Title
A Resolution Of The City Commission Of The City Of Hollywood, Florida, To Provide A Mechanism For The Financing Of Energy Conservation And Efficiency Improvements, Renewable Energy Improvements, And Wind Resistance Improvements; Authorizing The Execution Of A Non-Exclusive Interlocal Subscription Agreement With The Florida Pace Funding Agency For An Initial Term Of Three Years Ending September 30, 2017; Pursuant To Which The Florida Pace Funding Agency Will Administer A Financing Program For Such Improvements Within The Municipal Boundaries Of The City; Authorizing And Directing City Officials, Officers, Employees And Agents To Take Such Actions As May Be Necessary Or Desirable In Furtherance Of The Purposes Of This Resolution; Providing For Conflicts; Providing For Severability; And Providing An Effective Date.
Body
Staff Recommends: Approval of Resolution
Explanation:
As of March 13, 2014, the Florida PACE Funding Agency has up to $200 million to immediately fund improvements in Florida communities. The Agency has received expressed immediate interest from local commercial property owners interested in pursuing the Agency's financing opportunity. Because the City of Hollywood is a coastal community, there are hundreds of individual condominium units that can immediately take advantage of this program.
The Florida PACE Funding Agency is actually a local governmental entity that presents an innovative opportunity to immediately implement a PACE Program for property owners. The acronym PACE generally refers to "property assessed clean energy." The Program parameters are broadly outlined in section 163.08, Florida Statutes. The special assessments being offered to interested property owners are strictly voluntary and authorized by general law.
The Florida PACE Funding Agency PACE program and the documentation are 'open' and non-exclusive. The City of Hollywood (the "City") can participate in the advantages of a PACE program and a...
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