Sponsor
Alderman Shakoor
Title
Finance alley and sidewalk improvements
Resolved, to approve in concept revising the interest rate for home owners to finance street and sidewalk improvement assessments as presented with a cap on the rate change either way and to direct the attorney's office to draft the appropriate resolution and ordinance.
Fiscal Note: The rate would be based on the average prime rate over the last 10 years plus an additional .5% administrative charge, total rate rounded to the nearest .5%. The rate will be reviewed every 5 years but there will be a cap on the rate change either way.