City Council
MEETING DATE: 6/14/2017
TITLE:
Title
Transition of CV Upgrade PACE Program to Ygrene's Statewide Program
End
FROM:
Pat Milos, Community Development Director
RECOMMENDATION:
Recommendation
Staff recommends the City Council approve a joint powers agreement addendum with Golden State Finance Authority; and approve a resolution for SB 555; and approve a resolution for AB 811.
Body
BACKGROUND:
The CV Upgrade PACE program was introduced to the Coachella Valley in November 2013 after Ygrene was selected in a competitive bid process. After their ramp-up began, they grew remarkably fast and have continued to grow at an impressive pace. They have completed over 2,000 projects amounting to over $46 million in the Coachella and Palo Verde Valleys. Following on their success here, Ygrene launched their statewide Ygrene Works program in late 2015, teaming up with the Golden State Finance Authority (GSFA). According to GSFA's September 2016 Annual Report Ygrene Works has more than 11,000 completed contracts for more than $306 million in energy efficiency, renewable energy and water saving improvements. There are 8.8 million residential housing units served under the statewide program. Golden State Finance Authority (GSFA) is a California joint powers authority that was organized in 1993. According to their website, GSFA has helped more than 65,800 individuals and families purchase a home. GSFA has gifted over $128 million in down payment assistance grants and helped over 16,500 homeowners to make energy efficiency upgrades to their properties.
At the December 5, 2016 CVAG meeting, the Executive Committee approved transition of the CV Upgrade PACE program to Ygrene's statewide program, known as Ygrene Works. Transition to Ygrene's statewide program requires an amendment to CVAG's existing agreement with Ygrene to allow for early termination. The transition also requires a new agreement with Ygrene for CVAG to join their statewide program. Th...
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