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Establishing the 2019 budget for energy projects financed by the new $5 million Green Energy Loan Program.
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WHEREAS, the City of Saint Paul is committed to reducing its carbon footprint and energy consumption over the next several years, with the goal of being carbon neutral for its own facilities by 2030; and
WHEREAS, the Green Energy Loan Program (“Loan Program”) was established by the Mayor and City Council in the 2019 city budget as a means of financing energy projects that support sustainable economic, social and environmental development through the implementation of energy efficient and renewable energy measures; and
WHEREAS, projects financed by the Loan Program should reduce energy consumption for city facilities, improve facility infrastructure and reduce carbon emissions, and generate measurable and significant annual energy savings; and
WHEREAS, the Loan Program, established within the City’s Internal Loan Fund, provides for up to $5 million to be loaned for the replacement of lighting, heating and air conditioning systems, building controls and other energy-related systems within city facilities; and
WHEREAS, individual loans provided under the Loan Program may not exceed $250,000, and may carry a 3-to-5 year term, with a maximum term of 7 years, or as determined at the discretion of the City’s Finance Director; and
WHEREAS, the projects should generate measurable annual energy savings to be used to repay the loans, as reviewed and approved by City Treasury; and
WHEREAS, the spending and financing authority in the Internal Borrowing Fund (Fund 700) has already been established; and
WHEREAS, to implement the Loan Program and undertake these energy projects an amendment is needed to the 2019 City Budget to establish spending and financing authority in the City Capital Projects Fund (Fund 400); and
WHEREAS, additional financing will be available for the energy projects through the use of Xcel Energy rebates tied to energy ...
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