Title
Resolution of Intent to Establish an Energy Financing District and a Property Assessed Clean Energy Program and Set a Public Hearing
Memorandum
This resolution provides notice of the City’s intent to establish a Property Assessed Clean Energy (PACE) program, including the setting of boundaries for the PACE financing district, and a date for a public hearing on the program guidelines. The City has consistently provided support for advancing the City’s energy efficiency and use of renewable sources of energy in government operations, businesses and residences. This PACE program continues City support and encouragement for the community to become more energy efficient by offering special assessments on commercial and industrial properties for certain energy projects.
Previously, the City Council has acted to support state enabling PACE legislation (Resolution R-10-321), authorized grant funds to be used for program development (Resolution R-09-501), and established a loan loss reserve fund to leverage private funding for PACE projects at a lower interest rate (Resolution R-11-085). The projects may be financed over a longer term, up to 10 years, than typical bank financing.
The attached resolution finds that financing of energy projects is a valid public purpose because it furthers essential public and governmental purposes, including, but not limited to, reduced energy costs, reduced greenhouse gas emissions, economic stimulation and development, improved property valuation, and increased employment.
The PACE program report being noticed in this resolution covers all aspects of the program, as required by Public Act 270 of 2010. The elements of the program covered in the report include: details of financing mechanism; setting of interest rates; assessment process and billing; property and project eligibility; application process; underwriting criteria; and, measurement and verification. The City is seeking comments on all program elements to improve the...
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