Presentation on theme: "FLORIDA PACE FUNDING AGENCY Delivered by SAIC. FloridaPACE.gov 2 FLORIDA PACE FUNDING AGENCY Delivered by SAIC What is PACE? –Property Assessed Clean."— Presentation transcript:
FLORIDA PACE FUNDING AGENCY Delivered by SAIC
FloridaPACE.gov 2 FLORIDA PACE FUNDING AGENCY Delivered by SAIC What is PACE? –Property Assessed Clean Energy Allows for the cost of Qualified Improvements to be repaid through a Special Assessment on the property tax bill. Energy EfficiencyWind ResistanceRenewable EnergyEnergy Audit
FloridaPACE.gov 3 FLORIDA PACE FUNDING AGENCY Delivered by SAIC Tallahassee Who is the Florida PACE Funding Agency? –An independent government agency –Created in June 2011 –Issue up to $2.0 billion in Bonds –Implement a state-wide platform –Limit the liability of Counties & Cities –Professional program and financial management
FloridaPACE.gov 4 FLORIDA PACE FUNDING AGENCY Delivered by SAIC Stakeholders –Agency Cheryl L. Grieb ~ Board Member Barbara S. Revels ~ Board Member Edward Marquez ~ Board Member Mike Steigerwald ~ Executive Director Don Smalwood ~ General Counsel Bryant Miller Olive P.A. ~ Special & Bond Counsel Financial Advisors PFM Group First Southwest Southeastern Investment Securities Third-Party Administrator –SAIC Financial Service Provider ~ TBD
FloridaPACE.gov 5 FLORIDA PACE FUNDING AGENCY Delivered by SAIC What is the Government's Role? –Indentify pressing public needs –Build consensus –Indentify resources that are sustainable –Optimize cost/benefit with minimum public risk –Create conditions to allow for market integration –Monitor and adjust
FloridaPACE.gov 6 FLORIDA PACE FUNDING AGENCY Delivered by SAIC What is the Agency's Mission? –To provide simplified, no cost access to the standardized implementation, planning, development, funding, financing, marketing and management of a statewide PACE financing platform to all counties.
FloridaPACE.gov 7 FLORIDA PACE FUNDING AGENCY Delivered by SAIC How Do I Participate? –Subscription Agreements Inter-local agreement Uniform state-wide approach Better ability to attract capital No financial obligations Lower cost to implement Limited liabilities Agency administers program Special assessment tax bill process * The Agency will not provide its services within the boundaries of any local government that does not desire and request to cooperatively enter into a subscription agreement.
FloridaPACE.gov 8 FLORIDA PACE FUNDING AGENCY Delivered by SAIC Specifically… –Agree to Participate Samples of all documentation are available from the Agency now. –Approve Resolution Provides that the Subscription Agreement is hereby approved. Subscription Agreement between Local Govt. & Agency. Expressly authorizing the Agency to provide its services. Expressly provides that the Agency may assist in providing qualifying Improvements to property owners. –Develop financing agreements between Agency & Property Owner Causes non-ad valorem assessment only on subject property. Remittance of special assessment proceeds to the Agency on annual basis.
FloridaPACE.gov 9 FLORIDA PACE FUNDING AGENCY Delivered by SAIC Qualified Improvements –Energy conservation and efficiency improvements for efficient use of electric, natural gas, propane and other forms of energy including but not limited to: Air sealing & Installation of insulation. Energy-efficient heating, cooling or ventilation systems & components systems. Building modification to increase the use of daylight. Replacement of windows. Installation of energy controls or energy recovery systems. Installation of electric vehicle charging equipment. Installation of efficient lighting equipment. –Renewable energy improvements in which electrical, mechanical, or thermal energy is produced using the following fuels: Hydrogen Biomass Wind Solar Energy Geothermal Energy
FloridaPACE.gov 10 FLORIDA PACE FUNDING AGENCY Delivered by SAIC Who is Eligible to Participate? –Residential –Multi-Family Rental –Common Ownership: Coming Soon –Commercial –Industrial –Private Healthcare –Private Educational –Agriculture –Taxable Governmental
FloridaPACE.gov 11 FLORIDA PACE FUNDING AGENCY Delivered by SAIC Underwriting Criteria? –Applicant must be the Property Owner. –Qualified Improvement is less than 20% of “just” property value. –Property tax payments current during last 3 years. –Mortgage payments current and no delinquencies during last 3 years. –No outstanding liens on the property. –Contractor is state licensed and on approved list. –Proposed improvement is a qualified improvement. –Complete cost proposal from the contractor. –Notice to mortgagor of the impending special assessment.
FloridaPACE.gov 12 FLORIDA PACE FUNDING AGENCY Delivered by SAIC County Benefits –No financial obligation to the County…significant benefit to property owners; tax collection fees are reimbursable. –Agency handles all administration and marketing; County can participate. –One program...common program rules across all participants…maximum transparency. –Best loan terms available. –Cooperating relationships with IOU, Municipal and Coop utilities to secure available capital cost rebates. –Technical assistance available through the third party administrator, SAIC.
FloridaPACE.gov 13 FLORIDA PACE FUNDING AGENCY Delivered by SAIC How Do I Get Started? –Don’t let energy savings and jobs creation in your county get delayed…TIME = $$$ –Speak to one of the FPFA staff to schedule an in-depth presentation. –Take a thumb drive of standardized subscription documents.