DEPARTMENT: Environmental Resources
FILE TYPE: Consent Action
TITLE
title
Authorization To Amend Resolution No. 25-180 For Certification Of Property Assessed Clean Energy Charges For Energy Improvements On Property In City Of Lakeville
end
PURPOSE/ACTION REQUESTED
Amend certification of Property Assessed Clean Energy (PACE) charges for an energy improvement project owned by Likewise Lakeville 1, LLC Property, formerly owned by Lakeville Ind Acreage PRTNSHP, due to ownership and loan interest change and reapportionment of assessment following parcel division.
SUMMARY
By Resolution No. 25-180, the Dakota County Board of Commissioners approved a special assessment to secure repayment of a PACE loan administered by the St. Paul Port Authority (Port Authority) for property located in the City of Lakeville. Following approval of the Resolution, the property was sold to a new owner who subdivided the property affected by the special assessment (Attachment: Location Map). The Port Authority has also revised the interest rate payable for the loan, which affects the assessment imposed by the County. The Port Authority has requested that the County Board amend the prior assessment to identify the new property owner and lower interest rate. All other terms for this PACE loan remain the same.
The Port Authority has also informed staff that the new property owner asked that the County Board reapportion the assessment following the subdivision to place the assessment only on the improved parcel (22-44466-01-010) and not on the remaining unimproved parcel, as allowed under Minn. Stat. ? 429.071, subd. 3. The reapportionment to the improved parcel is appropriate because the loan secured by the special assessment provides financing for energy improvements that will only be located on the improved parcel. In addition, the previously approved special assessment has not yet been added to the taxes payable for the property and will therefore not affect collection of the full ass...
Click here for full text