DEPARTMENT: Environmental Resources
FILE TYPE: Consent Action
TITLE
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Certification Of Property Assessed Clean Energy Charges For Energy Improvements On Property In City Of Mendota Heights
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PURPOSE/ACTION REQUESTED
Certify Property Assessed Clean Energy (PACE) charges for an energy improvement project on the Landco Investments Mendota Heights, LLC property in the city of Mendota Heights.
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: Landco Investments Mendota Heights, LLC
Parcel Number: 27-52250-01-040
Assessment: $3,500,000
Interest Rate: 8.29%
Finance Period: 29 years
Accrual Date: 1/1/2027
After the imposition of special assessments, the County will collect the assessment payments twice a year and remit them to the Port Authority for use in the repayment of the loan(s) or bond(s). The County will take all actions permitted by law to recover the assessments, including, without limitation, reinstating the outstanding balance of assessments when the land returns to private ownership, in accordance with Minn. Stat. ? 429.071, subd. 4.
The special assessment will be certified to the County Treasurer-Au...
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