4/1)

331,571
382,582
382,582
381,192
377,702
371,364
361,417
347,369
329,654
310,294
289,724
267,556
243,455
217,789
190,558
161,605
129,968
95,460
59,018
20,156

0
331,571
382,582
382,582
431,192
452,702
521,364
561,417
637,369
639,654
640,294
639,724
637,556
643,455
637,789
640,558
636,605
649,968
645,460
639,018
645,156

2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
2042
2043
2044
2045
2046

0
0
0
0
50,000
75,000
150,000
200,000
290,000
310,000
330,000
350,000
370,000
400,000
420,000
450,000
475,000
520,000
550,000
580,000
625,000

0
331,571
382,582
382,582
381,192
377,702
371,364
361,417
347,369
329,654
310,294
289,724
267,556
243,455
217,789
190,558
161,605
129,968
95,460
59,018
20,156

0
331,571
382,582
382,582
431,192
452,702
521,364
561,417
637,369
639,654
640,294
639,724
637,556
643,455
637,789
640,558
636,605
649,968
645,460
639,018
645,156

5,251,010

11,396,010

Total

6,145,000

5,251,010

11,396,010

Notes:
1) Estimated Rate assumes current rates + 60 bps
2) TIC of 6.42%.

52

Totals
Interest

Total

City of Oconomowoc, Wisconsin
Tax Increment District No. 7
Table 3: Development Assumptions Neumann
Construction
Year

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20

2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
Totals

Neumann Actual

Parcel C Future
Retail

Parcel D RePurposed Chalet

Future
Commercial
Development

Future Shorewest
Office

Northern &
Southern
Townhomes

11,447,900
25,174,400
38,472,900
10,000,000

2,000,000

5,900,000
5,900,000
5,900,000
5,900,000
5,900,000
2,200,000

2,000,000

31,700,000

2,000,000
2,000,000

75,095,200

2,000,000

10,000,000

2,000,000

Notes:

88 units

53

Annual Total

0
0
11,447,900
25,174,400
38,472,900
17,900,000
7,900,000
7,900,000
5,900,000
5,900,000
2,200,000
0
0
0
0
0
0
0
0
0
122,795,200

Construction
Year

2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20

City of Oconomowoc, Wisconsin
Tax Increment District No. 7
Table 4: Tax Increment Projection Worksheet Neumann
Type of District
District Creation Date
Valuation Date
Max Life (Years)
End of Expenditure Period
Revenue Periods/Final Year
Extension Eligibility/Years
Eligible Recipient District
Construction
Year
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27

2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
2042
2043
2044
2045
2046
2047
Totals

Value Added

11,447,900
25,174,400
38,472,900
17,900,000
7,900,000
7,900,000
5,900,000
5,900,000
2,200,000
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
122,795,200

Blighted Area
January 5, 2021
Jan 1,
2021
27
22
1/5/2043
27
2049
Yes
3
Yes

Valuation Year
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
2042
2043
2044
2045
2046
2047
2048

Base Value
Economic Change Factor
Apply to Base Value
Base Tax Rate
Rate Adjustment Factor

Economic
Change
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

Notes:

54

Total
Increment

Revenue Year

11,447,900
36,622,300
75,095,200
92,995,200
100,895,200
108,795,200
114,695,200
120,595,200
122,795,200
122,795,200
122,795,200
122,795,200
122,795,200
122,795,200
122,795,200
122,795,200
122,795,200
122,795,200
122,795,200
122,795,200
122,795,200
122,795,200
122,795,200
122,795,200
122,795,200

2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
2042
2043
2044
2045
2046
2047
2048
2049

Tax Rate

$12.13
$11.44
$11.36
$11.27
$11.19
$11.11
$11.02
$10.94
$10.86
$10.78
$10.69
$10.61
$10.54
$10.46
$10.38
$10.30
$10.22
$10.15
$10.07
$9.99
$9.92
$9.84
$9.77
$9.70
$9.63

Future Value of Increment

6,579,400

-0.75%

Tax Increment
0
0
138,818
419,128
852,989
1,048,389
1,128,919
1,208,183
1,264,150
1,319,210
1,333,202
1,323,203
1,313,279
1,303,429
1,293,653
1,283,951
1,274,321
1,264,764
1,255,278
1,245,864
1,236,520
1,227,246
1,218,041
1,208,906
1,199,839
1,190,841
1,181,909
28,734,032

City of Oconomowoc, Wisconsin
Tax Increment District No. 7
Table 5: Cash Flow Projection Neumann
Projected Revenues

Year

Tax
Increments

2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
2042
2043
2044
2045
2046
2047
2048
2049

0
0
138,818
419,128
852,989
1,048,389
1,128,919
1,208,183
1,264,150
1,319,210
1,333,202
1,323,203
1,313,279
1,303,429
1,293,653
1,283,951
1,274,321
1,264,764
1,255,278
1,245,864
1,236,520
1,227,246
1,218,041
1,208,906
1,199,839
1,190,841
1,181,909

Totals

28,734,032

Misc.
Revenue

160,700

160,700

Interest

Debt
Proceeds

9,340
95,610
11,066
20,000

3,633,898

136,016

12,093,898

8,460,000

Projected Expenditures

Total
Revenues

G.O. Notes, 2026 Taxable G.O. Notes,
(Neumann)
2026 (Neumann)
$2,320,000
$6,145,000
Issue Total
Issue Total

0
0
3,643,238
95,610
310,584
8,899,128
852,989
1,048,389
1,128,919
1,208,183
1,264,150
1,319,210
1,333,202
1,323,203
1,313,279
1,303,429
1,293,653
1,283,951
1,274,321
1,264,764
1,255,278
1,245,864
1,236,520
1,227,246
1,218,041
1,208,906
1,199,839
1,190,841
1,181,909

0
0
0
0
0
0
97,710
112,742
112,742
161,775
184,315
191,101
187,612
198,744
204,279
209,268
208,784
207,911
221,298
218,807
220,669
221,904
222,506
217,615
217,230
225,940
0
0
0

0
0
0
0
0
0
331,571
382,582
382,582
431,192
452,702
521,364
561,417
637,369
639,654
640,294
639,724
637,556
643,455
637,789
640,558
636,605
649,968
645,460
639,018
645,156
0
0
0

41,124,646

3,842,948

11,396,010

Transfer to
Debt Service
Fund

Capital Outlay

Financing
Costs

8,933
128,560
170,467
501,950
508,825
509,575
509,325
508,075
510,700
509,600
510,000

400,677
2,940,116

69,353

8,193,336

266,665

4,376,010

11,534,129

336,018

Balances
Ongoing
Professional
Services &
Administration

17,288
1,755
20,795
20,000
20,000
20,000
20,000
20,000
20,000
20,000
20,000
20,000
20,000
20,000
20,000
20,000
20,000
20,000
20,000
20,000
20,000
20,000
20,000
20,000
20,000
20,000
20,000
519,838

Other

160,700

160,700

Total
Expenditures

Annual

Cumulative

Total Liabilities
Outstanding

Year

0
0
496,251
3,231,131
191,262
8,981,951
528,825
529,575
529,325
528,075
530,700
529,600
530,000
20,000
20,000
20,000
20,000
20,000
20,000
20,000
20,000
20,000
20,000
20,000
20,000
20,000
20,000
20,000
20,000

0
0
3,146,987
(3,135,521)
119,322
(82,823)
324,164
518,814
599,594
680,108
733,450
789,610
803,202
1,303,203
1,293,279
1,283,429
1,273,653
1,263,951
1,254,321
1,244,764
1,235,278
1,225,864
1,216,520
1,207,246
1,198,041
1,188,906
1,179,839
1,170,841
1,161,909

0
0
3,146,987
11,466
130,788
47,964
372,129
890,943
1,490,537
2,170,645
2,904,095
3,693,705
4,496,907
5,800,110
7,093,388
8,376,817
9,650,471
10,914,422
12,168,743
13,413,507
14,648,785
15,874,649
17,091,169
18,298,414
19,496,456
20,685,362
21,865,201
23,036,042
24,197,951

0
0
3,410,000
3,410,000
3,410,000
11,525,000
11,150,000
10,755,000
10,340,000
9,805,000
9,195,000
8,480,000
7,695,000
7,305,000
6,885,000
6,435,000
5,960,000
5,460,000
4,910,000
4,335,000
3,720,000
3,070,000
2,365,000
1,625,000
845,000
0
0
0
0

2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
2042
2043
2044
2045
2046
2047
2048
2049
Totals

16,926,695

Notes:

PROJECTED CLOSURE YEAR
LEGEND:
END OF EXP. PERIOD

55

RESOLUTION NO. 26-R3412
RESOLUTION AUTHORIZING THE ISSUANCE AND
ESTABLISHING PARAMETERS FOR THE SALE OF NOT TO
EXCEED $6,145,000 TAXABLE GENERAL OBLIGATION
PROMISSORY NOTES, SERIES 2026B
WHEREAS, the Common Council hereby finds and determines that it is necessary,
desirable and in the best interest of the City of Oconomowoc, Waukesha County, Wisconsin (the
"City") to raise funds for public purposes, including providing a development incentive in the
City's Tax Incremental District No. 7 for the Social (the "Project");
WHEREAS, the Common Council hereby finds and determines that the Project is within
the City's power to undertake and therefore serves a "public purpose" as that term is defined in
Section 67.04(1)(b), Wisconsin Statutes;
WHEREAS, the City is authorized by the provisions of Section 67.12(12), Wisconsin
Statutes, to borrow money and issue general obligation promissory notes (the "Notes") for such
public purposes;
WHEREAS, due to certain provisions contained in the Internal Revenue Code of 1986, as
amended, it is necessary to issue the Notes on a taxable rather than tax-exempt basis;
WHEREAS, it is the finding of the Common Council that it is in the best interest of the
City to direct its financial advisor, Ehlers & Associates, Inc. ("Ehlers"), to take the steps
necessary for the City to offer and sell the Notes at public sale and to obtain bids for the purchase
of the Notes; and
WHEREAS, in order to facilitate the sale of the Notes in a timely manner, the Common
Council hereby finds and determines that it is necessary, desirable and in the best interest of the
City to delegate to either the Director of Finance/Administrative Services or the City
Administrator (each, an "Authorized Officer") the authority to accept on behalf of the City the
bid for the Notes that results in the lowest true interest cost for the Notes (the "Proposal") and
meets the terms and conditions provided for in this Resolution by executing a certificate in
substantially the form attached hereto as Exhibit A and incorporated herein by reference (the
"Approving Certificate").
NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City that:
Section 1. Authorization and Sale of the Notes; Parameters. For the purpose of paying
costs of the Project, the City is authorized to borrow pursuant to Section 67.12(12), Wisconsin
Statutes, the principal sum of not to exceed SIX MILLION ONE HUNDRED FORTY-FIVE
THOUSAND DOLLARS ($6,145,000) upon the terms and subject to the conditions set forth in
this Resolution. Subject to satisfaction of the condition set forth in Section 14 of this Resolution,
the Mayor and City Clerk are hereby authorized, empowered and directed to make, execute,
issue and sell to the financial institution that submitted the Proposal (the "Purchaser") for, on
behalf of and in the name of the City, Notes aggregating the principal amount of not to exceed
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56

SIX MILLION ONE HUNDRED FORTY-FIVE THOUSAND DOLLARS ($6,145,000). The
purchase price to be paid to the City for the Notes shall not be less than 98.75% nor more than
110.00% of the principal amount of the Notes.
Section 2. Terms of the Notes. The Notes shall be designated "Taxable General
Obligation Promissory Notes, Series 2026B" and shall:






be issued in the aggregate principal amount of up to $6,145,000;
be dated as of their date of issuance;
be in the denomination of $5,000 or any integral multiple thereof;
be numbered R-1 and upward; and
mature or be subject to mandatory redemption on the dates and in the principal amounts
set forth below, provided that the principal amount of each maturity or mandatory
redemption amount may be (a) increased by up to $385,000, or (b) decreased by no more
than the following amounts, in the following years:
Years
2030
2031
2032–2046

Maximum Decrease
$ 45,000
70,000
145,000

The aggregate principal amount of the Notes shall not exceed $6,145,000. The schedule
below assumes the Notes are issued in the aggregate principal amount of $6,145,000.
Date
04-01-2030
04-01-2031
04-01-2032
04-01-2033
04-01-2034
04-01-2035
04-01-2036
04-01-2037
04-01-2038
04-01-2039
04-01-2040
04-01-2041
04-01-2042
04-01-2043
04-01-2044
04-01-2045
04-01-2046

Principal Amount
$ 50,000
75,000
150,000
200,000
290,000
310,000
330,000
350,000
370,000
400,000
420,000
450,000
475,000
520,000
550,000
580,000
625,000

-2QB\105038487.1

57

Interest shall be payable semi-annually on April 1 and October 1 of each year
commencing on April 1, 2027. The true interest cost on the Notes (computed taking the
Purchaser's compensation into account) shall not exceed 6.42%. Interest shall be computed upon
the basis of a 360-day year of twelve 30-day months and will be rounded pursuant to the rules of
the Municipal Securities Rulemaking Board.
Section 3. Redemption Provisions. The Notes shall be subject to optional redemption as
set forth in the Approving Certificate. If the Proposal specifies that certain of the Notes shall be
subject to mandatory redemption, the terms of such mandatory redemption shall be set forth in an
attachment to the Approving Certificate labeled as Schedule MRP. Upon the optional
redemption of any of the Notes subject to mandatory redemption, the principal amount of such
Notes so redeemed shall be credited against the mandatory redemption payments established in
the Approving Certificate in such manner as the City shall direct.
Section 4. Form of the Notes. The Notes shall be issued in registered form and shall be
executed and delivered in substantially the form attached hereto as Exhibit B and incorporated
herein by this reference.
Section 5. Tax Provisions.
(A) Direct Annual Irrepealable Tax Levy. For the purpose of paying the
principal of and interest on the Notes as the same becomes due, the full faith, credit and
resources of the City are hereby irrevocably pledged, and there is hereby levied upon all of the
taxable property of the City a direct annual irrepealable tax in the years 2026 through 2045 for
the payments due in the years 2027 through 2046 in the amounts as are sufficient to meet the
principal and interest payments when due.
(B) Tax Collection. So long as any part of the principal of or interest on the
Notes remains unpaid, the City shall be and continue without power to repeal such levy or
obstruct the collection of said tax until all such payments have been made or provided for. After
the issuance of the Notes, said tax shall be, from year to year, carried onto the tax roll of the City
and collected in addition to all other taxes and in the same manner and at the same time as other
taxes of the City for said years are collected, except that the amount of tax carried onto the tax
roll may be reduced in any year by the amount of any surplus money in the Debt Service Fund
Account created below.
(C) Additional Funds. If at any time there shall be on hand insufficient funds
from the aforesaid tax levy to meet principal and/or interest payments on said Notes when due,
the requisite amounts shall be paid from other funds of the City then available, which sums shall
be replaced upon the collection of the taxes herein levied.
Section 6. Segregated Debt Service Fund Account.
(A) Creation and Deposits. There shall be and there hereby is established in the
treasury of the City, if one has not already been created, a debt service fund, separate and distinct
from every other fund, which shall be maintained in accordance with generally accepted
accounting principles. Debt service or sinking funds established for obligations previously
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58

issued by the City may be considered as separate and distinct accounts within the debt service
fund.
Within the debt service fund, there hereby is established a separate and distinct account
designated as the "Debt Service Fund Account for Taxable General Obligation Promissory
Notes, Series 2026B" (the "Debt Service Fund Account") and such account shall be maintained
until the indebtedness evidenced by the Notes is fully paid or otherwise extinguished. There
shall be deposited into the Debt Service Fund Account (i) all accrued interest received by the
City at the time of delivery of and payment for the Notes; (ii) any premium which may be
received by the City above the par value of the Notes and accrued interest thereon; (iii) all
money raised by the taxes herein levied and any amounts appropriated for the specific purpose of
meeting principal of and interest on the Notes when due; (iv) such other sums as may be
necessary at any time to pay principal of and interest on the Notes when due; (v) surplus monies
in the Borrowed Money Fund as specified below; and (vi) such further deposits as may be
required by Section 67.11, Wisconsin Statutes.
(B) Use and Investment. No money shall be withdrawn from the Debt Service
Fund Account and appropriated for any purpose other than the payment of principal of and
interest on the Notes until all such principal and interest has been paid in full and the Notes
canceled; provided (i) the funds to provide for each payment of principal of and interest on the
Notes prior to the scheduled receipt of taxes from the next succeeding tax collection may be
invested in direct obligations of the United States of America maturing in time to make such
payments when they are due or in other investments permitted by law; and (ii) any funds over
and above the amount of such principal and interest payments on the Notes may be used to
reduce the next succeeding tax levy, or may, at the option of the City, be invested by purchasing
the Notes as permitted by and subject to Section 67.11(2)(a), Wisconsin Statutes, or in permitted
municipal investments under the pertinent provisions of the Wisconsin Statutes ("Permitted
Investments"), which investments shall continue to be a part of the Debt Service Fund Account.
(C) Remaining Monies. When all of the Notes have been paid in full and
canceled, and all Permitted Investments disposed of, any money remaining in the Debt Service
Fund Account shall be transferred and deposited in the general fund of the City, unless the
Common Council directs otherwise.
Section 7. Proceeds of the Notes; Segregated Borrowed Money Fund. The proceeds of
the Notes (the "Note Proceeds") (other than any premium and accrued interest which must be
paid at the time of the delivery of the Notes into the Debt Service Fund Account created above)
shall be deposited into a special fund (the "Borrowed Money Fund") separate and distinct from
all other funds of the City and disbursed solely for the purpose or purposes for which borrowed.
Monies in the Borrowed Money Fund may be temporarily invested in Permitted Investments.
Any monies, including any income from Permitted Investments, remaining in the Borrowed
Money Fund after the purpose or purposes for which the Notes have been issued have been
accomplished, and, at any time, any monies as are not needed and which obviously thereafter
cannot be needed for such purpose(s) shall be deposited in the Debt Service Fund Account.
Section 8. Execution of the Notes; Closing; Professional Services. The Notes shall be
issued in printed form, executed on behalf of the City by the manual or facsimile signatures of
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59

the Mayor and City Clerk, authenticated, if required, by the Fiscal Agent (defined below), sealed
with its official or corporate seal, if any, or a facsimile thereof, and delivered to the Purchaser
upon payment to the City of the purchase price thereof, plus accrued interest to the date of
delivery (the "Closing"). The facsimile signature of either of the officers executing the Notes
may be imprinted on the Notes in lieu of the manual signature of the officer but, unless the City
has contracted with a fiscal agent to authenticate the Notes, at least one of the signatures
appearing on each Note shall be a manual signature. In the event that either of the officers
whose signatures appear on the Notes shall cease to be such officers before the Closing, such
signatures shall, nevertheless, be valid and sufficient for all purposes to the same extent as if they
had remained in office until the Closing. The aforesaid officers are hereby authorized and
directed to do all acts and execute and deliver the Notes and all such documents, certificates and
acknowledgements as may be necessary and convenient to effectuate the Closing. The City
hereby authorizes the officers and agents of the City to enter into, on its behalf, agreements and
contracts in conjunction with the Notes, including but not limited to agreements and contracts for
legal, trust, fiscal agency, disclosure and continuing disclosure, and rebate calculation services.
Any such contract heretofore entered into in conjunction with the issuance of the Notes is hereby
ratified and approved in all respects.
Section 9. Payment of the Notes; Fiscal Agent. The principal of and interest on the
Notes shall be paid by Bond Trust Services Corporation, which is hereby appointed as the City's
registrar and fiscal agent pursuant to the provisions of Section 67.10(2), Wisconsin Statutes (the
"Fiscal Agent"). The City hereby authorizes the Mayor and City Clerk or other appropriate
officers of the City to enter into a Fiscal Agency Agreement between the City and the Fiscal
Agent. Such contract may provide, among other things, for the performance by the Fiscal Agent
of the functions listed in Wis. Stats. Sec. 67.10(2)(a) to (j), where applicable, with respect to the
Notes.
Section 10. Persons Treated as Owners; Transfer of Notes. The City shall cause books
for the registration and for the transfer of the Notes to be kept by the Fiscal Agent. The person in
whose name any Note shall be registered shall be deemed and regarded as the absolute owner
thereof for all purposes and payment of either principal or interest on any Note shall be made
only to the registered owner thereof. All such payments shall be valid and effectual to satisfy
and discharge the liability upon such Note to the extent of the sum or sums so paid.
Any Note may be transferred by the registered owner thereof by surrender of the Note at
the office of the Fiscal Agent, duly endorsed for the transfer or accompanied by an assignment
duly executed by the registered owner or his attorney duly authorized in writing. Upon such
transfer, the Mayor and City Clerk shall execute and deliver in the name of the transferee or
transferees a new Note or Notes of a like aggregate principal amount, series and maturity and the
Fiscal Agent shall record the name of each transferee in the registration book. No registration
shall be made to bearer. The Fiscal Agent shall cancel any Note surrendered for transfer.
The City shall cooperate in any such transfer, and the Mayor and City Clerk are
authorized to execute any new Note or Notes necessary to effect any such transfer.
Section 11. Record Date. The 15th day of the calendar month next preceding each
interest payment date shall be the record date for the Notes (the "Record Date"). Payment of
-5QB\105038487.1

60

interest on the Notes on any interest payment date shall be made to the registered owners of the
Notes as they appear on the registration book of the City at the close of business on the Record
Date.
Section 12. Utilization of The Depository Trust Company Book-Entry-Only System. In
order to make the Notes eligible for the services provided by The Depository Trust Company,
New York, New York ("DTC"), the City agrees to the applicable provisions set forth in the
Blanket Issuer Letter of Representations, which the City Clerk or other authorized representative
of the City is authorized and directed to execute and deliver to DTC on behalf of the City to the
extent an effective Blanket Issuer Letter of Representations is not presently on file in the City
Clerk's office.
Section 13. Payment of Issuance Expenses. The City authorizes the Purchaser to
forward the amount of the proceeds of the Notes allocable to the payment of issuance expenses
to a financial institution selected by Ehlers at Closing for further distribution as directed by
Ehlers.
Section 14. Condition on Issuance and Sale of the Notes. The issuance of the Notes and
the sale of the Notes to the Purchaser are subject to approval by an Authorized Officer of the
principal amount, definitive maturities, redemption provisions, interest rates and purchase price
for the Notes, which approval shall be evidenced by execution by an Authorized Officer of the
Approving Certificate.
The Notes shall not be issued, sold or delivered until this condition is satisfied. Upon
satisfaction of this condition, an Authorized Officer authorized to execute a Proposal with the
Purchaser providing for the sale of the Notes to the Purchaser.
Section 15. Official Statement. The Common Council hereby directs an Authorized
Officer to approve the Preliminary Official Statement with respect to the Notes and deem the
Preliminary Official Statement as "final" as of its date for purposes of SEC Rule 15c2-12
promulgated by the Securities and Exchange Commission pursuant to the Securities and
Exchange Act of 1934 (the "Rule"). All actions taken by an Authorized Officer or other officers
of the City in connection with the preparation of such Preliminary Official Statement and any
addenda to it or final Official Statement are hereby ratified and approved. In connection with the
Closing, the appropriate City official shall certify the Preliminary Official Statement and any
addenda or final Official Statement. The City Clerk shall cause copies of the Preliminary
Official Statement and any addenda or final Official Statement to be distributed to the Purchaser.
Section 16. Undertaking to Provide Continuing Disclosure. The City hereby covenants
and agrees, for the benefit of the owners of the Notes, to enter into a written undertaking (the
"Undertaking") if required by the Rule to provide continuing disclosure of certain financial
information and operating data and timely notices of the occurrence of certain events in
accordance with the Rule. The Undertaking shall be enforceable by the owners of the Notes or
by the Purchaser on behalf of such owners (provided that the rights of the owners and the
Purchaser to enforce the Undertaking shall be limited to a right to obtain specific performance of

-6QB\105038487.1

61

the obligations thereunder and any failure by the City to comply with the provisions of the
Undertaking shall not be an event of default with respect to the Notes).
To the extent required under the Rule, the Mayor and City Clerk, or other officer of the
City charged with the responsibility for issuing the Notes, shall provide a Continuing Disclosure
Certificate for inclusion in the transcript of proceedings, setting forth the details and terms of the
City's Undertaking.
Section 17. Record Book. The City Clerk shall provide and keep the transcript of
proceedings as a separate record book (the "Record Book") and shall record a full and correct
statement of every step or proceeding had or taken in the course of authorizing and issuing the
Notes in the Record Book.
Section 18. Bond Insurance. If the Purchaser determines to obtain municipal bond
insurance with respect to the Notes, the officers of the City are authorized to take all actions
necessary to obtain such municipal bond insurance. The Mayor and City Clerk are authorized to
agree to such additional provisions as the bond insurer may reasonably request and which are
acceptable to the Mayor and City Clerk including provisions regarding restrictions on investment
of Note proceeds, the payment procedure under the municipal bond insurance policy, the rights
of the bond insurer in the event of default and payment of the Notes by the bond insurer and
notices to be given to the bond insurer. In addition, any reference required by the bond insurer to
the municipal bond insurance policy shall be made in the form of Note provided herein.

-7QB\105038487.1

62

Section 19. Conflicting Resolutions; Severability; Effective Date. All prior resolutions,
rules or other actions of the Common Council or any parts thereof in conflict with the provisions
hereof shall be, and the same are, hereby rescinded insofar as the same may so conflict. In the
event that any one or more provisions hereof shall for any reason be held to be illegal or invalid,
such illegality or invalidity shall not affect any other provisions hereof. The foregoing shall take
effect immediately upon adoption and approval in the manner provided by law.
Adopted, approved and recorded October 6, 2026.

_____________________________
Matt Rosek
Mayor
ATTEST:

____________________________
Gina Kozlik
City Clerk
(SEAL)

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EXHIBIT A
APPROVING CERTIFICATE
The undersigned [Director of Finance/Administrative Services] [City Administrator] of
the City of Oconomowoc, Waukesha County, Wisconsin (the "City"), hereby certifies that:
1.
Resolution. On October 6, 2026, the Common Council of the City adopted a
resolution (the "Resolution") authorizing the issuance and establishing parameters for the sale of
not to exceed $6,145,000 Taxable General Obligation Promissory Notes, Series 2026B of the
City (the "Notes") after a public sale and delegating to me the authority to approve the
Preliminary Official Statement, to approve the purchase proposal for the Notes, and to determine
the details for the Notes within the parameters established by the Resolution.
2.
Preliminary Official Statement. The Preliminary Official Statement with respect
to the Notes is hereby approved and deemed "final" as of its date for purposes of SEC Rule 15c212 promulgated by the Securities and Exchange Commission pursuant to the Securities and
Exchange Act of 1934.
3.
Proposal; Terms of the Notes. On the date hereof, the Notes were offered for
public sale and the bids set forth on the Bid Tabulation attached hereto as Schedule I and
incorporated herein by this reference were received. The institution listed first on the Bid
Tabulation, ____________________ (the "Purchaser") offered to purchase the Notes in
accordance with the terms set forth in the Proposal attached hereto as Schedule II and
incorporated herein by this reference (the "Proposal"). Ehlers & Associates, Inc. recommends
the City accept the Proposal. The Proposal meets the parameters and conditions established by
the Resolution and is hereby approved and accepted.
The Notes shall be issued in the aggregate principal amount of $__________, which is
not more than the $6,145,000 approved by the Resolution, and shall mature on April 1 of each of
the years and in the amounts and shall bear interest at the rates per annum as set forth in the
Pricing Summary attached hereto as Schedule III and incorporated herein by this reference. The
amount of each annual principal or mandatory redemption payment due on the Notes was not
increased by more than $385,000, nor decreased by more than (i) $45,000 in 2030, (ii) $70,000
in 2031 or (iii) $145,000 in the years 2032 through 2046 as compared to the schedule included in
the Resolution as set forth below:
Date
04-01-2030
04-01-2031
04-01-2032
04-01-2033
04-01-2034
04-01-2035
04-01-2036
04-01-2037

Resolution Schedule
$ 50,000
75,000
150,000
200,000
290,000
310,000
330,000
350,000

Actual Amount
$___________
___________
___________
___________
___________
___________
___________
___________

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64

Date
04-01-2038
04-01-2039
04-01-2040
04-01-2041
04-01-2042
04-01-2043
04-01-2044
04-01-2045
04-01-2046

Resolution Schedule
$370,000
400,000
420,000
450,000
475,000
520,000
550,000
580,000
625,000

Actual Amount
$___________
___________
___________
___________
___________
___________
___________
___________
___________

The true interest cost on the Notes (computed taking the Purchaser's compensation into
account) is _________%, which is not in excess of 6.42%, as required by the Resolution.
4.
Purchase Price of the Notes. The Notes shall be sold to the Purchaser in
accordance with the terms of the Proposal at a price of $_________, plus accrued interest, if any,
to the date of delivery of the Notes, which is not less than 98.75% nor more than 110.00% of the
principal amount of the Notes, as required by the Resolution.
5.
Redemption Provisions of the Notes. The Notes maturing on April 1, ______ and
thereafter are subject to redemption prior to maturity, at the option of the City, on
April 1, ______ or on any date thereafter. Said Notes are redeemable as a whole or in part, and
if in part, from maturities selected by the City and within each maturity by lot, at the principal
amount thereof, plus accrued interest to the date of redemption. [The Proposal specifies that

[some of] the Notes are subject to mandatory redemption. The terms of such mandatory
redemption are set forth in an attachment hereto as Schedule MRP and incorporated herein by
this reference.]
6.
Direct Annual Irrepealable Tax Levy. For the purpose of paying the principal of
and interest on the Notes as the same respectively falls due, the full faith, credit and taxing
powers of the City have been irrevocably pledged and there has been levied on all of the taxable
property in the City, pursuant to the Resolution, a direct, annual irrepealable tax in an amount
and at the times sufficient for said purpose. Such tax shall be for the years and in the amounts
set forth on the debt service schedule attached hereto as Schedule IV.

-2QB\105038487.1

65

7.
Approval. This Certificate constitutes my approval of the Proposal, and the
principal amount, definitive maturities, interest rates, purchase price and redemption provisions
for the Notes and the direct annual irrepealable tax levy to repay the Notes, in satisfaction of the
parameters set forth in the Resolution.
IN WITNESS WHEREOF, I have executed this Certificate on
______________________, 2026 pursuant to the authority delegated to me in the Resolution.

[_________________________
Steve Hatton
Director of Finance/Administrative Services]

[_________________________
Mark Frye
City Administrator]

-3QB\105038487.1

66

SCHEDULE I TO APPROVING CERTIFICATE
Bid Tabulation
To be provided by Ehlers & Associates, Inc. and incorporated into the Certificate.
(See Attached)

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SCHEDULE II TO APPROVING CERTIFICATE
Proposal
To be provided by Ehlers & Associates, Inc. and incorporated into the Certificate.
(See Attached)

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68

SCHEDULE III TO APPROVING CERTIFICATE
Pricing Summary
To be provided by Ehlers & Associates, Inc. and incorporated into the Certificate.
(See Attached)

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69

SCHEDULE IV TO APPROVING CERTIFICATE
Debt Service Schedule and Irrepealable Tax Levies
To be provided by Ehlers & Associates, Inc. and incorporated into the Certificate.
(See Attached)

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70

[SCHEDULE MRP
Mandatory Redemption Provision
The Notes due on April 1, ____, ____ and ____ (the "Term Bonds") are subject to
mandatory redemption prior to maturity by lot (as selected by the Depository) at a redemption
price equal to One Hundred Percent (100%) of the principal amount to be redeemed plus accrued
interest to the date of redemption, from debt service fund deposits which are required to be made
in amounts sufficient to redeem on April 1 of each year the respective amount of Term Bonds
specified below:
For the Term Bonds Maturing on April 1, 20
Redemption
Date
____
____
____

Amount
$______
______
______ (maturity)

For the Term Bonds Maturing on April 1, 20
Redemption
Date
____
____
____

Amount
$______
______
______ (maturity)

For the Term Bonds Maturing on April 1, 20
Redemption
Date
____
____
____

Amount
$______
______
______ (maturity)

For the Term Bonds Maturing on April 1, 20
Redemption
Date
____
____
____

Amount
$______
______
______ (maturity)]

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71

EXHIBIT B
(Form of Note)
UNITED STATES OF AMERICA
STATE OF WISCONSIN
DOLLARS
WAUKESHA COUNTY
NO. R-___
CITY OF OCONOMOWOC
$_______
TAXABLE GENERAL OBLIGATION PROMISSORY NOTE, SERIES 2026B

REGISTERED

MATURITY DATE:

ORIGINAL DATE OF ISSUE:

INTEREST RATE:

CUSIP:

April 1, _____

________, 2026

____%

______

DEPOSITORY OR ITS NOMINEE NAME: CEDE & CO.
PRINCIPAL AMOUNT:

_______________________ THOUSAND DOLLARS
($__________)

FOR VALUE RECEIVED, the City of Oconomowoc, Waukesha County, Wisconsin (the
"City"), hereby acknowledges itself to owe and promises to pay to the Depository or its Nominee
Name (the "Depository") identified above (or to registered assigns), on the maturity date
identified above, the principal amount identified above, and to pay interest thereon at the rate of
interest per annum identified above, all subject to the provisions set forth herein regarding
redemption prior to maturity. Interest shall be payable semi-annually on April 1 and October 1
of each year commencing on April 1, 2027 until the aforesaid principal amount is paid in full.
Both the principal of and interest on this Note are payable to the registered owner in lawful
money of the United States. Interest payable on any interest payment date shall be paid by wire
transfer to the Depository in whose name this Note is registered on the Bond Register maintained
by Bond Trust Services Corporation (the "Fiscal Agent") or any successor thereto at the close of
business on the 15th day of the calendar month next preceding each interest payment date (the
"Record Date"). This Note is payable as to principal upon presentation and surrender hereof at
the office of the Fiscal Agent.
For the prompt payment of this Note together with interest hereon as aforesaid and for the
levy of taxes sufficient for that purpose, the full faith, credit and resources of the City are hereby
irrevocably pledged.
This Note is one of an issue of Notes aggregating the principal amount of $________, all
of which are of like tenor, except as to denomination, interest rate, maturity date and redemption
provision, issued by the City pursuant to the provisions of Section 67.12(12), Wisconsin Statutes,
for public purposes, including providing a development incentive in the City's Tax Incremental
District No. 7 for the Social, as authorized by a resolution adopted on October 6, 2026 as
supplemented by an Approving Certificate, dated ______________, 2026 (the "Approving

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72

Certificate") (collectively, the "Resolution"). Said Resolution is recorded in the official minutes
of the Common Council for said date.
The Notes maturing on April 1, ___________ and thereafter are subject to redemption
prior to maturity, at the option of the City, on April 1, ________ or on any date thereafter. Said
Notes are redeemable as a whole or in part, and if in part, from maturities selected by the City,
and within each maturity by lot (as selected by the Depository), at the principal amount thereof,
plus accrued interest to the date of redemption.

[The Notes maturing in the years ________ are subject to mandatory redemption by lot
as provided in the Approving Certificate, at the redemption price of par plus accrued interest to
the date of redemption and without premium.]
In the event the Notes are redeemed prior to maturity, as long as the Notes are in
book-entry-only form, official notice of the redemption will be given by mailing a notice by
registered or certified mail, overnight express delivery, facsimile transmission, electronic
transmission or in any other manner required by the Depository, to the Depository not less than
thirty (30) days nor more than sixty (60) days prior to the redemption date. If less than all of the
Notes of a maturity are to be called for redemption, the Notes of such maturity to be redeemed
will be selected by lot. Such notice will include but not be limited to the following: the
designation, date and maturities of the Notes called for redemption, CUSIP numbers, and the
date of redemption. Any notice provided as described herein shall be conclusively presumed to
have been duly given, whether or not the registered owner receives the notice. The Notes shall
cease to bear interest on the specified redemption date provided that federal or other immediately
available funds sufficient for such redemption are on deposit at the office of the Depository at
that time. Upon such deposit of funds for redemption the Notes shall no longer be deemed to be
outstanding.
It is hereby certified and recited that all conditions, things and acts required by law to
exist or to be done prior to and in connection with the issuance of this Note have been done, have
existed and have been performed in due form and time; that the aggregate indebtedness of the
City, including this Note and others issued simultaneously herewith, does not exceed any
limitation imposed by law or the Constitution of the State of Wisconsin; and that a direct annual
irrepealable tax has been levied sufficient to pay this Note, together with the interest thereon,
when and as payable.
This Note is transferable only upon the books of the City kept for that purpose at the
office of the Fiscal Agent, only in the event that the Depository does not continue to act as
depository for the Notes, and the City appoints another depository, upon surrender of the Note to
the Fiscal Agent, by the registered owner in person or his duly authorized attorney, together with
a written instrument of transfer (which may be endorsed hereon) satisfactory to the Fiscal Agent
duly executed by the registered owner or his duly authorized attorney. Thereupon a new fully
registered Note in the same aggregate principal amount shall be issued to the new depository in
exchange therefor and upon the payment of a charge sufficient to reimburse the City for any tax,
fee or other governmental charge required to be paid with respect to such registration. The
Fiscal Agent shall not be obliged to make any transfer of the Notes (i) after the Record Date, (ii)
-2QB\105038487.1

73

during the fifteen (15) calendar days preceding the date of any publication of notice of any
proposed redemption of the Notes, or (iii) with respect to any particular Note, after such Note has
been called for redemption. The Fiscal Agent and City may treat and consider the Depository in
whose name this Note is registered as the absolute owner hereof for the purpose of receiving
payment of, or on account of, the principal or redemption price hereof and interest due hereon
and for all other purposes whatsoever. The Notes are issuable solely as negotiable, fullyregistered Notes without coupons in the denomination of $5,000 or any integral multiple thereof.
This Note shall not be valid or obligatory for any purpose until the Certificate of
Authentication hereon shall have been signed by the Fiscal Agent.
No delay or omission on the part of the owner hereof to exercise any right hereunder shall
impair such right or be considered as a waiver thereof or as a waiver of or acquiescence in any
default hereunder.

-3QB\105038487.1

74

IN WITNESS WHEREOF, the City of Oconomowoc, Waukesha County, Wisconsin, by
its governing body, has caused this Note to be executed for it and in its name by the manual or
facsimile signatures of its duly qualified Mayor and City Clerk; and to be sealed with its official
or corporate seal, if any, all as of the original date of issue specified above.
CITY OF OCONOMOWOC
WAUKESHA COUNTY, WISCONSIN

By: ______________________________
Matt Rosek
Mayor
(SEAL)
By: ______________________________
Gina Kozlik
City Clerk

-4QB\105038487.1

75

Date of Authentication: _______________, ______
CERTIFICATE OF AUTHENTICATION
This Note is one of the Notes of the issue authorized by the within-mentioned Resolution
of the City of Oconomowoc, Waukesha County, Wisconsin.
Bond Trust Services Corporation

By____________________________
Authorized Signatory

-5QB\105038487.1

76

ASSIGNMENT
FOR VALUE RECEIVED, the undersigned sells, assigns and transfers unto
____________________________________________________________________________
(Name and Address of Assignee)
____________________________________________________________________________
(Social Security or other Identifying Number of Assignee)
the within Note and all rights thereunder and hereby irrevocably constitutes and appoints
______________________________________, Legal Representative, to transfer said Note on
the books kept for registration thereof, with full power of substitution in the premises.
Dated: _____________________
Signature Guaranteed:

_____________________________
(e.g. Bank, Trust Company
or Securities Firm)

________________________________
(Depository or Nominee Name)
NOTICE: This signature must correspond with the
name of the Depository or Nominee Name as it
appears upon the face of the within Note in every
particular, without alteration or enlargement or any
change whatever.

____________________________
(Authorized Officer)

-6QB\105038487.1

77

MEMORANDUM
POLICE
Date: October 6, 2026
To:

Mayor and Common Council

From: Jim Pfister, Chief of Police
Re:

Consider/act on Ordinance No. 26-O1138 to Repeal and Recreate 9.26 (3)(a) Regulation of
Private Alarm Systems

RELATES TO THE STRATEGIC PLAN
Strategic Goal: N/A
BACKGROUND
As outlined in Municipal Code 9.26 - Regulation of Private Alarm Systems, the Police Department is
proposing an update to the penalty fees associated with repeated alarm calls for service at a specific
location.
The old fee structure is based on a set penalty fee and $35.00 in court fees. In 2026, the court fees
increased to $43.00. Therefore, the new amount would be an increased penalty fee in addition to the
$43.00 in court fees. The fee will be based on the number of calls for service generated by an alarm
system at a particular location. The Police Department is requesting that the existing penalty fees be
reviewed and increased to better address repeated alarm activations and the resources required for
officers to respond to these calls.
The proposed adjustments are intended to encourage alarm system owners to address recurring issues,
reduce unnecessary or preventable alarm activations, and more appropriately account for the City
resources required when officers repeatedly respond to the same location.
The Police Department is requesting consideration and approval of updated penalty fees for repeated
alarm calls for service.
FINANCIAL IMPACT
The proposed fee increase may generate additional revenue while helping offset the costs associated
with repeated alarm service calls.
RECOMMENDATION
The Police Department recommends approval of Ordinance 26-O1138 to update the penalty fees
Section 9.26 (3)(a).
SUGGESTED MOTION
Motion to approve 26-O1138.
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9.26 REGULATION OF PRIVATE ALARM SYSTEMS. (Cr. #90-0258)
(1)

DEFINITIONS.

Alarm System. Any electrical or mechanical device for the detection of an unauthorized entry on
premises, for alerting others of the commission of an unlawful act or both or for the detection of
a fire and, when activated, emits a sound or transmits a signal, message or both.
False Alarm. A signal from an alarm system which results in a call, either direct or indirect, to
the City dispatch center and resulting in a response by the appropriate department when an
actual emergency situation does not exist.
Person. Any individual, partnership, corporation or other entity.
Private alarm System. Any alarm system not owned or leased by the City.
(2)
FALSE ALARMS PROHIBITED. The owner, occupant or person in control of an alarm
location protected by any alarm system or alarm systems as defined herein is prohibited from
allowing any false alarm, whether intended or unintended. No person owning, leasing, using or
possessing a private alarm system shall by means of that alarm system give a false alarm.
(3)

PENALTY.

(a)

The following penalties shall apply to false alarms:

Number of False Alarms

Penalty

One to 2

$

0

3 to 4

25 plus court costs

5 to 6

50 plus court costs

7 to 8

100 plus court costs

9 or more

200 plus court costs

(b)

The appropriate penalty shall be computed using a calendar year basis.

79

ORDINANCE NO. 26-O1138
ORDINANCE TO REPEAL AND RECREATE SECTIONS WITHIN
§9.26 REGULATION OF PRIVATE ALARM SYSTEMS
(1) DEFINITIONS.
Alarm System. Any electrical or mechanical device for the detection of an unauthorized entry
on premises, for alerting others of the commission of an unlawful act or both or for the
detection of a fire and, when activated, emits a sound or transmits a signal, message or both.
False Alarm. A signal from an alarm system which results in a call, either direct or indirect,
to the City dispatch center and resulting in a response by the appropriate department when
an actual emergency situation does not exist.
Person. Any individual, partnership, corporation or other entity.
Private alarm System. Any alarm system not owned or leased by the City.
(2) FALSE ALARMS PROHIBITED. The owner, occupant or person in control of an alarm
location protected by any alarm system or alarm systems as defined herein is prohibited from
allowing any false alarm, whether intended or unintended. No person owning, leasing, using
or possessing a private alarm system shall by means of that alarm system give a false alarm.
(3) PENALTY.
(a) The following penalties shall apply to false alarms:
Number of False Alarms
One to 2
3
4
5 or more

Penalty
$ 0
$197.00
$260.00
$386.00

(b) The appropriate penalty shall be computed using a calendar year basis.
DATED: _____________________

CITY OF OCONOMOWOC

By: ________________________
Matt Rosek, Mayor
ATTEST:

_____________________________
Gina Kozlik, Clerk
Adopted: _____________________
Published: ____________________
Effective Date: _________________

80

MEMORANDUM
WATER UTILITY
Date: October 6, 2026
To:

Mayor, Common Council, and Utility Committee

From: Kevin Kaari, Utility Manager
Re:

Consider/act on Resolution 26-R3406 Budget Amendment for Lead Service Line Replacements

RELATES TO THE STRATEGIC PLAN
Strategic Goal- II – Improve and Maintain our Infrastructure/Facilities
BACKGROUND
In September of 2026 the Water Utility had an Action Level Exceedance (ALE) for lead found during routine
water sampling, therefore the City was required to send out public notification of the findings. This
prompted homeowners to investigate their own private lateral situation with some choosing to replace their
lead water service line immediately. When a homeowner initiates a lead water service line replacement
and the Utility owned portion is also lead, the public side must be replaced at the Utility’s expense within
45 days.
ADDITIONAL ANALYSIS
The contractors hired by residents to replace their private laterals are available at the same time to replace
the City owned public side laterals. There are cost savings involved for efficiency that the Water Utility
would like to take advantage of. The approved 2026 Capital budget of $75,000 for lead lateral
replacements would require additional funds to cover the unexpected increase in replacements driven by
the ALE notice.
FINANCIAL IMPACT
Known lead service line replacements to be done in 2026 require another $100,000 to cover costs. The
funding would come from Water Reserves and be applied to Capital account 602-573-7000 Work Order
#226004.
RECOMMENDATION
Staff recommend a budget amendment to increase the 2026 Lead Service Line Replacement budget by
an additional $100,000 for a total of $175,000
SUGGESTED MOTION
Motion to approve Resolution 26-R3406.

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81

RESOLUTION NO. 26-R3406
RESOLUTION AUTHORIZING A BUDGET AMENDMENT TO INCREASE THE 2026 LEAD SERVICE LINE
REPLACEMENT BUDGET

WHEREAS, lead water service line replacement needs for 2026 have increased due to the
number of homeowners initiating the replacements of their private side service line; and
WHEREAS, the Utility is required to replace the public side, if also made of lead material;
and
WHEREAS, to accomplish the required work, the Water Utility will need an additional
$100,000 to replace the public side in conjunction with the private side work.
NOW THEREFORE, BE IT HEREBY RESOLVED, the Common Council approves a budget
amendment adding $100,000 to the 2026 Lead Service Line Replacement budget with funds
from Water Reserves.
Note: Budget Amendments require a super majority vote for approval.

DATED: October 6, 2026

CITY OF OCONOMOWOC
By: _______________________
Matt Rosek, Mayor

ATTEST:
_____________________
Gina Kozlik, Clerk

P:\Committee and Council\Resolutions\Resolution 26-R3406 Budget Amendment for Lead Service Line
Replacement.docx

82

RESOLUTION NO. 26-R3407
RESOLUTION APPROVING OCONOMOWOC UTILITIES JOINING WPPI GROUP FILING FOR NEW
PARALLEL GENERATION RATES
WHEREAS, on September 15, 2026, Committee of the Whole discussed joining Wisconsin
Public Power, Inc. Energy (WPPI) and other member utilities in a group filing with the Public
Service Commission for new parallel generation rates; and
WHEREAS, the new rates will lower the amount Oconomowoc Electric Utility pays for
customer’s excess generation from rooftop solar units to the same price we pay WPPI for
wholesale energy; and
WHEREAS, the proposed new rates allow existing parallel generation systems to be
grandfathered into a ten (10) year continued retail rate payment; and
WHEREAS, any new parallel generation customers will begin at the wholesale rate paid to
WPPI; and
WHEREAS, Utility staff recommend joining the WPPI group parallel generation Pgs-1 and
Pgs-2 rate filing.
NOW THEREFORE, BE IT HEREBY RESOLVED, the Common Council approves joining WPPI
Group Filing for New Parallel Generation Rates

DATED: October 6, 2026

CITY OF OCONOMOWOC
By: _______________________
Matt Rosek, Mayor

ATTEST:
_____________________
Gina Kozlik, Clerk

P:\Committee and Council\Resolutions\Resolution 26-R3407 Parallel Generation Rates.docx

83

MEMORANDUM
ELECTRIC UTILITY
Date: October 6, 2026
To:

Mayor, Common Council and Utility Committee

From: Kevin Kaari, Utility Manager
Re:

Consider/act on Resolution 26-R3407 Approving Oconomowoc Utilities to Join WPPI Group Filing
for New Parallel Generation Rates

RELATES TO THE STRATEGIC PLAN
N/A
BACKGROUND
During the Committee of the Whole meeting on September 15, 2026, we discussed joining Wisconsin
Public Power Inc. Energy (WPPI) and other member utilities in an upcoming group filing for new “parallel
generation” rates for our customers.
As discussed, the new rates will lower the amount we pay for a customer’s excess generation from their
rooftop solar to the same price we pay WPPI for wholesale energy.
ADDITIONAL ANALYSIS
The proposed tariff allows existing parallel generation systems to be “grandfathered” so we will continue
to pay them at the retail rate for the next 10 years. Any customers adding parallel generation after the new
rate is passed will begin at the new rate immediately.
FINANCIAL IMPACT
Over the past 12 months, the amount credited for excess generation has cost the utility over $57,000.
Paying retail rates for the excess energy from parallel generation customers unfairly increases costs for
all other electric customers in our City.
RECOMMENDATION
Oconomowoc Electric recommends that we join the WPPI group rate filing for the new proposed parallel
generation rates Pgs-1 and Pgs-2.
SUGGESTED MOTION
Motion to approve Resolution 26-R3407

P:\Committee and Council\Memos\Consider Act - Electric Utility - Join WPPI Group Filing for new Parallel Generation Rates.docx1

84

MEMORANDUM
FLEET DEPARTMENT
Date: October 6, 2026
To:

Mayor, Common Council and Utility Committee

From: Kevin Kaari, Utility Manager
Re:

Consider/act on Resolution 26-R3408 Approving Purchase of Used Plow Trucks from City of
Waukesha

RELATES TO THE STRATEGIC PLAN
II. Improve and Maintain our Infrastructure/Facilities

A. Maintain Our Existing Infrastructure
1.e. Fleet – Inventory/develop funding replacement cycle
BACKGROUND
DPW Trucks #51 and #38 are two important plow trucks for the City of Oconomowoc. Truck #51 is a 2014
International WorkStar 7400 4x2 dump truck configured as a single-axle plow truck equipped with a wing.
The Long-Term Financial Plan (LTFP) for capital funds was to replace this truck in 2031. Truck #38 is a
2011 International WorkStar plow truck with the same engine model as Truck #51. The LTFP was to
replace this truck in 2028.
Truck #51 was recently brought in for service due to an engine misfire and lack of power. The truck was
taken into River City Truck, who diagnosed the truck with complete engine failure. It should be noted that
there are well-documented problems with the MaxxForce DT engine platforms that both Truck #51 and
Truck #38 have. This engine has been discontinued due to its poor performance.
ADDITIONAL ANALYSIS
There are two potential options to repair the engine on Truck #51.
1) An in-frame engine overhaul costs $20k to $25k
2) A long-block engine replacement costs up to $40k.
Even after the repair, we will still have a MaxxForce engine powering the truck as it cannot be outfitted
with a different engine.
Another unique option has been presented to us. The City of Waukesha currently has two 2018 Freightliner
M2 108 SD plow trucks available with less miles and hours than Truck #51. The City of Waukesha is
accelerating their replacement of these two plow trucks in order to replace them with a newer model before
the emissions standards change. The City of Waukesha is willing to sell us one of their plow trucks for

P:\Committee and Council\Memos\Consider Act - Fleet Department - Consider Act Purchase of Used Plow Trucks from City of Waukesha.docx1

85

$45,000. If we are serious about this option, there is also the possibility of purchasing the other City of
Waukesha plow truck to replace truck #38, the 2011 model with the problematic MaxxForce engine.
The 2018 trucks from the City of Waukesha would be re-assessed in 10 years before placing them back
into the long-term Capital plan for full replacement in approximately the years 2037 and 2038. Current
costs for full replacement units are $330,000 each.
As the City of Waukesha trucks are yellow in color, we would like to consider adding a decal wrap to
change the trucks to Oconomowoc’s standard white with red stripe to match the rest of the Public Works
fleet. They would also need to have the brine and salter units added to the overall costs.
If Council approves the purchases, the 2011 International truck #38 would be sold at auction once removed
from service.
FINANCIAL IMPACT
City of Waukesha truck purchase price:

$45,000

Brine & salter additions:

$13,000

Decal estimate:

$ 6,000

Total cost per used 2018 City of Waukesha plow truck:

$64,000

RECOMMENDATION
The Fleet Department recommends purchasing two 2018 International plow trucks from the City of
Waukesha, adding the brine and salter units and doing a white decal wrap.
SUGGESTED MOTION
Motion to approve Resolution 26-R3408

2

86

RESOLUTION NO. 26-R3408
RESOLUTION APPROVING PURCHASE OF USED PLOW TRUCKS FROM CITY OF WAUKESHA
WHEREAS, the Department of Public Works fleet has two plow trucks with compromised
or failing engines; and
WHEREAS, the cost of replacing the engine in the failed truck is $40,000; and
WHEREAS, the cost of overhauling the compromised engine is between $20,000 to
$25,000; and
WHEREAS, the failing plow trucks are not scheduled for replacement until 2028 and 2031
at an estimated cost of $330,000 each; and
WHEREAS, the City of Waukesha has available for sale two 2018 Freightliner plow trucks
that are compatible with our fleet; and
WHEREAS, the City of Waukesha can offer these trucks for sale for $45,000 each, the
added brine and salter units cost $13,000 per truck and decals wraps are $6,000 each; and
WHEREAS, the overall cost to purchase the trucks from the City of Waukesha and outfit to
align with the City of Oconomowoc Fleet is $64,000 each, a total of $128,000; and
WHEREAS, these two 2018 Freightliners should last ten years with replacement
anticipated in 2037 and 2038, saving the City the cost of purchasing new for seven to nine
additional years.
NOW THEREFORE, BE IT HEREBY RESOLVED, the Common Council approves the purchase
of two 2018 Freightliner Plow Trucks from the City of Waukesha.
Note: This is a budget amendment that requires a super majority vote for approval.
DATED: October 6, 2026
CITY OF OCONOMOWOC
By: _______________________
Matt Rosek, Mayor
ATTEST:
_____________________
Gina Kozlik, Clerk

P:\Committee and Council\Resolutions\Resolution 26-R3408 Purchase of Used Plow Trucks from City of Waukesha.docx

87

MEMORANDUM
CITY CLERK
Date: October 6,2026
To:

Mayor and Common Council

From: Gina Kozlik, Clerk
Re:

Consider/act on Revised Order for Special Election for Municipal Court Judge for the Lake
Country Municipal Court

BACKGROUND
Council previously approved an Order for the Special Election of the Lake Country Municipal Court
Judge on August 18, 2026. A request has been received from the Lake Country Municipal Court to
adopt a revised Joint Order for Special Election for Municipal Court Judge due to the importance of the
effective date of the order and that it be the same for all municipalities. The order revision specifically
states:
Upon execution of this Joint Order by all member communities of the Lake Country Municipal
Court, this Joint Order shall be dated and effective as of November 30, 2026.
All the municipalities are being asked to adopt the revised order prior to November 13, 2026.
RECOMMENDATION
Staff recommend approval of the revised Order for Special Election to be held April 6, 2027.
SUGGESTED MOTION
Motion to approve the revised Order for Special Election for Municipal Court Judge for the Lake Country
Municipal Court.

1

88

LAKE COUNTRY MUNICIPAL COURT
Joint Order for a Special Election for
Municipal Court Judge for the Lake Country Municipal Court
WHEREAS, the Lake Country Municipal Court Judge Timothy Kay retired mid-term on
April 24, 2026,
WHEREAS, the expiration of the remaining term of office previously filled by Judge
Timothy Kay is April 30, 2028,
WHEREAS, the earliest date for circulating nomination papers for this position is
December 1, 2026, and the latest date for filing nomination papers for such position is January 5,
2027.
WHEREAS, the Lake Country Municipal Court is a joint court. The following member
communities are involved in this election:
Village of Chenequa, City of Delafield, Town of Delafield, Village of Dousman, Town of
Erin, Village of Hartland, Town of Ixonia, Village of Johnson Creek, Village of Lac La Belle,
Village of Lisbon, Town of Merton, Village of Merton, Village of Nashotah, City of Oconomowoc,
Town of Oconomowoc, Village of Oconomowoc Lake, Town of Ottawa, Village of Palmyra, Town
of Sullivan, Village of Sullivan, Village of Summit and Village of Sussex.
WHEREAS, the date of the special election is April 6, 2027, and if a primary election is
necessary, said primary election shall be held on February 16, 2027.
NOW THEREFORE the governing bodies of the member communities of the Lake
Country Municipal Court jointly order as follows:
A. A special election for the office of municipal judge of the Lake Country Municipal
Court shall be held on April 6, 2027, and if a primary is necessary, said primary election
shall be held on February 16, 2027.
B. Upon execution of this Joint Order by all member communities of the Lake Country
Municipal Court, this Joint Order shall be dated and effective as of November 30, 2026.
C. This Joint Order may be executed in two or more counterparts, each of which shall be
deemed an original and all of which when taken together shall constitute one and the
same document.
D. This Joint Order shall supersede all past orders with regard to the order for special
election described herein.

1

89

[Signature Pages to Follow]
City of Delafield
By:___________________________________
Title:__________________________________
Date:__________________________________

City of Oconomowoc
By:___________________________________
Title:_________________________________
Date:__________________________________

Town of Delafield
By:___________________________________
Title:__________________________________
Date:__________________________________

Town of Erin
By:___________________________________
Title:__________________________________
Date:__________________________________

Town of Merton
By:___________________________________
Title:__________________________________
Date:__________________________________

2

90

Town of Oconomowoc
By:___________________________________
Title:__________________________________
Date:__________________________________

Town of Ottawa
By:___________________________________
Title:__________________________________
Date:__________________________________

Village of Chenequa
By:___________________________________
Title:__________________________________
Date:__________________________________

Village of Dousman
By:___________________________________
Title:__________________________________
Date:__________________________________

Village of Hartland
By:___________________________________
Title:__________________________________
Date:__________________________________

3

91

Village of Johnson Creek
By:___________________________________
Title:__________________________________
Date:__________________________________

Village of Lac La Belle
By:___________________________________
Title:__________________________________
Date:__________________________________

Village of Lisbon
By:___________________________________
Title:__________________________________
Date:__________________________________

Village of Merton
By:___________________________________
Title:__________________________________
Date:__________________________________

Village of Nashotah
By:___________________________________
Title:__________________________________
Date:__________________________________

4

92

Village of Oconomowoc Lake
By:___________________________________
Title:__________________________________
Date:__________________________________

Village of Sullivan
By:___________________________________
Title:__________________________________
Date:__________________________________

Village of Summit
By:___________________________________
Title:__________________________________
Date:__________________________________

Village of Sussex
By:___________________________________
Title:__________________________________
Date:__________________________________

Town of Ixonia
By:___________________________________
Title:__________________________________
Date:__________________________________

5

93

Town of Sullivan
By:___________________________________
Title:__________________________________
Date:__________________________________

Village of Palmyra
By:___________________________________
Title:__________________________________
Date:__________________________________

6

94

MEMORANDUM
ADMINISTRATION
Date: October 6, 2026
To:

Mayor and Common Council

From: Mark Frye, City Administrator
Re:

Consider/act on the Resolution 26-R3409 Rescinding Resolution of Necessity 26-R3387 for the
Parcels at 121 Cross Street, 110 and 118 Silver Lake Plaza

RELATES TO THE STRATEGIC PLAN
III. Focus on Community Growth
BACKGROUND
On July 21, 2026, the Common Council approved 26-R3387, a Resolution of Necessity to allow for
discussions with the owner of the parcels listed above. Mayor Rosek initiated these discussions which
were cordial in nature. We learned that another party is interested in purchasing the properties, leaving
them on the tax roll.
With this information, it was agreed to rescind our Resolution of Necessity to allow the parties to work
towards an agreement.
RECOMMENDATION
Staff recommend approval of Resolution 26-R3409 rescinding Resolution 26-R3387.
SUGGESTED MOTION
Motion to approve Resolution 26-R3409.

Z:\City Administrator\Land Purchase\121 Cross Street Funeral Home\Council 10062026\Background Memo for Resolution 26-R3409 Rescinding
Resolution of Necessity 26-R3387 for Parcels at 121 Cross Street, 110 and 118 Silver Lake Plaza 10062026.docx

1

95

RESOLUTION NO. 26-R3409
RESCISSION OF RESOLUTION OF NECESSITY
RESOLUTION NO. 26-R3387

WHEREAS, the City Oconomowoc adopted a Resolution of Necessity in accord with
§32.06 Wisconsin Statutes relating to property located within the City, specifically Tax Parcel
numbers OCOC 0563 255, OCOC 0563 257 and OCOC 0563 261; and
WHEREAS, the City has determined not to proceed with the acquisition of these parcels.
NOW, THEREFORE, BE IT HEREBY RESOLVED that the Common Council of the City
of Oconomowoc does hereby rescind the Resolution of Necessity No. 26-R3387 dated July 21,
2026.
This resolution was passed and adopted on the 6th day of October 2026.

CITY OF OCONOMOWOC
By: __________________________
Matt Rosek, Mayor

ATTEST:
___________________________________
Gina Kozlik, Clerk

Z:\City Administrator\Land Purchase\121 Cross Street Funeral Home\Draft Resolution Rescinding Resolution of Necessity
09242026.docx

96

MEMORANDUM
ADMINISTRATION
Date: October 6, 2026
To:

Mayor and Common Council

From: Mark Frye, City Administrator
Re:

Consider/act on Release of Certain Obligations Related to Tax Incremental Agreement

RELATES TO THE STRATEGIC PLAN
Strategic Goal-NA
BACKGROUND
All of Wangard’s TID obligations were effective as to all Wangard owned land, including the Strip. This
document removes the Strip from those obligations. Wangard remains fully responsible and the loss of
this very small area is inconsequential.
ADDITIONAL ANALYSIS
N/A
FINANCIAL IMPACT
N/A
RECOMMENDATION
Staff recommend approving the release of certain obligations related to tax incremental agreement.
SUGGESTED MOTION
Motion to approve the release of certain obligations related to tax incremental agreement.

V:\City Projects\Olympia Fields\Flemming Parcel\Council 10062026 Final Documents\Background Memo for Release of Certain Obligations
Related to Tax Incremental Agreement 10062026.docx

1

97

DALE W. ARENZ (1935-2022)
DONALD S. MOLTER, JR. (Retired)
JOHN P. MACY
H. STANLEY RIFFLE (Court Commissioner)
ERIC J. LARSON
REMZY D. BITAR

730 N. GRAND AVENUE
WAUKESHA, WISCONSIN 53186
Telephone (262) 548-1340
Facsimile (262) 548-9211
Email: [email protected]

PAUL E. ALEXY
LUKE A. MARTELL
SAMANTHA R. SCHMID
CHRISTOPHER R. SCHULTZ
LUCAS C. LOGIC
GREGORY M. PROCOPIO
ADAM J. MEYERS
SAVANNA GAIN
JAIME L. STAFFARONI
HAILEY R. LIPINSKI
SAVANNAH H. ZIEGLER
ANDREW F. PIETROSKE
----------STEPHEN J. CENTINARIO, JR.

September 30, 2026

MEMO
From:
To:
Re:

Stan Riffle, City Attorney
Mark Frye, City Administrator
Fleming Documents

Mark:
You asked me to prepare a summary of the documents to be presented to the Common
Council for review and approval related to the Fleming commercial property. As an overview, all
of these documents were contemplated when the Common Council accepted the settlement of the
Condemnation lawsuit. The resolution of the lawsuit included several elements as related to the
City (Wangard and Fleming had separate agreements in settlement of their own lawsuits). The
City’s deal with Fleming included:


The lawsuit would be dismissed. This has been completed.



The City would vacate a portion of right-of-way providing ingress/egress to the
Fleming parcel and the Wangard parcel. This resulted in the north ½ vested to
Fleming parcel and ½ to the Wangard parcel to the south. In Wangard’s settlement,
Wangard is deeding its ½ to Fleming. The vacation document has been recorded so
this is complete.

MUNICIPAL LAW & LITIGATION GROUP, S.C.
ARENZ, MOLTER, MACY, RIFFLE, LARSON & BITAR

98

MUNICIPAL LAW & LITIGATION GROUP, S.C.
Fleming Documents
October 1, 2026
Page 2



Wangard agreed to deed the remnant parcel (former Unity Drive) - an approximate
35 foot strip of land situated between the stormwater pond (the “Strip”) - to
Fleming. Since there were several recorded restrictions and other agreements
between the City and Wangard affecting this strip, the City agreed to release those
as to Fleming to facilitate Fleming’s incorporation of the Strip into its development.



The City previously asked Wangard to record an ingress/egress easement on its
parcel to the south. Wangard and Fleming have negotiated a different easement for
this purpose. The City has agreed to terminate the prior easement to accommodate
the new easement.

All of these documents have been approved by counsel for all parties (including me), and I ask the
Council to approve.
Stan

99

RELEASE OF CERTAIN
OBLIGATIONS RELATED TO
TAX INCREMENT AGREEMENT
Document Title
Document Number

THIS RELEASE OF CERTAIN OBLIGATIONS RELATED TO
TAX INCEMENT AGREEMENT ("Release") is made effective as of the
___ day of _ _ _ _ _ _ _ _ _ , 2026, by and between OLYMPIA FIELDS
MD, LLC, a Wisconsin limited liability company, as agent, ("Developer"), the
CITY OF OCONOMOWOC, WISCONSIN, a Wisconsin municipal
corporation ("City") for the benefit of FLEMING INVESTMENTS, LLC,
a Wisconsin limited liability company ("FI").
Recording Area

WITNESSETH:

Name and Return Address

WHEREAS, Developer and the City entered into that certain Tax
Increment Agreement dated January 5, 2021 ("Agreement"), a Memorandum
of which was recorded in the Office of the Register of Deeds for Waukesha
County, Wisconsin on August 4, 2021 as Document No. 4606411 order to place
third parties on notice of the Agreement and Developer's and the City's rights
and obligations thereunder; and

Attorney Matthew R. Jelenchick
Niebler, Pyzyk, Carrig, Jelenchick & Hanley LLP
N94W17900 Appleton Avenue, Suite 200
Menomonee Falls, WI 53051

PIN: OCOC0614975012

WHEREAS, to accommodate FI's acquisition and development of that portion of the Property described
in the Agreement and more particularly described on the attached Exhibit A (the "Released Property"), the City
desires to release the Released Property from certain obligations of Developer under the Agreement as set forth
below.
NOW, THEREFORE, in consideration of the mutual covenants and promises contained in the
Development Agreement, Developer and the City hereby acknowledge as follows:
1.
IMPACT OF AGREEMENT ON RELEASED PROPERTY. The Released Property shall
continue to be considered a part of the Property described in the Agreement for purposes of determining "Minimum
Guaranteed Values" under Article III(H) of the Agreement. However, from the date hereof, the City agrees that FI
and the Released Property shall not be liable for "Make Up Payments" under Article V of the Agreement, and the
City shall continue to seek collection of such Make Up Payments solely from Developer and its affiliated owners
who executed the Agreement.
2.
ASSIGNMENT. The City acknowledges that the acquisition and development of the Released
Property by FI does not constitute an assignment of the Agreement under Article X(D) of the Agreement and that
Developer remains solely responsible for Developer's obligations under the Agreement. The City further agrees
that contrary to Article X(K) of the Agreement, neither the Released Property nor FI shall be bound by any
obligation of the Developer under the Agreement unless expressly agreed by FI in a subsequent written instrument.
3.
SUCCESSORS AND ASSIGNS. This Release shall be binding upon and inure to the
benefit of the Developer, the City, FI and their respective successors and assigns.

1

100

IN WITNESS WHEREOF, Developer and the City have executed this Release effective as of the date
first written above.
DEVELOPER:
OLYMPIA FIELDS MD, LLC
By: ______________________________
Matthew Moroney, Manager

STATE OF WISCONSIN
WAUKESHA COUNTY

)
)ss.
)

Personally appeared before me this ___ day of ________, 2026, the above-named Matthew Moroney,
the Manager of Olympia Fields MD, LLC, to me known to be the persons who executed the foregoing Release
on behalf of the Developer and by its authority.
______________________________
Notary Public State of Wisconsin
My commission expires: __________
CITY OF OCONOMOWOC
By: _____________________________
Matt Rosek, Mayor
Attest: ___________________________
Gina Kozlik, City Clerk
STATE OF WISCONSIN
WAUKESHA COUNTY

)
)ss.
)

Personally appeared before me this ___ day of ________, 2026, the above-named Matt Rosek and
Gina Kozlik, Mayor and City Clerk, respectively, of the City of Oconomowoc, Wisconsin, to me known to be
the persons who executed the foregoing Release on behalf of City and by its authority.
_______________________________
Notary Public State of Wisconsin
My commission expires: ___________

This document was drafted by Attorney Matthew R. Jelenchick

2

101

EXHIBIT A TO RELEASE OF CERTAIN OBLIGATIONS RELATED TO TAX
INCREMENT AGREEMENT
PARCEL 1 OF CERTIFIED SURVEY MAP NO. 5465, RECORDED IN THE OFFICE OF THE
REGISTER OF DEED FOR WAUKESHA COUNTY, WISCONSIN ON APRIL 7, 1988 IN
VOLUME 44 OF CERTIFIED SURVEY MAPS ON PAGES 120 TO 124 INCLUSIVE, AS
DOCUMENT NO. 1473573, SAID CERTIFIED SURVEY MAP BEING A DIVISION OF
PARCELS 1, 2, 3 AND 4 OF CERTIFIED SURVEY MAP NO. 1118, IN THE SOUTHEAST 1/4
OF THE NORTHWEST 1/4 OF SECTION 10, TOWNSHIP 7 NORTH, RANGE 17 EAST, IN
THE CITY OF OCONOMOWOC, COUNTY OF WAUKESHA, STATE OF WISCONSIN.
EXCEPTING THEREFROM THE FOLLOWING DESCRIBED LAND:
LOT 3 OF CERTIFIED SURVEY MAP NO. 10958, RECORDED MARCH 14, 2012 IN VOLUME
107 OF CERTIFIED SURVEY MAPS ON PAGES 18 TO 29 AS DOCUMENT NO. 3901718,
BEING A REDIVISION OF ALL OF PARCELS 1, 2, 3 AND 4 OF CERTIFIED SURVEY MAP
NO. 5465, ALSO A PART OF PARCEL 1 OF CERTIFIED SURVEY MAP NO. 7781, ALSO ALL
THE OF THE NORTHERLY 60.00 FEET OF COMMERCE STREET AS VACATED IN
RESOLUTION NO. 09- R2085 DATED MAY 19, 2009, ALL BEING IN THE
SOUTHEAST 1/4 OF THE NORTHWEST 1/4 OF SECTION 10, TOWNSHIP 7 NORTH, RANGE
17 EAST, IN THE CITY OF OCONOMOWOC, COUNTY OF WAUKESHA, STATE OF
WISCONSIN.
ALSO EXCEPTING THEREFROM THE FOLLOWING DESCRIBED LAND:
BEING PART OF PARCEL 1 CERTIFIED SURVEY MAP (CSM) NO. 5465, RECORDED IN
THE WAUKESHA COUNTY REGISTER OF DEEDS AS DOCUMENT NO. 1473573, BEING
LOCATED IN THE SOUTHEAST ONE-QUARTER OF THE NORTHWEST ONE-QUARTER,
SECTION 10, TOWNSHIP 7 NORTH, RANGE 17 EAST, CITY OF OCONOMOWOC,
WAUKESHA COUNTY, WISCONSIN, BOUNDED AND DESCRIBED AS FOLLOWS:
COMMENCING AT THE NORTHWESTERLY CORNER OF SAID PARCEL 1; THENCE
BEARING NORTH 67° 09’ 29" EAST ALONG THE NORTHERLY LINE OF SAID PARCEL 1
A DISTANCE OF 40.41 FEET TO THE POINT OF BEGINNING; THENCE BEARING NORTH
67° 09’29” EAST ALONG SAID NORTHERLY LINE A DISTANCE OF 62.80 FEET TO THE
NORTHEASTERLY CORNER OF SAID PARCEL 1, AND A POINT ON A CURVE ON THE
SOUTHWESTERLY RIGHT-OF-WAY OF S.T.H. 67; THENCE SOUTHEASTERLY ALONG
SAID RIGHT-OF-WAY AND ALONG AN ARC OF CURVE TO THE RIGHT 66.00 FEET,
HAVING A RADIUS OF 2,151.83 FEET, A CHORD BEARING SOUTH 22° 50' 30.5" EAST A
DISTANCE OF 66.00 FEET TO THE NORTHEASTERLY CORNER OF LOT 1 CSM 10958;
THENCE BEARING SOUTH 67° 09' 29” WEST ALONG THE NORTHERLY LINE OF LOT 1
CSM 10958 A DISTANCE OF 77.94 FEET TO THE NORTHWEST CORNER OF LOT 1 CSM
10958; THENCE BEARING SOUTH 01° 13’ 56” WEST ALONG THE WEST LINE OF CSM
10958 A DISTANCE OF 8.48 FEET; THENCE BEARING NORTH 08° 41' 13” WEST A
DISTANCE OF 76.05 FEET TO THE POINT OF BEGINNING, AS SET FORTH IN QUIT
CLAIM DEED RECORDED JULY 2, 2014 AS DOCUMENT NO. 4086942.
FURTHER EXCEPTING THEREFROM A LAND DESCRIBED IN QUIT CLAIM DEED
RECORDED ON OCTOBER 04, 2022 AS DOCUMENT NO. 4692406.

3

102

MEMORANDUM
ADMINISTRATION
Date: October 6, 2026
To:

Mayor and Common Council

From: Mark Frye, City Administrator
Re:

Consider/act on Release of Stormwater Pond Maintenance Agreement

RELATES TO THE STRATEGIC PLAN
Strategic Goal-NA
BACKGROUND
Wangard’s obligations under this agreement are likewise effective as to all Wangard owned land, including
the Strip. This document removes the Strip from those obligations. Wangard remains fully responsible for
the stormwater obligations.
ADDITIONAL ANALYSIS
N/A
FINANCIAL IMPACT
N/A
RECOMMENDATION
Staff recommend approving the release of stormwater pond maintenance agreement.
SUGGESTED MOTION
Motion to approve the release of stormwater pond maintenance agreement.

V:\City Projects\Olympia Fields\Flemming Parcel\Council 10062026 Final Documents\Background Memo for Release of Stormwater Pond
Maintenance Agreement 10062026.docx

1

103

DALE W. ARENZ (1935-2022)
DONALD S. MOLTER, JR. (Retired)
JOHN P. MACY
H. STANLEY RIFFLE (Court Commissioner)
ERIC J. LARSON
REMZY D. BITAR

730 N. GRAND AVENUE
WAUKESHA, WISCONSIN 53186
Telephone (262) 548-1340
Facsimile (262) 548-9211
Email: [email protected]

PAUL E. ALEXY
LUKE A. MARTELL
SAMANTHA R. SCHMID
CHRISTOPHER R. SCHULTZ
LUCAS C. LOGIC
GREGORY M. PROCOPIO
ADAM J. MEYERS
SAVANNA GAIN
JAIME L. STAFFARONI
HAILEY R. LIPINSKI
SAVANNAH H. ZIEGLER
ANDREW F. PIETROSKE
----------STEPHEN J. CENTINARIO, JR.

September 30, 2026

MEMO
From:
To:
Re:

Stan Riffle, City Attorney
Mark Frye, City Administrator
Fleming Documents

Mark:
You asked me to prepare a summary of the documents to be presented to the Common
Council for review and approval related to the Fleming commercial property. As an overview, all
of these documents were contemplated when the Common Council accepted the settlement of the
Condemnation lawsuit. The resolution of the lawsuit included several elements as related to the
City (Wangard and Fleming had separate agreements in settlement of their own lawsuits). The
City’s deal with Fleming included:


The lawsuit would be dismissed. This has been completed.



The City would vacate a portion of right-of-way providing ingress/egress to the
Fleming parcel and the Wangard parcel. This resulted in the north ½ vested to
Fleming parcel and ½ to the Wangard parcel to the south. In Wangard’s settlement,
Wangard is deeding its ½ to Fleming. The vacation document has been recorded so
this is complete.

MUNICIPAL LAW & LITIGATION GROUP, S.C.
ARENZ, MOLTER, MACY, RIFFLE, LARSON & BITAR

104

MUNICIPAL LAW & LITIGATION GROUP, S.C.
Fleming Documents
October 1, 2026
Page 2



Wangard agreed to deed the remnant parcel (former Unity Drive) - an approximate
35 foot strip of land situated between the stormwater pond (the “Strip”) - to
Fleming. Since there were several recorded restrictions and other agreements
between the City and Wangard affecting this strip, the City agreed to release those
as to Fleming to facilitate Fleming’s incorporation of the Strip into its development.



The City previously asked Wangard to record an ingress/egress easement on its
parcel to the south. Wangard and Fleming have negotiated a different easement for
this purpose. The City has agreed to terminate the prior easement to accommodate
the new easement.

All of these documents have been approved by counsel for all parties (including me), and I ask the
Council to approve.
Stan

105

RELEASE OF STORMWATER
POND MAINTENANCE
AGREEMENT
Document Title
Document Number

THIS RELEASE OF THE STORMWATER POND
MAINTENANCE AGREEMENT ("Release") is made effective as of the
___ day of ___________________, 2026, by and between OLYMPIA FIELDS
PROPERTY OWNERS ASSOCIATION, INC., a nonstock, non-profit
Wisconsin corporation, ("Property Association") and the CITY OF
OCONOMOWOC, WISCONSIN, a Wisconsin municipal corporation
("City") for the benefit of FLEMING INVESTMENTS, LLC, a Wisconsin
limited liability company ("FI").

Recording Area
Name and Return Address

WITNESSETH:
WHEREAS, the Property Association and the City entered into the
Stormwater Pond Maintenance Agreement dated January 9, 2025
("Agreement"), a Memorandum of which was recorded in the Office of the
Register of Deeds for Waukesha County, Wisconsin on January 13, 2025, as
Document No. 480173 in order to place third parties on notice of the
Agreement and Property Association’s and the City's rights and obligations;
and

Attorney Matthew R. Jelenchick
Niebler, Pyzyk, Carrig, Jelenchick & Hanley LLP
N94W17900 Appleton Avenue, Suite 200
Menomonee Falls, WI 53051

PIN: OCOC0614975012

WHEREAS, to accommodate FI's acquisition and development of that portion of the Property subject to the
Agreement and more particularly described on the attached Exhibit A (the "Released Property"), the City desires to
release the Released Property from the Stormwater Pond Maintenance Agreement as set forth below.
The Released Property is released from the Agreement and the Property Association and City hereby confirm that
the Agreement is terminated and of no further force or effect with respect to the Released Property. This release does not
prohibit FI, or any successor or assign, including any current or subsequent owner of the Released Property, from using
the existing storm water facilities as installed. The City grants and conveys the owners of the Released Property a perpetual
non-exclusive easement for the discharge of stormwater to the stormwater pond identified as “Water Quality Basin 2” in
the Agreement and for the collection and storage of stormwater drainage from the Released Property. Further, the City
grants and conveys FI a perpetual non-exclusive easement for the discharge of stormwater to the stormwater pond
identified as “Water Quality Basin 2” in the Agreement and for the collection and storage of stormwater drainage from
any property owned or subsequently acquired by FI within the Drainage Lands identified in the Agreement. The perpetual
easement shall run with the land and inures to the benefit of FI’s successors in interest in and assigns in title to any such
property. This Release shall be binding upon and inure to the benefit of the Property Association, the City, FI and their
respective successors and assigns.
IN WITNESS WHEREOF, the Property Association and the City have executed this Release effective as of the
date first written above.

1

106

PROPERTY ASSOCIATION:
OLYMPIA FIELDS PROPERTY OWNERS ASSOCIATION, INC.
By: ______________________________
Matthew Moroney, Manager

STATE OF WISCONSIN
WAUKESHA COUNTY

)
)ss.
)

Personally appeared before me this ___ day of ________, 2026, the above-named Matthew Moroney,
the Manager of Olympia Fields Property Owners Association, Inc., to me known to be the persons who
executed the foregoing Release on behalf of the Property Association and by its authority.
______________________________
Notary Public State of Wisconsin
My commission expires: __________
CITY OF OCONOMOWOC
By: _____________________________
Matt Rosek, Mayor
Attest: ___________________________
Gina Kozlik, City Clerk

STATE OF WISCONSIN
WAUKESHA COUNTY

)
)ss.
)

Personally appeared before me this ___ day of ________, 2026, the above-named Matt Rosekand
Gina Kozlik, Mayor and City Clerk, respectively, of the City of Oconomowoc, Wisconsin, to me known to be
the persons who executed the foregoing Release on behalf of City and by its authority.
_______________________________
Notary Public State of Wisconsin
My commission expires: ___________

This document was drafted by Attorney Matthew R. Jelenchick

2

107

EXHIBIT A TO RELEASE OF STORMWATER POND MAINTENANCE AGREEMENT
PARCEL 1 OF CERTIFIED SURVEY MAP NO. 5465, RECORDED IN THE OFFICE OF THE
REGISTER OF DEEDS FOR WAUKESHA COUNTY, WISCONSIN ON APRIL 7, 1988 IN
VOLUME 44 OF CERTIFIED SURVEY MAPS ON PAGES 120 TO 124 INCLUSIVE, AS
DOCUMENT NO. 1473573, SAID CERTIFIED SURVEY MAP BEING A DIVISION OF
PARCELS 1, 2, 3 AND 4 OF CERTIFIED SURVEY MAP NO. 1118, IN THE SOUTHEAST 1/4
OF THE NORTHWEST 1/4 OF SECTION 10, TOWNSHIP 7 NORTH, RANGE 17 EAST, IN
THE CITY OF OCONOMOWOC, COUNTY OF WAUKESHA, STATE OF WISCONSIN.
EXCEPTING THEREFROM THE FOLLOWING DESCRIBED LAND:
LOT 3 OF CERTIFIED SURVEY MAP NO. 10958, RECORDED MARCH 14, 2012 IN VOLUME
107 OF CERTIFIED SURVEY MAPS ON PAGES 18 TO 29 AS DOCUMENT NO. 3901718,
BEING A REDIVISION OF ALL OF PARCELS 1, 2, 3 AND 4 OF CERTIFIED SURVEY MAP
NO. 5465, ALSO A PART OF PARCEL 1 OF CERTIFIED SURVEY MAP NO. 7781, ALSO ALL
THE OF THE NORTHERLY 60.00 FEET OF COMMERCE STREET AS VACATED IN
RESOLUTION NO. 09- R2085 DATED MAY 19, 2009, ALL BEING IN THE
SOUTHEAST 1/4 OF THE NORTHWEST 1/4 OF SECTION 10, TOWNSHIP 7 NORTH, RANGE
17 EAST, IN THE CITY OF OCONOMOWOC, COUNTY OF WAUKESHA, STATE OF
WISCONSIN.
ALSO EXCEPTING THEREFROM THE FOLLOWING DESCRIBED LAND:
BEING PART OF PARCEL 1 CERTIFIED SURVEY MAP (CSM) NO. 5465, RECORDED IN
THE WAUKESHA COUNTY REGISTER OF DEEDS AS DOCUMENT NO. 1473573, BEING
LOCATED IN THE SOUTHEAST ONE-QUARTER OF THE NORTHWEST ONE-QUARTER,
SECTION 10, TOWNSHIP 7 NORTH, RANGE 17 EAST, CITY OF OCONOMOWOC,
WAUKESHA COUNTY, WISCONSIN, BOUNDED AND DESCRIBED AS FOLLOWS:
COMMENCING AT THE NORTHWESTERLY CORNER OF SAID PARCEL 1; THENCE
BEARING NORTH 67° 09’ 29" EAST ALONG THE NORTHERLY LINE OF SAID PARCEL 1
A DISTANCE OF 40.41 FEET TO THE POINT OF BEGINNING; THENCE BEARING NORTH
67° 09’29” EAST ALONG SAID NORTHERLY LINE A DISTANCE OF 62.80 FEET TO THE
NORTHEASTERLY CORNER OF SAID PARCEL 1, AND A POINT ON A CURVE ON THE
SOUTHWESTERLY RIGHT-OF-WAY OF S.T.H. 67; THENCE SOUTHEASTERLY ALONG
SAID RIGHT-OF-WAY AND ALONG AN ARC OF CURVE TO THE RIGHT 66.00 FEET,
HAVING A RADIUS OF 2,151.83 FEET, A CHORD BEARING SOUTH 22° 50' 30.5" EAST A
DISTANCE OF 66.00 FEET TO THE NORTHEASTERLY CORNER OF LOT 1 CSM 10958;
THENCE BEARING SOUTH 67° 09' 29” WEST ALONG THE NORTHERLY LINE OF LOT 1
CSM 10958 A DISTANCE OF 77.94 FEET TO THE NORTHWEST CORNER OF LOT 1 CSM
10958; THENCE BEARING SOUTH 01° 13’ 56” WEST ALONG THE WEST LINE OF CSM
10958 A DISTANCE OF 8.48 FEET; THENCE BEARING NORTH 08° 41' 13” WEST A
DISTANCE OF 76.05 FEET TO THE POINT OF BEGINNING, AS SET FORTH IN QUIT
CLAIM DEED RECORDED JULY 2, 2014 AS DOCUMENT NO. 4086942.
FURTHER EXCEPTING THEREFROM A LAND DESCRIBED IN QUIT CLAIM DEED
RECORDED ON OCTOBER 04, 2022 AS DOCUMENT NO. 4692406.

3

108

MEMORANDUM
ADMINISTRATION
Date: October 6, 2026
To:

Mayor and Common Council

From: Mark Frye, City Administrator
Re:

Consider/act on Termination and Release of Condemned Easements

RELATES TO THE STRATEGIC PLAN
Strategic Goal-NA
BACKGROUND
This document terminates all the legacy easement and restrictions that encumbered the Fleming property
that pertain to the rest of the original Olympia lands so that these lands can be fully developed without any
of the old restrictions.
ADDITIONAL ANALYSIS
N/A
FINANCIAL IMPACT
N/A
RECOMMENDATION
Staff recommend approving the termination and release of condemned easements.
SUGGESTED MOTION
Motion to approve the termination and release of condemned easements.

V:\City Projects\Olympia Fields\Flemming Parcel\Council 10062026 Final Documents\Background Memo for Termination and Release of
Condemned Easements 10062026.docx

1

109

DALE W. ARENZ (1935-2022)
DONALD S. MOLTER, JR. (Retired)
JOHN P. MACY
H. STANLEY RIFFLE (Court Commissioner)
ERIC J. LARSON
REMZY D. BITAR

730 N. GRAND AVENUE
WAUKESHA, WISCONSIN 53186
Telephone (262) 548-1340
Facsimile (262) 548-9211
Email: [email protected]

PAUL E. ALEXY
LUKE A. MARTELL
SAMANTHA R. SCHMID
CHRISTOPHER R. SCHULTZ
LUCAS C. LOGIC
GREGORY M. PROCOPIO
ADAM J. MEYERS
SAVANNA GAIN
JAIME L. STAFFARONI
HAILEY R. LIPINSKI
SAVANNAH H. ZIEGLER
ANDREW F. PIETROSKE
----------STEPHEN J. CENTINARIO, JR.

September 30, 2026

MEMO
From:
To:
Re:

Stan Riffle, City Attorney
Mark Frye, City Administrator
Fleming Documents

Mark:
You asked me to prepare a summary of the documents to be presented to the Common
Council for review and approval related to the Fleming commercial property. As an overview, all
of these documents were contemplated when the Common Council accepted the settlement of the
Condemnation lawsuit. The resolution of the lawsuit included several elements as related to the
City (Wangard and Fleming had separate agreements in settlement of their own lawsuits). The
City’s deal with Fleming included:


The lawsuit would be dismissed. This has been completed.



The City would vacate a portion of right-of-way providing ingress/egress to the
Fleming parcel and the Wangard parcel. This resulted in the north ½ vested to
Fleming parcel and ½ to the Wangard parcel to the south. In Wangard’s settlement,
Wangard is deeding its ½ to Fleming. The vacation document has been recorded so
this is complete.

MUNICIPAL LAW & LITIGATION GROUP, S.C.
ARENZ, MOLTER, MACY, RIFFLE, LARSON & BITAR

110

MUNICIPAL LAW & LITIGATION GROUP, S.C.
Fleming Documents
October 1, 2026
Page 2



Wangard agreed to deed the remnant parcel (former Unity Drive) - an approximate
35 foot strip of land situated between the stormwater pond (the “Strip”) - to
Fleming. Since there were several recorded restrictions and other agreements
between the City and Wangard affecting this strip, the City agreed to release those
as to Fleming to facilitate Fleming’s incorporation of the Strip into its development.



The City previously asked Wangard to record an ingress/egress easement on its
parcel to the south. Wangard and Fleming have negotiated a different easement for
this purpose. The City has agreed to terminate the prior easement to accommodate
the new easement.

All of these documents have been approved by counsel for all parties (including me), and I ask the
Council to approve.
Stan

111

Document Number

TERMINATION AND RELEASE OF
CONDEMNED EASEMENT INTERESTS

Recording Area
Name and Return Address
Wangard Partners, Inc.
1200 N. Mayfair Road, Suite 410
Milwaukee, Wisconsin 53226
Attn: Legal Dept.

See Exhibit B Legal Description
Parcel Identification Number (PIN)

TERMINATION AND RELEASE OF CONDEMNED EASEMENT INTERESTS

112

TERMINATION AND RELEASE OF CONDEMNED EASEMENT INTERESTS
THIS TERMINATION AND RELEASE OF CONDEMNED EASEMENT INTERESTS (this
“Release”) is made as of the ____ day of __________________, 2026 (the “Effective Date”), by the CITY
OF OCONOMOWOC, a Wisconsin municipal corporation (the “City”).
RECITALS
WHEREAS, the Circuit Court for Waukesha County, Wisconsin entered that certain Order for
Judgment and Judgment of Condemnation in Waukesha County Circuit Court Case No. 23-CV-1923 and
the consolidated condemnation matters involving the City, Fleming Investments, LLC, Steven T. Fleming
and Judith A. Fleming, signed August 18, 2026 and filed August 19, 2026, and subsequently recorded in
the office of the Register of Deeds for Waukesha County, Wisconsin, on September 11, 2026 as Document
No. 4896686 (the “Judgment”);
WHEREAS, pursuant to the Judgment, the City acquired and became vested with certain right,
title and interest held or claimed by Fleming Investments, LLC, Steven T. Fleming and Judith A. Fleming
(collectively, the “Fleming Parties”), together with interests claimed by, through or under them, in the
easements and related rights identified on Exhibit A attached hereto (collectively, the “Fleming Easement
Interests”);
WHEREAS, the Fleming Easement Interests are limited to the rights and interests actually
condemned and vested in the City pursuant to the Judgment and do not include any independent right or
interest of the City arising under the underlying instruments or otherwise;
WHEREAS, the Declaration of Easements recorded as Document No. 884555, one of the
underlying instruments identified on Exhibit A, described the larger property on which the former hotelconvention center and resort complex was located, which real property is legally described on Exhibit B
attached hereto and incorporated herein by this reference (the “Original Resort Property”);
WHEREAS, the City desires to release, terminate and extinguish the Fleming Easement Interests
in their entirety, including, without limitation, to the fullest extent any such Fleming Easement Interests
burden, encumber, cross, traverse, benefit, are appurtenant to, or otherwise affect any portion of the Original
Resort Property or any successor parcel containing any portion thereof;
WHEREAS, the Private Road Maintenance Agreement recorded July 2, 2012 as Document No.
3929967, which was also included among the interests addressed by the Judgment, is being terminated by
separate instrument and is not included in this Release.
NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, the City declares and agrees as follows:
1. Release and Termination. The City hereby irrevocably releases, terminates, relinquishes and
extinguishes all of the City’s right, title and interest in and to the Fleming Easement Interests
acquired through the Judgment. From and after recording of this Release, the Fleming Easement
Interests acquired through the Judgment shall be permanently terminated and extinguished and
shall no longer burden, encumber, benefit or otherwise affect the Original Resort Property or any
portion thereof.

TERMINATION AND RELEASE OF CONDEMNED EASEMENT INTERESTS

113

2. Application to Original Resort Property; Avoidance of Doubt. For avoidance of doubt and
without limiting Section 1, this Release is intended to release and extinguish the Fleming Easement
Interests throughout and with respect to the entirety of the Original Resort Property legally
described on Exhibit B, including each portion thereof that has been or may hereafter be subdivided,
combined, reconfigured, replatted, condominiumized, dedicated or otherwise included within a
successor parcel. To the fullest extent the City acquired any of the Fleming Easement Interests
through the Judgment, none of such Fleming Easement Interests shall remain as a burden,
encumbrance, easement, covenant, right, benefit or other interest affecting any portion of the
Original Resort Property.
3. Reserved Rights; No Revival. The City acknowledges that except as set forth below, the City
previously released and terminated its rights and interests in and to the easements and related
interests identified on Exhibit A by recorded instruments. Pursuant to the Release of Easement
Rights executed by the City and recorded as Document No. 4663330, the City retained certain
municipal utility easements created by Document Nos. 884556 and 922707, which may have been
subsequently modified or partially released by the City (“City Reserved Rights”). Notwithstanding
the termination and extinguishment of the Fleming Easement Interests, the City shall continue to
retain the City Reserved Rights and this Release shall have no force or effect on the City Reserved
Rights. Nothing contained herein shall revive or reinstate any right or interest previously released
or terminated.
4. Recording; Successors and Assigns. This Release shall be recorded in the office of the Register
of Deeds for Waukesha County, Wisconsin and shall constitute record notice of the release and
extinguishment of the Fleming Easement Interests throughout the Original Resort Property as
provided herein. This Release shall be binding upon the City and its successors and assigns and
shall inure to the benefit of the current and subsequent owners of the Original Resort Property and
each successor parcel containing any portion thereof.

[SIGNATURE PAGE FOLLOWS]

TERMINATION AND RELEASE OF CONDEMNED EASEMENT INTERESTS

114

IN WITNESS WHEREOF, the City has caused this Release to be duly executed as of the
Effective Date.
CITY:
CITY OF OCONOMOWOC
By: ____________________________________
Name: Matt Rosek
Its: Mayor
By: ____________________________________
Name: Gina Kozlik
Its: City Clerk
ACKNOWLEDGMENT
STATE OF WISCONSIN
COUNTY OF WAUKESHA

)
) ss.
)

This instrument was acknowledged before me on the ____ day of September, 2026, by Matt
Rozek and Gina Kozlik, respectively the Mayor and City Clerk of the City of Oconomowoc, a Wisconsin
municipal corporation, on behalf of the City.
____________________________________
Notary Public, State of Wisconsin
Print Name: _________________________
My Commission is (permanent)(expires): ____________
This document was drafted by:
Timothy J. Voeller, JD.
Wangard Partners, Inc.

TERMINATION AND RELEASE OF CONDEMNED EASEMENT INTERESTS

115

EXHIBIT A
FLEMING EASEMENT INTERESTS
The Fleming Easement Interests consist solely of all right, title and interest held or claimed by the Fleming
Parties, or by any person or entity claiming by, through or under them, that were condemned and vested in
the City pursuant to the Judgment in and to the following easements and related interests, including to the
extent any such interests burden, encumber, cross, traverse, benefit, are appurtenant to, or otherwise affect
the Original Resort Property described on Exhibit B:
1. That certain Declaration of Easements dated February 15, 1974 and recorded as Document No.
884555, amended by an Amendment to Declaration of Easement dated August 18, 1995 and
recorded as Document No. 2060522, and an Amendment to Declaration of Easement and
Agreement of Assumption and Indemnity dated April 14, 1998 and recorded as Document No.
2312738 (collectively, the “IREC Declaration”).
2. That certain Easement Agreement dated April 6, 1988 and recorded as Document No. 1473575,
together with the Consent to Easement recorded April 7, 1988 as Document No. 1473576, as
amended by an Amendment to Easement Agreement dated April 6, 1988 and recorded as Document
No. 1625667, and modified by an Agreement dated August 18, 1995 and recorded as Document
No. 2060523 (collectively, the “Centres Easement Agreement”).
3. That certain Grant of Easement dated February 3, 1995 and recorded as Document No. 2023568
and assigned by Assignment of Easement recorded August 18, 1995 as Document No. 2060521,
and that certain Grant of Road Easement dated February 3, 1995 and recorded as Document No.
2023569 and assigned by Assignment of Easement recorded August 18, 1995 as Document No.
2060521 (collectively, the “1995 Easements”).
4. All interests in the access and utility easements shown on Certified Survey Map No. 5465 recorded
April 7, 1988 as Document No. 1473573 and Certified Survey Map No. 10958 recorded March 14,
2012 as Document No. 3901718, including all such interests condemned and vested in the City
pursuant to the Judgment; provided, however, that this Release does not release or terminate any
independent municipal utility easement rights of the City created pursuant to Documents Nos.
884556 or 922707 and expressly retained by the City pursuant to Document No. 4663330, as
subsequently modified or partially released of record (the “City Reserved Rights”).
5. All interests in that certain Sewer Easement granted to Olympia Wisconsin Limited Partnership
recorded as Document No. 1625666 and amended by Document No. 3990145.
For avoidance of doubt, the Private Road Maintenance Agreement recorded July 2, 2012 as Document No.
3929967 is not included in this Exhibit A and is addressed by separate termination instrument.

TERMINATION AND RELEASE OF CONDEMNED EASEMENT INTERESTS

116

EXHIBIT B
LEGAL DESCRIPTION OF ORIGINAL RESORT PROPERTY
That part of the Northwest 1/4 and the Southwest 1/4 of Section 10, and the Northeast 1/4 and the Southeast
1/4 of Section 9, and the Southwest 1/4 of Section 3, Township 7 North, Range 17 East, in the Town of Summit and
the City of Oconomowoc, County of Waukesha and State of Wisconsin, which is bounded and described as follows,
to-wit:
Beginning at the Southwest corner of the Southwest 1/4 of Section 3, thence N 00° 44’ 35” W along the West
line of said Southwest 1/4, 681.35 feet to a point; thence S 89° 55’ 36” E, 548.15 feet to a point on the Southwesterly
right-of-way line of State Trunk Highway No. 67; thence S 33° 48’ 27” E along said right-of-way line 376.70 feet to
a point; thence N 89° 55’ 36” W, 512.88 feet to a point; thence S 00° 57’ 46” E, 368.61 feet to a point in the North
line of the Northwest 1/4 of Section 10; thence S 89° 55’ 36” E along the North line of said Northwest 1/4, 735.12
feet to a point on the Southwesterly right-of-way line of State Trunk Highway No. 67; thence Southeasterly along said
right-of-way line and 391.71 feet along the arc of a curve, the center of which lies to the Northeast, the radius of which
is 2,064.86 feet and the chord of which bears S 47° 08’ 22.5” E, 391.12 feet to a point; thence S 53° 53’ 44” E along
said right-of-way line 650.50 feet to a point; thence Southeasterly along said right-of-way line and 1,558.94 feet along
the arc of a curve, the center of which lies to the Southwest, the radius of which is 2,151.83 feet and the chord of
which bears S 31° 49’ 10.5” E, 1,525.07 feet to a point; thence S 00° 00’ 49” W along a line 33.00 feet East of and
parallel to the East line of the Northwest 1/4 of Section 10, 717.71 feet to a point on the North line of the Southwest
1/4 of Section 10; thence N 89° 39’ 01” W along said North line 282.66 feet to a point; thence S 00° 00’ 08” W,
207.00 feet to a point; thence S 89° 39’ 01” E, 282.66 feet to a point; thence S 00° 00’ 08” E along a line 33.00 feet
East of and parallel to the East line of the Southwest 1/4 of Section 10, 205.50 feet to a point; thence N 89° 39’ 01”
W, 2,587.44 feet to a point; thence S 00° 01’ 08” W along the West line of the Southwest 1/4 of Section 10, 425.28
feet to a point; thence N 88° 52’ 54” W along the North line of the Wisconsin Electric Power Company right-of-way,
519.75 feet to a point; thence N 00° 01’ 08” E, 846.86 feet to a point; thence N 87° 52’ 51” W along the South line of
the Northeast 1/4 of Section 9, 16.81 feet to a point; thence N 00° 08’ 07” W, 264.21 feet to a point; thence N 87° 52’
51” W, 2,109.82 feet to a point; thence N 00° 54’ 25” W along the West line of the Northeast 1/4 of Section 9, 2,277.36
feet to the Northeast corner of said Northeast 1/4 of Section 9; thence N 89° 48’ 07” E along the North line of said
Northeast 1/4 of Section 9, 2,675.24 feet to the point of beginning.
Current Tax Key Numbers:
OCOC 0587.997.001
OCOC 0587.997.002
OCOC 0587.997.022
OCOC 0609.001 – OCOC 0609.044
OCOC 0609.045.001 – OCOC 0609.045.037
OCOC 0609.046 – OCOC 0609.065
OCOC 0609.067 – OCOC 0609.073
OCOC 0609.075 – OCOC 0609.105
OCOC 0609.107 – OCOC 0609.136
OCOC 0609.138
OCOC 0609.139
OCOC 0609.142 – OCOC 0609.187
OCOC 0609.994.004 – OCOC 0609.994.006
OCOC 0609.994.008
OCOC 0609.994.011
OCOC 0609.994.016 – OCOC 0609.994.018
OCOC 0609.994.020
OCOC 0609.994.022
OCOC 0609.994.023
OCOC 0609.994.026 – OCOC 0609.994.028
OCOC 0612.994.049 – OCOC 0612.994.080

OCOC 0614.960.001 – OCOC 0614.960.030
OCOC 0614.967.003 – OCOC 0614.967.011
OCOC 0614.973.001
OCOC 0614.975.003
OCOC 0614.975.004
OCOC 0614.975.006
OCOC 0614.975.008
OCOC 0614.975.011
OCOC 0614.975.012
OCOC 0614.975.014
OCOC 0614.975.016 – OCOC 0614.975.018
OCOC 0614.975.020
OCOC 0614.975.021
OCOC 0614.976.007
OCOC 0614.976.008
OCOC 0614.980.004
OCOC 0614.980.007
OCOC 0614.984.067
OCOC 0615.981.005
OCOC 0615.984.001
OCOC 0615.984.002

TERMINATION AND RELEASE OF CONDEMNED EASEMENT INTERESTS

117

MEMORANDUM
ADMINISTRATION
Date: October 6, 2026
To:

Mayor and Common Council

From: Mark Frye, City Administrator
Re:

Consider/act on Termination and Release of Ingress/Egress Easements

RELATES TO THE STRATEGIC PLAN
Strategic Goal-NA
BACKGROUND
This document removes the easement across the Wangard parcel directly south of the Fleming parcel.
ADDITIONAL ANALYSIS
N/A
FINANCIAL IMPACT
N/A
RECOMMENDATION
Staff recommend approving the termination and release of ingress/egress easements.
SUGGESTED MOTION
Motion to approve the termination and release of ingress/egress easements.

V:\City Projects\Olympia Fields\Flemming Parcel\Council 10062026 Final Documents\Background Memo for Termination and Release of
Ingress-Egress Easements 10062026.docx

1

118

DALE W. ARENZ (1935-2022)
DONALD S. MOLTER, JR. (Retired)
JOHN P. MACY
H. STANLEY RIFFLE (Court Commissioner)
ERIC J. LARSON
REMZY D. BITAR

730 N. GRAND AVENUE
WAUKESHA, WISCONSIN 53186
Telephone (262) 548-1340
Facsimile (262) 548-9211
Email: [email protected]

PAUL E. ALEXY
LUKE A. MARTELL
SAMANTHA R. SCHMID
CHRISTOPHER R. SCHULTZ
LUCAS C. LOGIC
GREGORY M. PROCOPIO
ADAM J. MEYERS
SAVANNA GAIN
JAIME L. STAFFARONI
HAILEY R. LIPINSKI
SAVANNAH H. ZIEGLER
ANDREW F. PIETROSKE
----------STEPHEN J. CENTINARIO, JR.

September 30, 2026

MEMO
From:
To:
Re:

Stan Riffle, City Attorney
Mark Frye, City Administrator
Fleming Documents

Mark:
You asked me to prepare a summary of the documents to be presented to the Common
Council for review and approval related to the Fleming commercial property. As an overview, all
of these documents were contemplated when the Common Council accepted the settlement of the
Condemnation lawsuit. The resolution of the lawsuit included several elements as related to the
City (Wangard and Fleming had separate agreements in settlement of their own lawsuits). The
City’s deal with Fleming included:


The lawsuit would be dismissed. This has been completed.



The City would vacate a portion of right-of-way providing ingress/egress to the
Fleming parcel and the Wangard parcel. This resulted in the north ½ vested to
Fleming parcel and ½ to the Wangard parcel to the south. In Wangard’s settlement,
Wangard is deeding its ½ to Fleming. The vacation document has been recorded so
this is complete.

MUNICIPAL LAW & LITIGATION GROUP, S.C.
ARENZ, MOLTER, MACY, RIFFLE, LARSON & BITAR

119

MUNICIPAL LAW & LITIGATION GROUP, S.C.
Fleming Documents
October 1, 2026
Page 2



Wangard agreed to deed the remnant parcel (former Unity Drive) - an approximate
35 foot strip of land situated between the stormwater pond (the “Strip”) - to
Fleming. Since there were several recorded restrictions and other agreements
between the City and Wangard affecting this strip, the City agreed to release those
as to Fleming to facilitate Fleming’s incorporation of the Strip into its development.



The City previously asked Wangard to record an ingress/egress easement on its
parcel to the south. Wangard and Fleming have negotiated a different easement for
this purpose. The City has agreed to terminate the prior easement to accommodate
the new easement.

All of these documents have been approved by counsel for all parties (including me), and I ask the
Council to approve.
Stan

120

TERMINATION AND RELEASE OF
INGRESS-EGRESS EASEMENT
Document Number

Recording Area
Name and Return Address
Wangard Partners, Inc.
1200 N. Mayfair Road, Suite 410
Milwaukee, Wisconsin 53226
Attn: Legal
OCOC0614967003
Parcel Identification Number (PIN)

TERMINATION AND RELEASE OF INGRESS-EGRESS EASEMENT

121

TERMINATION AND RELEASE OF INGRESS-EGRESS EASEMENT
THIS TERMINATION AND RELEASE OF INGRESS-EGRESS EASEMENT (this “Release”) is
made as of the ____ day of __________________, 2026 (the “Effective Date”), by and between WY
OCONOMOWOC LLC, a Wisconsin limited liability company (“Grantor”), and the CITY OF
OCONOMOWOC, a Wisconsin municipal corporation (“City”).
RECITALS
WHEREAS, Grantor declared that certain Declaration of Ingress-Egress Easement dated
November 7, 2023 and recorded on November 16, 2023 in the office of the Register of Deeds for Waukesha
County, Wisconsin, as Document No. 4745494 (the “Declaration”), encumbering certain portions of Lot 3
of Certified Survey Map No. 12298, recorded March 17, 2022 as Document No. 4657463 (the “Property”);
WHEREAS, the Declaration grants to the City and the general public a non-exclusive, perpetual
easement and right-of-way for vehicular and pedestrian ingress, egress and access to, from, through, over
and across that portion of the Property described and depicted on Exhibit A attached hereto (the “Easement
Area”), including ingress and egress to and from Lot 1 of Certified Survey Map No. 10958, recorded March
12, 2012 as Document No. 3901718 (the “Adjoining Property”) (collectively, the “Easement”);
WHEREAS, Section 3 of the Declaration provides that no users or beneficiaries of the Easement
or Easement Area are required parties to amend the Easement or Easement Area, and that only Grantor and
the City, and their respective successors and assigns, are required parties to such amendment; and
WHEREAS, Grantor and the City desire to terminate the Declaration and the Easement in their
entirety and release the Property from all rights, burdens and obligations created thereby.
NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, Grantor and the City agree as follows:
1. Termination and Release. Effective as of the Effective Date, Grantor and the City hereby
terminate the Declaration and the Easement in their entirety. The City hereby releases and
relinquishes all right, title, interest and benefits held by the City under or pursuant to the
Declaration and the Easement, and the Declaration and Easement shall no longer encumber or
burden the Property or any portion thereof.
2. Extinguishment of Easement Rights. For avoidance of doubt, the termination described herein
is intended to fully extinguish all easement and access rights created by the Declaration, including
rights granted to the general public and to users or beneficiaries of the Adjoining Property,
without the joinder of such users or beneficiaries, consistent with Section 3 of the Declaration
3. Successors and Assigns. This Release shall be binding upon and inure to the benefit of Grantor,
the City and their respective successors and assigns.
IN WITNESS WHEREOF, Grantor and the City have caused this Release to be duly executed as
of the Effective Date.
[SIGNATURE PAGES TO FOLLOW]

TERMINATION AND RELEASE OF INGRESS-EGRESS EASEMENT

122

GRANTOR:
WY OCONOMOWOC LLC,
a Wisconsin limited liability company

By: ____________________________________
Name: Stewart M. Wangard
Its: Sole Member

ACKNOWLEDGMENT
STATE OF WISCONSIN

)
) ss.
COUNTY OF MILWAUKEE )
This instrument was acknowledged before me on the ____ day of __________________, 2026, by
Stewart M. Wangard, Sole Member of WY OCONOMOWOC LLC, a Wisconsin limited liability
company, on behalf of the company.

____________________________________
Notary Public, State of Wisconsin
Print Name: _________________________
My Commission is (permanent)(expires): ____________

TERMINATION AND RELEASE OF INGRESS-EGRESS EASEMENT

123

CITY:
CITY OF OCONOMOWOC

By: ____________________________________
Name: _________________________________
Its: Mayor

By: ____________________________________
Name: _________________________________
Its: City Clerk

ACKNOWLEDGMENTS
STATE OF WISCONSIN

)
) ss.
COUNTY OF WAUKESHA )
This instrument was acknowledged before me on the ____ day of __________________, 2026, by
_________________________________ and _________________________________, respectively the
Mayor and City Clerk of the City of Oconomowoc, a Wisconsin municipal corporation, on behalf of the
City.

____________________________________
Notary Public, State of Wisconsin
Print Name: _________________________
My Commission is (permanent)(expires): ____________

This document was drafted by:
Timothy J. Voeller, JD.
Wangard Partners, Inc.

TERMINATION AND RELEASE OF INGRESS-EGRESS EASEMENT

124

EXHIBIT A

TERMINATION AND RELEASE OF INGRESS-EGRESS EASEMENT

125

TERMINATION AND RELEASE OF INGRESS-EGRESS EASEMENT

126

MEMORANDUM
ADMINISTRATION
Date: October 6, 2026
To:

Mayor and Common Council

From: Mark Frye, City Administrator
Re:

Consider/act on Termination and Release of Private Road Maintenance Agreement

RELATES TO THE STRATEGIC PLAN
Strategic Goal-NA
BACKGROUND
When Wangard originally divided the parcels on STH 67 (including the Fleming Parcel), the City required
a private road maintenance agreement for the repair and upkeep of Unity Drive - a private road with utilities
below. With the redevelopment, all roads are now public and Unity Drive is no more - thus there is no need
for this legacy agreement. This document terminates the old agreement.
ADDITIONAL ANALYSIS
N/A
FINANCIAL IMPACT
N/A
RECOMMENDATION
Staff recommend approving the termination and release of private road maintenance agreement.
SUGGESTED MOTION
Motion to approve the termination and release of private road maintenance agreement.

V:\City Projects\Olympia Fields\Flemming Parcel\Council 10062026 Final Documents\Background Memo for Termination and Release of Private
Road Maintenance Agreement 10062026.docx

1

127

DALE W. ARENZ (1935-2022)
DONALD S. MOLTER, JR. (Retired)
JOHN P. MACY
H. STANLEY RIFFLE (Court Commissioner)
ERIC J. LARSON
REMZY D. BITAR

730 N. GRAND AVENUE
WAUKESHA, WISCONSIN 53186
Telephone (262) 548-1340
Facsimile (262) 548-9211
Email: [email protected]

PAUL E. ALEXY
LUKE A. MARTELL
SAMANTHA R. SCHMID
CHRISTOPHER R. SCHULTZ
LUCAS C. LOGIC
GREGORY M. PROCOPIO
ADAM J. MEYERS
SAVANNA GAIN
JAIME L. STAFFARONI
HAILEY R. LIPINSKI
SAVANNAH H. ZIEGLER
ANDREW F. PIETROSKE
----------STEPHEN J. CENTINARIO, JR.

September 30, 2026

MEMO
From:
To:
Re:

Stan Riffle, City Attorney
Mark Frye, City Administrator
Fleming Documents

Mark:
You asked me to prepare a summary of the documents to be presented to the Common
Council for review and approval related to the Fleming commercial property. As an overview, all
of these documents were contemplated when the Common Council accepted the settlement of the
Condemnation lawsuit. The resolution of the lawsuit included several elements as related to the
City (Wangard and Fleming had separate agreements in settlement of their own lawsuits). The
City’s deal with Fleming included:


The lawsuit would be dismissed. This has been completed.



The City would vacate a portion of right-of-way providing ingress/egress to the
Fleming parcel and the Wangard parcel. This resulted in the north ½ vested to
Fleming parcel and ½ to the Wangard parcel to the south. In Wangard’s settlement,
Wangard is deeding its ½ to Fleming. The vacation document has been recorded so
this is complete.

MUNICIPAL LAW & LITIGATION GROUP, S.C.
ARENZ, MOLTER, MACY, RIFFLE, LARSON & BITAR

128

MUNICIPAL LAW & LITIGATION GROUP, S.C.
Fleming Documents
October 1, 2026
Page 2



Wangard agreed to deed the remnant parcel (former Unity Drive) - an approximate
35 foot strip of land situated between the stormwater pond (the “Strip”) - to
Fleming. Since there were several recorded restrictions and other agreements
between the City and Wangard affecting this strip, the City agreed to release those
as to Fleming to facilitate Fleming’s incorporation of the Strip into its development.



The City previously asked Wangard to record an ingress/egress easement on its
parcel to the south. Wangard and Fleming have negotiated a different easement for
this purpose. The City has agreed to terminate the prior easement to accommodate
the new easement.

All of these documents have been approved by counsel for all parties (including me), and I ask the
Council to approve.
Stan

129

Document Number

TERMINATION AND RELEASE OF
PRIVATE ROAD MAINTENANCE
AGREEMENT

Recording Area
Name and Return Address
Wangard Partners, Inc.
1200 N. Mayfair Road, Suite 410
Milwaukee, Wisconsin 53226
Attn: Legal

OCOC0614980004
OCOC0614967003
OCOC0614967002
OCOC0614967008
OCOC0614967009
OCOC0614967005
OCOC0614967006
OCOC0614967007

Parcel Identification Number (PIN)

TERMINATION AND RELEASE OF PRIVATE ROAD MAINTENANCE AGREEMENT

130

TERMINATION AND RELEASE OF PRIVATE ROAD MAINTENANCE AGREEMENT

THIS TERMINATION AND RELEASE OF PRIVATE ROAD MAINTENANCE
AGREEMENT (this “Termination”) is made as of the ____ day of __________________, 2026 (the
“Effective Date”), by and among FLEMING INVESTMENTS, LLC, a Wisconsin limited liability
company (“Fleming Investments”), STEVEN T. FLEMING and JUDITH ANN FLEMING, each
individually (collectively, the “Fleming Parties”), and the CITY OF OCONOMOWOC, a Wisconsin
municipal corporation (the “City”).
RECITALS

WHEREAS, that certain Private Road Maintenance Agreement dated May 25, 2012 was recorded
on July 2, 2012 in the office of the Register of Deeds for Waukesha County, Wisconsin, as Document No.
3929967 (the “Agreement”);
WHEREAS, the Agreement established certain rights and obligations among the owners of Lots
1, 2, 3 and 4 of Certified Survey Map No. 10958, recorded March 14, 2012, as Document No. 3901718
(collectively, the “Original Property”), relating to the use, maintenance, repair, operation and cost allocation
for the private roadway identified in the Agreement as Unity Drive, and provides that such rights and
obligations run with the land and bind successor owners, including successor owners of parcels
subsequently created from the Original Property;
WHEREAS, the City, pursuant to the Order for Judgment and Judgment of Condemnation
pertaining to the consolidated Waukesha County Court Case 23-CV-1923 between the City and Fleming
Parties, which has been recorded with the Waukesha County Register of Deeds on September 11, 2026 as
Document No. 4896686, the City has obtained an interest in the Agreement;
WHEREAS, from time to time, parties to the Agreement and/or their respective successors in
interest have executed and recorded instruments noted as Document Nos. 4670360, 4671816, and 4670359,
releasing and terminating their respective rights and benefits under the Agreement (collectively, the “Prior
Releases”), and the parties acknowledge that, as of the Effective Date, all parties other than the Fleming
Parties and City have formally released their rights and benefits under the Agreement;
WHEREAS, the Fleming Parties desire to release and terminate any and all remaining rights,
interests, benefits, claims and obligations they have or may have under the Agreement, and the City desires
to release and terminate any and all remaining rights, interests, benefits, claims and obligations it has or
may have under the Agreement;
WHEREAS, the parties intend that, upon recording of this Termination, the Agreement be fully
terminated, extinguished and rendered null and void and of no further force or effect.

TERMINATION AND RELEASE OF PRIVATE ROAD MAINTENANCE AGREEMENT

131

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, the Fleming Parties and the City agree as follows:

1. Fleming Release and Termination. The Fleming Parties hereby irrevocably release, terminate and
relinquish any and all rights, title, interests, benefits, easements, privileges, claims and enforcement
rights they have or may have under the Agreement, and release and discharge all current and former
owners and their respective successors and assigns from any obligations or liabilities owed to the
Fleming Parties under the Agreement.

2. City Release and Termination. The City hereby irrevocably releases, terminates and relinquishes
any and all rights, title, interests, benefits, easements, privileges, claims and enforcement rights
they have or may have under the Agreement, and release and discharge all current and former
owners and their respective successors and assigns from any obligations or liabilities owed to the
City under the Agreement.

3. Complete Termination of Agreement. In light of the Prior Releases and the releases set forth
above, the Agreement is hereby terminated, released and extinguished in its entirety and shall be
null and void and of no further force or effect. No provision of the Agreement shall hereafter create
or constitute any right, covenant, obligation, burden, maintenance obligation, cost-sharing
obligation, claim or other interest running with or affecting the Original Property, any successor
parcel derived therefrom, or any owner or successor in interest thereto.

4. Prior Releases; No Revival. This Termination confirms and completes the termination process of
the Agreement reflected in the Prior Releases and contained herein. Nothing contained herein shall
revive, reinstate or otherwise affect any right or benefit previously released or terminated pursuant
to any of the Prior Releases.

5. Successors and Assigns. This Termination shall be binding upon and inure to the benefit of the
parties hereto and their respective successors and assigns and shall be recorded in the office of the
Register of Deeds for Waukesha County, Wisconsin.

IN WITNESS WHEREOF, the Fleming Parties and the City have caused this Termination to be
duly executed as of the Effective Date.

[SIGNATURE PAGES TO FOLLOW]

TERMINATION AND RELEASE OF PRIVATE ROAD MAINTENANCE AGREEMENT

132

FLEMING PARTIES:

FLEMING INVESTMENTS, LLC,
a Wisconsin limited liability company

By: ____________________________________
Name: Steven T. Fleming
Its: Managing Member

ACKNOWLEDGMENT
STATE OF ____________

)
) ss.
COUNTY OF ____________ )

This instrument was acknowledged before me on the ____ day of __________________, 2026, by Steven
T. Fleming, Managing Member of FLEMING INVESTMENTS, LLC, a Wisconsin limited liability
company, on behalf of the company.

____________________________________
Notary Public, State of ______________
Print Name: _________________________
My Commission is (permanent)(expires): ____________

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FLEMING PARTIES:

____________________________________
STEVEN T. FLEMING, individually

____________________________________
JUDITH ANN FLEMING, individually

ACKNOWLEDGMENT
STATE OF ____________

)
) ss.
COUNTY OF ____________ )

This instrument was acknowledged before me on the ____ day of __________________, 2026, by Steven
T. Fleming and Judith Ann Fleming, each individually.

____________________________________
Notary Public, State of ______________
Print Name: _________________________
My Commission is (permanent)(expires): ____________

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CITY:

CITY OF OCONOMOWOC

By: ____________________________________
Name: Matt Rosek
Its: Mayor

By: ____________________________________
Name: Gina Kozlik
Its: City Clerk

ACKNOWLEDGMENT
STATE OF WISCONSIN
COUNTY OF WAUKESHA

)
) ss.
)

This instrument was acknowledged before me on the ____ day of __________________, 2026, by Matt
Rozek and Gina Kozlik, respectively the Mayor and City Clerk of the City of Oconomowoc, a Wisconsin
municipal corporation, on behalf of the City.

____________________________________
Notary Public, State of Wisconsin
Print Name: _________________________
My Commission is (permanent)(expires): ____________

This document was drafted by:
Timothy J. Voeller, JD.
Wangard Partners, Inc.

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MEMORANDUM
MAYOR
Date: October 6, 2026
To:

Common Council

From: Mayor Rosek
Re:

Update of Discussions with the Village of Lac La Belle Regarding Sanitary Sewer

CLOSED SESSION
PLEASE TAKE NOTICE that the Common Council of the City of Oconomowoc will convene, upon passage
of the proper motion, into Closed Session pursuant to §19.85(1)(a), Wis. Stats., the closed session may
be attended by the Common Council and staff. The purpose of the meeting is for deliberating or negotiating
the purchasing of public properties, the investing of public funds, or conducting other specified public
business, whenever competitive or bargaining reasons require a closed session pursuant to §19.85(1)(e)
and/or to confer with legal counsel who is rendering oral or written advice concerning strategy to be
adopted with respect to litigation in which it is likely to become involved as authorized under §19.85(1)(g),
Stats,. Specifically, to be discussed is the potential provision of sanitary sewer capacity to the Village of
Lac La Belle.
The Common Council will adjourn in Closed session and not reconvene in Open Session.
BACKGROUND
We will be updating the Aldermen with regards to the discussions that have taken place with the Village of
Lac La Belle.
FINANCIAL IMPACT
N/A
RECOMMENDATION
N/A

Z:\City Administrator\Village of Lac La Belle Sanitary Discussions 2026\Confidential Background Memo for Closed Session Regarding Village of
Lac La Belle Sanitary Sewer Discussions 10062026.docx

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