Title
Amending the financing and spending plans in the General Government Accounts in the amount of $34,195.99 for Inflation Reduction Act tax credit services.
Body
WHEREAS, The Inflation Reduction Act (IRA) of 2022 changed a wide range of tax laws and established tax incentives to advance the development and deployment of clean energy; and
WHEREAS, the IRA includes tax credits and elective pay options that for the first time allow governmental entities to receive a payment equal to the full value of tax credits for building qualifying clean energy projects or making qualifying investments; and
WHEREAS, the City of Saint Paul is engaged in a number of clean energy investments that qualify for these tax credit and elective pay options, including Electric Vehicle Charging Stations, the Electric Fire Truck, and North End Geothermal; and
WHEREAS, the City submitted its first IRA tax credit claim in 2024 and received $34,195.99 and anticipates submitting more claims in 2025; and
WHEREAS, due to the complex and unique nature of this new tax credit and elective pay program, the City requires technical support services to ensure our tax credit claims are accurate and can be maximized; and
WHEREAS, the Mayor, pursuant to Section 10.07.1 of the City Charter, certifies that there is available for appropriation funds of $34,195.99 in excess of those budgeted in Fund 211 in 2025; now, therefore, be it
RESOLVED, that the City Council of Saint Paul does hereby authorize the City to accept the funds and amend the budget as described in the attached financial analysis, and authorizes the appropriate City officials to execute agreements and take any other action necessary to carry out this resolution.
Financial Analysis
See attachment.