DEPARTMENT: Environmental Resources
FILE TYPE: Consent Action
TITLE
title
Certification Of Property Assessed Clean Energy Charges For Energy Improvements On Property In City Of Hastings
end
PURPOSE/ACTION REQUESTED
Certify Property Assessed Clean Energy (PACE) charges for an energy improvement project on the Hastings Senior Living LLC Property in the City of Hastings.
SUMMARY
By Resolution No. 17-144 (March 21, 2017), the Dakota County Board of Commissioners approved a joint powers agreement (JPA) with the Port Authority of the City of Saint Paul (Port Authority) for the implementation of the PACE program within Dakota County. Through the JPA, the Port Authority is responsible for implementing and administering the PACE program in Dakota County and providing financing for energy improvements to eligible applicants. The County provides for the imposition of special assessments pursuant to Minn. Stats. ?? 216C.435 and 216C.436 and Chapter 429 as needed in connection with that program. To facilitate and encourage the financing of energy improvements on the property so benefitted, the Port Authority has approved the application of and has requested PACE special assessments on the following property (Attachment: Location Map) in Dakota County:
Property Owner: Hastings Senior Living, LLC
Parcel Number: 198145001010
Assessment: $7,560,000
Interest Rate: 7.85%
Finance Period: 24 years
Accrual Date: 1/1/2028
The Board previously approved an assessment for this property in 2022 in connection with an earlier PACE loan. The property owner has requested, and the Port Authority has approved a new loan for this property to take advantage of statutory changes in 2024 that allow for a larger loan amount and a longer loan term. The existing loan and assessment will be fully paid when the property owner closes on the new PACE loan.
After the imposition of special assessments for the new loan, the County will collect the assessment payments twice a year and remit the...
Click here for full text