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Committee keeps special-assessment installment interest rate at 6% for 2025
Summary
Finance staff recommended, and the committee approved recommending to council, a 6% interest rate for installment payment plans on 2025 special assessments, unchanged from the prior year and including a 2% internal administrative add-on component in the rate calculation.
The Finance, Budget & Personnel Committee voted to recommend the common council set the 2025 special-assessment installment payment plan interest rate at 6%, unchanged from last year.
Finance Director (presenter identified in transcript as) Jennifer Solinski explained the annual determination: the allowed rate is intended to approximate the borrowing cost for the project plus a 2% internal administrative add-on. Solinski said, "I'm not recommending a change in the interest rate, from 6%, which was last year's rate, to this year." The committee moved, seconded and voted to recommend the 6% rate to the council.
Nut graf: The rate applies to property owners who choose an installment plan for repayment of special assessments tied to construction projects; setting the rate annually aligns the city’s charges with borrowing and administrative costs.
Ending: The recommendation will go to the common council for final approval; if adopted, the 6% installment rate will be applied to 2025 special assessments handled via city installment plans.
