How to set path for MinTTY under windows/cygwin correctly?

I made windows shortcut with the following target:

D:\APPS\cygwin64\bin\mintty.exe /bin/env PATH=/local/bin:/usr/local/bin:$PATH /bin/bash --login -i

I was expecting it prepend path with my given values, but it doesn't:

$ echo $PATH/usr/local/bin:/usr/bin:/local/bin:/usr/local/bin:$PATH:/usr/lib/lapack

i.e. $PATH text went into content without expansion.

How to overcome?