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I like the “opt in/opt out” option for the private portion. It makes sense to get things done by the City’s contractors while they are there. However, as retired seniors on fixed incomes, our decision will be based on the costs. We may look after our own landscaping in a phased in process.
June 1, 2022Is it better for me to “Opt In” to the program to install services to my property now? What if I “Opt Out” and choose to postpone replacing my water and sewer lines until I’m ready to do it?
June 1, 2022If I “Opt In” to get my water and sewer services replaced on my property and into my house, how does the LIC program work?
The voluntary infrastructure loan program is similar to other programs the City offers (such as the Urban Electrification program): The amount will be added to your property taxes and amortized over 15 years at the best interest rate the City can secure at the time. The interest rate will be fixed at the time of borrowing, and it will not change. The City will provide a very conservative estimated interest rate to show what the annual amounts might be, but when the best rate is secured, that will be the rate you pay, not the estimated rate. Historically, the actual fixed interest rate has been much lower than the estimated rate. You can also choose to pay the entire amount immediately (no interest) or pay it down in lump sums annually. The amortized amounts will be applied to your annual property taxes and paid however you pay your taxes.