Title
Resolution to Extend Grant Period to March 7, 2013 and Amend Budget for the U.S. Department of Energy’s Energy Efficiency and Conservation Block Grant (EECBG) program (Reallocation of $1,243,400.00)
Memorandum
Attached for your review is a resolution that accepts the extension of the grant period for the U.S. Department of Energy’s (US DOE) Energy Efficiency and Conservation Block Grant (EECBG) program, which was originally accepted on December 21, 2009 by resolution R-09-501. The US DOE has recently granted many cities, including Ann Arbor, extensions to their EECBG programs. This resolution extends the grant period to March 7, 2013 to continue innovative programs that support and finance community energy efficiency, including the recently developed Property Assessed Clean Energy (PACE) and A2energy.org programs.
The extension also includes an amended budget approved by US DOE, within existing, agreed upon activity areas in the EECBG program. There is no change in the total dollar amount of the budget. A reduction in the original amount of the PACE loan loss reserve fund (LLRF) freed up funds for other grant activities during the extension, and is based on anticipated PACE loans issued in the first round of applications, expected before the end of the calendar year. The amended budget includes:
Community Energy Efficiency Initiative: $578,962.00 in federal funding
Of this total, $343,962.00 is the amended budget to staff and continue consultant support and administration for the Property Assessed Clean Energy (PACE) and for A2energy.org education and outreach, with $73,962.00 remaining during the extension period.
Additionally, $200,000.00 will be used for the PACE loan loss reserve fund (LLRF), established on March 7, 2011 by resolution R-11-085. The LLRF allows the City to leverage a larger pool of funding for PACE projects and potentially reduce interest rates for participating property owners by covering a portion of delinquent or defaulted payments....
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