TO: Honorable Mayor & Members of the North Port Commission
FROM: A. Jerome Fletcher II, ICMA-CM, MPA, City Manager
TITLE: Approve the Florida Green Finance Authority (the Authority) Acknowledgement and Agreement Relating to the Properly Assessed Clean Energy Program Confirming the Authority's Compliance with Agreement Provisions and Senate Bill 770.
Recommended Action
Approve the Florida Green Finance Authority (the Authority) Acknowledgement and Agreement relating to the Properly Assessed Clean Energy (PACE) Program.
Background Information
The Authority currently operates the PACE Program in the City of North Port through Sarasota County’s Party Membership Agreement which was executed by the City via Resolution No. 2018-R-24. The PACE Program is a financing mechanism that enables funding to property owners to make qualifying improvements to their homes or business for renewable energy, energy efficiencies, and wind resistance improvements. Through the PACE Program, homeowners can make qualified improvements to their property with and finance the cost through annual assessments.
Senate Bill 770, codified at Chapter 2024-273, Laws of Florida and effective July 1, 2024, provides several amendments to the PACE Act. This Acknowledgement and Agreement confirms the City’s acknowledgement of the Change and that the Authority will continue to operate the PACE Program, as amended, without further action needed by the City.
The new law adds wastewater treatment, flood and water damage mitigation, and sustainable building improvements. Other changes enhance certain protections for consumers entering into PACE Contracts, ensure oversight for contractors that install improvements, and expand the universe of improvements this financing may be used to install.
Strategic Plan
Good Governance
Financial Impact
Not applicable.
Procurement
Not applicable.
Attachments:
1. Authority Letter with Acknowledgement and Agreement
2. Resolution No. 2018-24
3. Sarasota County Interlocal Agreement and Resolution
Prepared by: A. Jerome Fletcher II, ICMA-CM, MPA, City Manager
Department Director: A. Jerome Fletcher II, ICMA-CM, MPA, City Manager