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Commissioners approve replacement PACE assessment for Roone project under 2024 state changes
Summary
Holly Houston of the Saint Paul Port Authority won board approval to remove a current PACE assessment and replace it with a new assessment starting in 2027; she said 2024 state law changes allow financing up to 30% of a property’s value and 30‑year terms and that the property owner will pay current assessments and taxes when the new loan closes.
The board approved a request from the Saint Paul Port Authority to remove an existing PACE (Property Assessed Clean Energy) assessment and replace it with a new PACE assessment under statutory changes enacted in 2024.
Holly Houston, program administrator for the PACE program, told commissioners the 2024 amendment allows up to 30% of a property’s assessed value to be financed for energy improvements and extends eligibility to 30‑year terms; it also expanded assessability to resiliency projects. She said the property owner will pay off the current assessment and any accrued taxes and penalties when the new loan closes and that staff will follow up to ensure state law and program rules are met.
A commissioner asked whether required steps that were due by May 15 had been completed; Houston said the payment had not been made yet and that payment will occur when the new loan closes. Commissioners asked about underwriting and program safeguards; Houston said the Port Authority underwrites the program while lenders underwrite the individual property owner. After discussion the board made and carried a motion to approve the replacement assessment, with staff to monitor compliance with state requirements.
No further details about the property owner or project name were specified in the public record provided to the board.
