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EDA told landfill solar project likely requires bond payoff, MPCA sign-off and possible special legislation
Summary
Staff flagged multiple legal and financial obstacles to building a solar array on the city landfill: federal tax-exempt bonds on the site may have to be retired (payoff cited at about $3.3 million), MPCA approval would be needed and special legislation could be required; members recommended checking with Excel Energy and the city's lobbyist.
Staff brought an update and a memorandum on prospects for a solar project on the city's landfill and told the EDA that significant legal and financial obstacles exist.
The staff member introducing the item said the memo (provided in members' packets and authored by staff including Sarah Sel) found that the primary barrier to an outside developer building on the site is the presence of federal tax-exempt bonds tied to the property; proceeding with many third-party development models could require paying off those bonds. "It appears that we would have to pay off the bonds," the staff…
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