Long Beach, CA
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File #: 15-0296    Version: 1 Name: CM - CA FIRST PACE Program Part 3
Type: Resolution Status: Adopted
File created: 3/27/2015 In control: City Council
On agenda: 4/7/2015 Final action: 4/7/2015
Title: Adopt resolution consenting to inclusion of certain properties within the jurisdiction in the California HERO Program to finance distributed generation renewable energy sources, energy and water efficiency improvements, and electric vehicle charging infrastructure, and approving the amendment to a certain joint powers agreement thereto. (Citywide)
Sponsors: City Manager
Attachments: 1. 040715-R-15sr&att.pdf, 2. RES-15-0043.pdf
Related files: 15-0226, 15-0295, 16-0236, 16-0287, 16-0288
TITLE
Adopt resolution consenting to inclusion of certain properties within the jurisdiction in the California HERO Program to finance distributed generation renewable energy sources, energy and water efficiency improvements, and electric vehicle charging infrastructure, and approving the amendment to a certain joint powers agreement thereto. (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, as well as distributed generation renewable energy sources. Participating property owners repay the cost of the improvements through an assessment levied against their property, that 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. In turn, government jurisdictions, such as cities, counties, or joint powers authorities, issue municipal bonds backed by the assessments.









This financing mechanism, Property Assessed Clean Energy (PACE), 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 lien obligation that is attached to the property and not the individual borrower. These programs represent an innovative partnership between the public and private sector, leading to a greener city, decreased costs for property owners, and spurring growth in this sector of the economy.

PACE, however, also exposes property ow...

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