Title
Authorizing the City of Saint Paul to enter into a Joint Powers Agreement with the Saint Paul Port Authority to implement and administer the Property Assessed Clean Energy Program.
Body
WHEREAS, the Port Authority of the City of Saint Paul (the "Port Authority") has established a Property Assessed Clean Energy Program ("PACE of MN") to finance the acquisition and construction or installation of energy efficiency and conservation improvements on properties located throughout the state of Minnesota through the use of special assessments pursuant to Minnesota Statutes Sections 216C.435 and 216C.436 and Chapter 429 (the "Act"), and
WHEREAS, the Port Authority is authorized by the Act to implement and administer the PACE of MN program, and has a proven track record of administering governmental programs to provide financing within the city of Saint Paul and in other areas of the state of Minnesota, and
WHEREAS, the City of Saint Paul ("City") desires that the Port Authority implement and administer the PACE of MN program within the city of Saint Paul and provide financing through a designated lending institution ("Loans") or the Port Authority's issuance of special assessment bonds (the "Bonds"), to qualifying properties within its boundaries for energy improvements ("Improvements") that will benefit the properties and the citizens of the city, and
WHEREAS, the City agrees to assist in financing the Improvements by levying special assessments on properties participating in the PACE of MN program, in accordance with the Application and Petition for Special Assessments submitted by property owners and approved by the Port Authority, and
WHEREAS the City understands that the Port Authority will be solely responsible for repayment of the Loans or PACE OF MN special assessment revenue bond(s) issued to finance the Improvements, and that the City's sole responsibility under the PACE of MN program is to impose and collect said special assessments, and ...
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