Title
Amending the financing and spending plans in the 2019 Capital Improvement Budget to authorize Green Energy Loan Program energy improvements at the George Latimer Central Library and make other changes to the program budget.
Body
WHEREAS, on February 13, 2019 the Mayor and City Council approved the Green Energy Loan Fund Program to finance up to $5,000,000 in city loans for energy improvement projects to reduce energy consumption in city facilities, improve facility infrastructure, reduce carbon emissions, and generate measurable and significant annual energy savings; and
WHEREAS, to date approximately $1.7 of the loan funds, along with $400,000 in Xcel Energy rebates, have financed nearly 40 projects in city libraries, fire stations, and several recreation centers and outdoor parks; and
WHEREAS, while more projects are planned to be completed through this program, city staff have determined that it is preferable to finance future projects with city bond funds rather than loans to departments whose facilities are being improved because energy cost savings from the improvements have not kept pace with loan repayment obligations; and
WHEREAS, it is necessary to amend the program budget to replace loan financing with bond financing, to recognize up to $1 million of past and future rebate funds, and to establish a budget for a new project to provide $550,000 of needed energy improvements at the George Latimer Central Library using bond funds and rebate monies; and
WHEREAS, the Mayor, pursuant to Section 10.07.1 of the Charter of the City of Saint Paul, does certify that there are available for appropriation funds of $6,000,000 in excess of those estimated in the 2019 Capital Improvement Budget; now, therefore be it
RESOLVED, by the Council of the City of Saint Paul, upon recommendation of the Mayor and the advice of the Long Range Capital Improvement Budget Committee, that $6,000,000 is available for appropriation in the Capital Improvement Budget, and said budget, as heretofore adopted and amended by the Council, is hereby further amended in the particulars as indicated in the attached Financial Analysis.
Financial Analysis
See attached Financial Analysis.
CIB Recommendation
The St. Paul Long-Range Capital Improvement Budget Committee reviewed this request on September 11, 2023 and recommended approval.