2014-053 Designating St. Paul Port Authority to impose special assessments - PACECITY OF HOPKINS
HENNEPIN COUNTY, MINNESOTA
RESOLUTION NO. 2014-053
RESOLUTION DESIGNATING THE PORT AUTHORITY TO IMPLEMENT AND
ADMINISTER A PROJECT ASSESSED CLEAN ENERGY IMPROVEMENT
FINANCING ON BEHALF OF THE CITY, AND PROVIDING FOR THE IMPOSITION
OF SPECIAL ASSESSMENTS AS NEEDED IN CONNECTION WITH THAT
PROGRAM
WHEREAS, the Port Authority of the City of Saint Paul (the "Port Authority") has
established the Property Assessed Clean Energy Program ("PACE OF MN") to finance the
acquisition and construction or installation of energy efficiency and conservation improvements
(the "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 and 471.59 (the "Act").
WHEREAS, in order to finance the Improvements, the City hereby determines that it is
beneficial to participate in PACE OF MN, and to designate the Port Authority as the
implementer and administrator of that program on behalf of the City for purposes of financing
Improvements located within the City.
WHEREAS, the City understands that the Port Authority may obtain funding from
designated lending institutions or may issue its PACE OF MN special assessment revenue
bond(s) to finance the Improvements, and that the sole security for the loan(s) or bond(s) will be
special assessments imposed by cities participating in PACE OF MN.
WHEREAS, to facilitate and encourage the financing of Improvements located within
the City, the City covenants to levy assessments for said Improvements on the property so
benefitted, in accordance with the Application and Petition for Special Assessments received
from the owner(s) of the Property and approved by the Port Authority. The interest rate on the
Special Assessments shall be the interest rate on the Loan(s) or Bond(s), and may include
additional interest.
WHEREAS, after imposition of the special assessments, the City shall collect such
assessments and remit them to the Port Authority for use in the repayment of the Loan(s) or
Bond(s). The City will take all actions permitted by law to recover the assessments, including
without limitation, reinstating the outstanding balance of assessments when the land returns to
private ownership, in accordance with Minn. Stat. Section 429.071, Subd. 4.
NOW, THEREFORE, BE IT RESOLVED that, after appropriate examination and due
consideration, the governing body of the City approves the City's participation in PACE OF MN
and authorizes The Mayor and City Clerk to execute on behalf of the City, any documents,
certificates or agreements necessary to implement the program authorized by this resolution.
Adopted by the City Council of the City of Hopkins this 21st day of October, 2014.
By: r ��
Eugene J. axwell, Mayor
AT E T:
VV�
Amy Domeier, City Clerk