PROPERTY ASSESSED CLEAN ENERGY PROGRAMS.
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1 PROPERTY ASSESSED CLEAN ENERGY PROGRAMS
2 What is PACE? PACE stands for Property Assessed Clean Energy. PACE is designed to provide commercial and residential property owners a means to finance the costs of installing renewable energy and energy efficiency improvements to their buildings and pay for the costs over the functional life of the improvement as an on-going assessment on property tax bills. Florida legislation also permits the financing of wind resistance improvements.
3 Florida PACE Legislation In 2010, Florida enacted Section , Florida Statutes, to provide general law authority to use special assessments to finance qualifying improvements to real property. Supplemental authority is granted to cities and counties to levy special assessments to finance qualifying improvements. All PACE special assessments are voluntary. Mandates special assessments be collected only on annual tax bill. Establishes certain credit limits and amount limits for assessments. Authorizes local governments to work together and to work with for-profit and not-for-profit entities to operate a program.
4 How Projects are Funded Cities or Counties can act individually or collectively as a conduit to make financing available to property owners. Each separate financing is secured by a statutorily authorized non-ad valorem special assessment on the improved property. Each financing is paid back through assessment payments made as part of the property tax bill (the mortgage escrow can be increased to include the annual assessment as part of the owner s monthly mortgage payment, which effectively converts the annual cost to a monthly cost). Assessments are on a parity with other special assessments and property taxes and are senior to mortgages and other non-tax related liens.
5 Individual Local Government or Small Regional Programs Have Not Been Successful Cost of start up and implementation are expensive and have to rely on local government funding or resources. Present lack of local government funding resources, expertise and focus. Lack of uniformity of standards from one local government to another. Inability to create large demand needed to attract significant funding. Unsettled issues raised by federal mortgage giants. Liability concerns.
6 Benefits of Statewide PACE Platform An entity with authority to operate throughout the state allows for establishment of uniform standards and procedures. Statewide entity only acts upon request to do so by local government. Ability to attract needed financial resources to adequately fund growing demand. Centralized administration provides efficiencies and cost savings. Breath and scope of a statewide program fosters the partnership with commercial and industrial groups, educators, energy auditors, contractors, suppliers and installers and creates local private sector jobs! Uniform approach to address any concerns in residential mortgage market. Provides limited liability for local governments.
7 Florida PACE Funding Agency The Florida PACE Funding Agency was created in June 2011 by general law through an interlocal agreement between Flagler County and the City of Kissimmee. The Agency s mission is to facilitate the implementation, planning, development, funding, financing, marketing and management of a uniform statewide platform so that counties and cities can easily and economically take advantage of a scalable program for their property-owning constituents. The Agency has been established by a charter, has adopted a master bond resolution, and has validated the Agency s ability to issue bonds to fund the various voluntary financing agreements entered into pursuant to general law, together with a litany of matters and issues associated with the statutorily authorized non-ad valorem assessments which will comprise the revenues to repay the bonds.
8 How the Agency Works The Agency has been designed to encourage local governments to subscribe to its statewide, uniform program. It is believed that such a subscription approach will be attractive to create markets with little or no cost to local government treasuries. No special assessment will be imposed on any property for the cost of qualifying improvements unless all owners of the property voluntarily agree to allow the assessment to be imposed pursuant to a financing agreement entered into by the property owners and the local government. The actions by the Agency provide a means to validate and provide certainty as to the nature of the non-ad valorem assessments and the impact or reaction from mortgage lenders doing business in Florida, as well as the ability to only issue bonds on an as needed basis to underwrite energy efficiency, renewable energy and wind resistance improvements.
9 Benefits of the Agency Key points of the program that serve as benefits to local governments include: This unique platform will allow for local governments to participate in the advantages of the PACE programs and access capital markets, without having to implement or deploy individual programs or individually seek capital for their constituents. The Agency will not provide its services within the jurisdiction of any local government that does not desire and request to cooperatively enter into a subscription agreement. The Agency s charter, any future subscription agreements with local governments and the validation final judgment are all designed to make it clear that no local government is responsible for the actions or liabilities incurred by the Agency, thus providing and confirming the insulation of liability pursuant to general law to any participating local government.
10 Board of Directors On November 7, 2011, the incorporators of the Agency appointed Cheryl Grieb, Barbara Revels, and Edward Marquez to serve on the Board of Directors for the Agency. Cheryl Grieb currently serves as the Mayor Pro-Tem for the City of Kissimmee and has done so since Concurrently since 2000, Ms. Grieb has been the Owner/Manager of Olde Kissimmee Investments, Inc.., specializing in commercial and residential real estate construction, renovations and investments. Barbara Revels currently serves as the Vice-Chair of the Flagler County Board of County Commissioners. She is also a general contractor and realtor who serves as the president and owner of Coquina Real Estate & Construction, Inc., a full service real estate company and general contracting firm. Ms. Revels has previously served as the President of the Florida Homebuilders Association. Edward Marquez, was appointed as Deputy Mayor of Miami- Dade County Government in August 2011 by the Honorable Mayor Carlos A. Gimenez. As Deputy Mayor, Mr. Marquez is responsible for overseeing the internal management functions of the County, which include the County s Management and Budget, Internal Services, Finance, Audit and Management, and Information Technology Departments. In addition to serving as Deputy Mayor, Mr. Marquez is also serving as Interim Finance Director. The new Board members have a wealth of local government, real estate and financial experience to bring to the Agency.
11 Upcoming Agency Timeline The Board of Directors held their organizational meeting on November 10, 2011, at which meeting the Board took various actions including consideration of providers of financial advisory services for the Agency, appointment of officers and establishing a timetable to bring the Agency s PACE program online. The Board of Directors appointed the PFM Group and FirstSouthwest and Southeastern Investments Securities, LLC as co-financial advisors to the Agency. On November 15, 2010, responses to the Agency s Request for Information from Providers of Third Party Administration and/or Investment Banking and Program Finance Services are due (the RFI ). In late December/early January, the Agency expects to issue a Request for Proposal for Third Party Administration and/or Investment Banking and Program Finance Services. By the end of the first quarter of 2012, the Agency anticipates being in a position to commence operation of its PACE program.
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