Title
Approving assessment costs and setting the date of City Council public hearing to ratify the assessment for the PACE of MN improvement financing (File No. 19223, Assessment No. 177401)
Body
WHEREAS, the City of Saint Paul ("City") has an interest in promoting energy efficient construction within the City; and
WHEREAS, the Saint Paul City Council approved a Joint Powers Agreement with the Saint Paul Port Authority ("SPPA") on November 16, 2016 (RES 16-2000) designating the SPPA to implement and administer the Property Assessed Clean Energy (PACE of MN") improvement financing on behalf of the City, and providing for the imposition of special assessments pursuant to Minnesota Statutes Sections 216C.435 and 216C.436 and Chapter 429 (the "Act"); and as needed in connection with that program; and
WHEREAS, the City wishes to encourage commercial and industrial reinvestment, and to be proactive in preparing for applications and petitions for special assessments from owners of property located in Saint Paul desiring to participate in and receive financing pursuant to the Act; and
WHEREAS, GO WILD, LLC has submitted a PACE of MN application to SPPA, attached hereto as Exhibit A, for its property located at 400 Wabasha Street, Saint Paul, MN (PIN No. 06-28-22-12-0098), and is requesting that the City levy a special assessment of $6,740,000 (the "PACE Assessment"), and apply said assessment on its property tax bill over the next 20 years; and
WHEREAS, SPPA has reviewed the application and determined that the interested property owner meets all eligibility requirements under PACE of MN; and
WHEREAS, SPPA, on behalf of the property owner, requests that the City apply the PACE Assessment and collect payment on the property tax bill on behalf of the SPPA; and
WHEREAS, after imposition of the PACE Assessment, the City shall collect such assessment payments and remit them to the SPPA for use in the repayment of the Loan(s) or Bond(s) and the City will take...
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