City Council
MEETING DATE: 1/11/2017
TITLE:
Title
Participation in The California Municipal Finance Association Open PACE Program
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FROM:
Pat Milos, Community Development Director
RECOMMENDATION:
Recommendation
Staff recommends the City Council adopt a resolution related to the City's participation in the California Municipal Finance Authority ("CMFA") Open Property Assessed Clean Energy ("PACE") Program authorizing the CMFA to accept applications from property owners, conduct contractual assessment proceedings and levy contractual assessments within the City and authorizing related actions; authorizing the Mayor or City Manager or designee to execute the Joint Exercise of Powers Agreement to join CMFA; and authorizing the Mayor or City Manager or designee to execute all documents and take any actions necessary and appropriate to carry out the intent of the resolution.
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BACKGROUND:
The CMFA is a Joint Powers Authority formed to assist local governments, non-profit organizations and businesses by promoting economic, cultural and community development, with the financing of economic development and charitable activities throughout California. To date, over 250 municipalities have become members of the CMFA.
As part of its economic and community development, the CMFA along with its current Program Administrators, Energy Efficient Equity, Inc.; BlueFlame PACE Services LLC; OnPACE Energy Solutions, LLC; and Structured Finance Associates, LLC; are offering PACE financing for residential and commercial property owners in its member territories. The CMFA is expected to issue limited obligation bonds, notes or other forms of indebtedness to fund the projects.
PACE is an innovative way to finance energy efficiency, water efficiency, and renewable energy upgrades for residential and commercial buildings. Property owners who participate in the program repay the loans through a voluntary contractual assessment collected together with their propert...
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