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Housing and Redevelopment Minutes Page 2 <br /> April 7,2014 <br /> There were no public hearings. <br /> 7.1 Property Assessed Clean Energy (PACE) <br /> Brian Beeman presented the staff report. He then introduced Peter Klein,Vice <br /> President of Finance from the St. Paul Port Authority. <br /> Mr. Klein provided information regarding the Property Assessed Clean Energy <br /> (PACE) program and discussed how the program is being utilized in other <br /> communities. He also discussed loan terms,interest rates and how the loans are <br /> repaid. Mr. Klein noted that the city has no financial risk but they would have the <br /> task of collection/enforcement of the special assessments. He stated that currently, <br /> the energy efficiency loans are limited to 10%;olthe assessed valuation of the <br /> property,but that the legislature may be increasing that to,20%. <br /> Dan Weber, Sherburne County Assessor/Economic Development°Specialist, stated <br /> that the County was approached by an individual to participate in'the program. <br /> Chair Wilson asked why the legislature was looking to increase the amount from <br /> 10% to 20%. Mr. Klein stated that they were finding that 10% of the valuation was <br /> not a very large amount when a company was looking to make significant energy <br /> improvements. <br /> Mr. Klein stated that if a,loan was to-:default, first the taxes would get paid, then the <br /> special assessment for the PACE loan,and then the mortgage on the property. <br /> Mr.Weber stated that then`city could participate on their own,or with the county <br /> through the Joint PPowers Agreement. Mr. Klein stated that the city could enter into <br /> one join: t po' ers agreement with SPPA on behalf of each city,rather than each <br /> entering into`agreements with each individual city. <br /> Commissioner Chuba asked if a solar project were proposed,would the loan be just <br /> for the cells. Mr. Klein stated that the loan could be for the entire project,including <br /> reinforcing the roof, et He noted that the PACE program also includes energy <br /> efficiency,which saves companies money and significant energy. <br /> Motion by Commissioner Chuba and seconded by Commissioner Motion to <br /> recommend that City Council grant authorization to Sherburne County to <br /> enter into a Joint Powers Agreement with the St. Paul Authority (SPPA) for <br /> the issuance of proposed bonds by the Port Authority for the PACE of MN <br /> Project. Motion carried 4-0. <br /> 7.2 Rental Rehabilitation Deferred Loan Program <br /> The staff report was presented by Brian Beeman. He stated that CMHP has <br /> requested a Rental Rehabilitation Deferred Loan Program (RRDL) funding <br /> POWERED DF <br /> NATURE <br />