DEPARTMENT: Environmental Resources
FILE TYPE: Consent Action
TITLE
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Certification Of Property Assessed Clean Energy (PACE) Charges For Energy Improvements On Properties In Cities Of Rosemount And Eagan
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PURPOSE/ACTION REQUESTED
Certify Property Assessed Clean Energy (PACE) charges for energy improvement projects on the OMNI Wine Holdings LLC Property in the City of Rosemount and for Coventry Properties of Eagan.
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 impositions of special assessments pursuant to Minn. Stat. ? 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 properties in Dakota County:
Property Owner: OMNI Wine Holdings, LLC
Parcel Number: 34-03210-75-016
Assessment: $171,400
Interest Rate: 6.95%
Finance Period: 14 years
Accrual Date: 1/1/2025
Property Owner: Coventry Properties of Eagan
Parcel Number: 10-72940-01-010
Assessment: $3,000,000
Interest Rate: 8.22%
Finance Period: 29 years
Accrual Date: 1/1/2026
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 whe...
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