TO: Honorable Mayor & Members of the North Port Commission
FROM: Peter D. Lear, CPA, CGMA, City Manager
TITLE: Resolution No. 2018-R-24, Evidencing the City’s intent to opt into the Sarasota County Property Assessed Clean Energy (PACE) Program
Recommended Action
Commission approve Resolution No. 2018-R-24, with the intent to opt into the Sarasota County Property Assessed Clean Energy, “PACE” Program.
Background Information
The Property Assessed Clean Energy (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. If owners participate they will be responsible for repaying the amount financed through a non-ad valorem assessment annually on their property tax bill.
Sarasota has entered into agreements with PACE providers and have provided and “opt-in” option for municipalities.
Through Sarasota County’s program, the City of North Port has the choice to “opt in” into the program. If the City opts into the program, residents can take advantage of the program’s financing options.
The following cities within Sarasota County have opted into the PACE program: Town of Longboat Key opted in on September 11th, 2018, and City of Sarasota is considering opting in.
Lee-Hayes Byron form Sarasota County will be providing a presentation and overview of the Property Assessed Clean Energy (PACE) Program and will be available to answer any questions.
Strategic Plan
Enhanced Public Trust through Responsible City Government
Financial Impact
N/A
Procurement
N/A
Attachments: 1. PACE presentation
2. PACE Resolution
3. Exhibit A - 0217-051 PACE Ordinance
Prepared by: Cari Branco
Department Director: Peter Lear