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Committee grants 10-year payback option for sidewalk assessment at 2507 Newberry Avenue
Summary
The committee approved a request to allow a 10-year payback period for a sidewalk replacement assessment of $33,437 for 2507 Newberry Avenue; staff said the interest rate would be set by council and typically reflects the city borrowing rate plus 2 percentage points.
The Improvement and Services Committee approved a request July 9 to extend the sidewalk replacement assessment payback period for 2507 Newberry Avenue from the city’s standard five years to 10 years.
Staff said the assessment amount is $33,437 and that the city attorney must review the request; the council sets the interest rate on assessment paybacks. Staff said the city’s standard approach is to set the assessment interest rate at the city’s borrowing rate plus 2 percentage points; staff estimated the current rate at about 4.75 percent.
The committee approved the request and directed staff to proceed with counsel review and forward the item to council for final approval.
