Title
A Resolution Of The City Commission Of The City Of Hollywood, Florida, Approving And Authorizing The Termination Of The Various Agreements With Florida Pace Funding Agency, Florida Green Finance Authority, Clean Energy Green Corridor; And The Towns of Lantana And Mangonia Park For The Property Assessed Clean Energy (PACE) Program.
Body
Staff Recommends: Approval of Resolution
Explanation:
On June 17, 2015, the City Commission passed and adopted Resolution Number R-2015-146, which provide a mechanism for the financing of energy conservation and efficiency improvements, renewal energy improvements, and wind resistance improvements as well as authorized the execution of a non-exclusive agreement with the Florida Pace Funding Agency. The City and the Florida Pace Funding Agency executed the non-exclusive agreement on March 26, 2015.
Section 3.03(A) of the Agreement provides that either party may unilaterally terminate the agreement prior to any Financing Agreements being executed, or if earlier, the issuance of any obligations of the Agency secured by Pledged Revenues derived from within the jurisdiction or boundaries of the Subscriber. At this time neither of the two events stated in Section 3.03(A) have occurred and City staff is recommending that the non-exclusive agreement with Florida Pace Funding Agency be terminated without cause.
On July 8, 2015, the City Commission passed and adopted Resolution No. R-2015-190 which authorized the participation in the "Florida Green Energy Works Program" and the "Clean Energy Green Corridor Program", and authorized the appropriate City Officials to execute a party membership agreement between the Florida Green Finance Authority as well as authorizing the execution of an Interlocal Agreement between the Clean Energy Green Corridor District for the administration of these programs in the City.
On July 29, 2015, the City and the Florida Green Finance Authority executed the party membership agreement, which inco...
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