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Minnetonka moves to administer MN PACE assessments locally and expands business outreach
Summary
Commission staff reported the city has begun processing voluntary commercial PACE special assessments that flow to the Saint Paul Port Authority, described recent case sizes (~$1M) and lender interest, and outlined increased business storytelling and a new video series to promote local employers.
City staff briefed the Economic Development Advisory Commission on business priorities and a shift in how Minnetonka will process MN PACE commercial energy‑efficiency financing.
Staff described seven active business programs including site recruitment through Greater MSP, business advisory services, the Thrive newsletter, emergency business assistance (up to $2,500), sewer/access charge deferrals, and commercial code compliance loans. Staff said outreach and storytelling will expand in 2027 through a new business story map and short video series highlighting local employers.
On PACE (Property Assessed Clean Energy), staff said the Saint Paul Port Authority has historically administered PACE assessments for Hennepin County projects, but the city recently began handling voluntary special assessments in‑house that flow through the Port Authority to private lenders. Staff described several pending deals and said interest rates are set by private lenders; early cases discussed showed potential interest rates up to roughly 9% and project sizes around $1 million. Staff said the city does not currently charge a fee for administering the assessments and that an administrative fee to the Port Authority is paid by property owners.
“A lot of those office spaces…need to be providing those high quality spaces,” the business outreach lead said, stressing energy upgrades help owners keep buildings competitive. Staff also noted that completed PACE projects include standard energy‑efficiency work—roofing, HVAC, lighting, water efficiency, and sometimes solar or geothermal—and that projects require both financial and energy audits.
Staff also previewed a business video series that will profile major local employers and promote the Minnetonka Business Network; the first video will feature Stratasys. The commission encouraged outreach and suggested sharing case studies from early PACE projects to educate local businesses.
No action was taken; staff said they will follow up with details about the administrative agreement with the Port Authority and continue outreach.
