20 - Intent to Establish the City of Paris Texas Property Assessed Clean Energy (PACE) Program

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Authorized Representative in making a determination that the period of the requested assessment does not exceed the useful life of the Qualified Improvement. (i) Application Process. (1) Pilot Project. For the Pilot Project, the initial Authorized Representative will work together with the lender and property owner for the Pilot Project to establish that the Pilot Project is eligible for PACE Financing under Texas law. City will use the Pilot Project to gain better understanding of such eligibility requirements and to set expectations and requirements for the future expansion of the PACE Program contemplated in this report. (2) Expansion Projects. Once access to the PACE Program has been expanded as contemplated in this report, the City anticipates instituting an application process substantially as described below. The Authorized Representative and/or Program Administrator will accept applications from property owners seeking to finance Qualified Improvements under the program. Each application must be accompanied by any required application fees and must include: (A) A description of the specific Qualified Improvements to be installed or modified on the property, (B) A description of the specific real property to which the qualified improvements will be permanently fixed, and (C) The total amount of financing, including any transaction costs, to be repaid through assessments. Based on this information, the Authorized Representative may issue a preliminary letter indicating that, subject to verification of all requirements at closing, the proposed project appears to meet program requirements. Based on this preliminary letter, the property owner may initiate an independent third -party review of the project and submit the project to eligible lenders for approval of financing. Once the above processes are completed, the property owner will submit the application to the Authorized Representative to obtain preliminary approval. The property owner is expected to produce the following documentation prior to closing on the PACE loan: (A) A Report conducted by a qualified, independent third party, showing water or energy baseline conditions and the projected water or energy savings, or the amount of renewable energy generated attributable to the project; (B) Such financial information about the owner and the property as the lender chosen by the owner deems necessary to determine that the WE