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Subject: Communication from the Alderman of the Thirteenth District requesting to discuss revising the interest rate for home owners to finance alley and sidewalk improvements. (RES No. 12-3338)
Recommendation of the Finance & Personnel Committee on 9-24-12: 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.