Title
Granting a five-year extension of the Energy Park Utility Company Franchise, held by the Port Authority, from August 1, 2036 to August 1, 2041.
Body
WHEREAS, Saint Paul City Council granted a franchise to the Energy Park Utility Company for carrying on the business of conveying hot and cold water for consumers, for a term up to August 1, 2036, as codified in Appendix G of the Saint Paul Legislative Code; and
WHEREAS, District Energy of St. Paul was hired by the Port Authority to manage the Energy Park Franchise, and the Port Authority recommends continuing this arrangement; and
WHEREAS, the Port Authority wishes to extinguish its current conduit bonds on the Energy Park Utility and to refinance them with District Energy revenue bonds; and
WHEREAS, it is anticipated that this refinancing will result in a savings of over $1 million dollars; and
WHEREAS, the refinancing of the bonds requires that the existing franchise term be extended for an additional five years, to August 1, 2041, and the City wishes to do so.
NOW, THEREFORE, BE IT RESOLVED, THE COUNCIL OF THE CITY OF SAINT PAUL DOES ORDAIN:
Section 1.
That the Saint Paul Legislative Code, Appendix G, be amended as follows:
Appendix G. Energy Park Utility Company Franchise-Port Authority
Sec. 1. Grant of Franchise.
The Port Authority of the City of Saint Paul, a body politic and corporate under the laws of the State of Minnesota, hereinafter designated as "company," owns the Energy Park Utility Company, an integrated community energy system demonstrating innovative technologies and techniques in energy production, energy conservation and energy management which applies new and emerging technology to the task of providing efficient and economical delivery of heating, cooling and other energy services. The company is hereby granted a nonexclusive franchise to use the streets and other public property located in such city for such purpose for a term extending from the effective date of this ordinance as...
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