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11-04-2024 Special JDA Agenda Packet
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11-04-2024 Special JDA Agenda Packet
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<br /> Joint Development Authority <br />TCAAP Redevelopment Project <br />Joint Development Authority <br />TCAAP Redevelopment Project <br />• 2023: <br />o Energy Advisory Committee (EAC) convened and refreshed the Green Energy Vision. <br />o Alatus reaffirmed as lead developer for the California Parcel. <br />o Ryan Companies selected as developer for Outlot A. <br />New policies and technologies <br />Changes since the JDA adopted the Energy Integration and Resiliency Framework in 2015 make its <br />ambitious vision even more achievable than when it was originally set. Some key changes include: <br />State clean energy policy: In 2023, the Minnesota state legislature established that electricity in <br />Minnesota must be carbon-free by 2040, meaning that utilities such as Xcel must use only clean sources <br />that do not emit carbon dioxide, including renewable energy like wind and solar. This new reality has <br />shifted the focus of many in the industry from “net-zero energy” to “carbon-free”. Net-zero energy was <br />an important goal when the electric grid was largely powered by carbon-intensive sources. However, <br />now that the entire Minnesota electric grid will be carbon-free by 2040, simply building an all-electric <br />development will achieve most of the greenhouse gas emission goals. <br />Advances in green energy technologies: Energy-efficient building design, renewable energy technologies, <br />ground-source heat pumps, electric vehicle infrastructure and a high demand for a sustainable built <br />environment have made sustainability strategies the standard for many developers these days. Many of <br />these technologies have advanced so much that they are now the most cost-effective solutions <br />available. <br />New financing sources for green energy: The federal Inflation Reduction Act (IRA) has completely <br />changed the financial feasibility of sustainable development by providing generous incentives for green <br />energy systems and other sustainability measures. Preliminary analysis of the current development plan <br />suggests that large portions of the green energy systems will be eligible for a 40% rebate from the <br />federal government, making a strong financial case for installing these systems, on top of the <br />environmental case. <br />Current research and analysis <br />In 2023, the JDA engaged Ever-Green Energy and LHB to analyze the feasibility of implementing the <br />Green Energy Vision, taking into account changes to the development plan and technology and financing <br />advances since the EIRF was completed. This analysis comprised three primary components: 1. <br />Comprehensive energy analysis to understand the energy demands of the development, 2. Strategies to <br />reduce that demand, primarily high-performance building design, and 3. Renewable energy technologies <br />to meet the remaining demand. Staff and consultants met with project developers several times to <br />discuss strategies and address questions and concerns. <br />As presented at the October 2024 JDA meeting and described in the attached Clean Energy Analysis <br />report, Ever-Green and LHB’s analysis demonstrates that switching from a business-as-usual
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