Title
A Resolution Of The City Commission Of The City Of Hollywood, Florida, Authorizing Participation In The "Florida Green Energy Works Program" And The "Clean Energy Green Corridor Program," Voluntary Programs Providing Interested Property Owners With The Opportunity To Finance Energy Efficiency Improvements On Their Property By Repayment Through Non-Ad Valorem Assessments On Their Property Tax Bill, Authorizing The appropriate City Officials To Execute An Interlocal Agreement Between The Florida Green Finance Authority And The City Of Hollywood And An Interlocal Agreement Between The Clean Energy Green Corridor District And The City Of Hollywood For Administration Of These Programs In The City.
Body
Staff Recommends: Approval of the attached Resolution.
Explanation:
On June 17, the Hollywood City Commission approved entering into an ILA with the Florida PACE Funding Agency to provide a funding mechanism for resident to make specific improvements to their properties. 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. Therefore, the City of Hollywood can participate in the advantages of a PACE program and access capital markets, without having to implement or deploy individual programs or individually seek capital from its treasury for City constituents. This also allows the City to provide options to Hollywood residents through the consideration and approval of InterLocal Agreements with two additional PACE program providers, Clean Energy Green Corridor District and Florida Green Energy Works.
The Florida Green Finance Authority has selected EcoCity Partners L3C as its Third Party Administrator and includes the follow...
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