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539 <br />this installation of panels manufactured in Mountain Iron, MN. Mr. Streier <br />540 <br />briefly reviewed that MN State Statute requirement (Chapter 471.345) and how <br />541 <br />energy savings needed to be guaranteed, with the application designed to take <br />542 <br />advantage of federal solar tax incentives for such projects. Mr. Streier addressed <br />543 <br />funding, with a 10% down payment required of the City, and anticipated return on <br />544 <br />investment or a payback period of approximately 12.5 years; and based on his <br />545 <br />firm's review of the City's actual Xcel energy bills and based on the size of the <br />546 <br />system needed. Mr. Streier advised that his firm handled all engineering, design, <br />547 <br />installation, equipment and financing components after the City's initial 10% <br />548 <br />down payment. Mr. Streier advised that the lease strT ure allowed Newport to <br />549 <br />monetize federal tax credits and beneficial depreciati <br />550 <br />Mr. Schwarthat he would be out -of -town for Emergency Management <br />565 <br />Mr. Streier responded affirmatively, advising that residential customers were their <br />566 <br />tourers; however, they do not finance residential customers. <br />567 <br />1W 4qU&,V <br />568 <br />Van erwall thanked Mr. Streier for his attendance and informative <br />569 <br />Cha <br />ntation. <br />570 <br />571 8. <br />Retrofit Plan <br />572 <br />Due to the latest of the hour, Chair Vanderwall requested that this item be <br />573 <br />deferred for a future meeting. <br />574 <br />575 9. <br />Possible Ite Vased t Meeting — April 23, 2013 <br />576 <br />Mr. Schwarthat he would be out -of -town for Emergency Management <br />577 <br />Training for the April meeting, but noted that City Engineer Bloom would be <br />578 <br />available to serve as staff liaison. <br />579 <br />• LED Retrofit Plan <br />580 <br />• Open Meeting Law Discussion with City Attorney <br />581 <br />• Discuss County Road B -2 Sidewalk Plan <br />582 <br />• Pathway Master Plan and Natural Resources and Trails Subcommittee <br />583 <br />(NRATS) Update. <br />Page 13 of 14 <br />