TITLE
Recommendation to adopt resolution authorizing participation in the Los Angeles County Energy Program (LACEP); adopt the LACEP report; and authorize City Manager, or designee, to act for the City and to execute all necessary documents on behalf of the City. (Citywide)
DISCUSSION
Assembly Bill 811 (AB 811) was approved by the State Legislature and signed by the Governor on July 21, 2008. AB 811 and its amendments authorize local governments to provide financing to qualified property owners for the installation of energy and water efficiency improvements and distributed generation renewable energy sources that are permanently fixed to their respective properties. Participating property owners repay the cost of the improvements through an assessment levied against their property which is payable in semi-annual installments on property tax bills, with a lien filed against the property as security. The assessment remains with the property should the owner transfer or sell it.
On May 25,2010, the County of Los Angeles approved an AB 811 voluntarY contractual assessment program, known as the Los Angeles County Energy Program (LACEP), to finance the installation of such improvements within the unincorporated areas of the County. These voluntary contractual assessments may also be entered into by property owners in incorporated cities subsequent to the adoption of a Resolution of Participation in LACEP by the legislative body of the incorporated city. Attachment A provides an overview of the Los Angeles County Energy Program.
LACEP financing, under AB 811, mitigates two key barriers that may prevent property owners from implementing a greater number of energy efficiency, water efficiency and renewable energy projects: 1) it eliminates the need for property owners to pay out-of-pocket up-front costs for improvements; and 2) it establishes a loan obligation that is attached to the property and not to the individual borrower. LACEP is intended to facilitate a sign...
Click here for full text