Laserfiche WebLink
Section 3. City intends to make contractual assessments to repay PACE financing <br />for qualified energy or water conserving projects available to owners of commercial, <br />industrial, agricultural, and large multifamily residential real property. The program is to be <br />called "City of Paris, Texas Property Assessed Clean Energy Program," ("PACE program'. <br />Section 4. The following types of projects are qualified projects for PACE <br />financing that may be subject to such contractual assessments: Projects that (a) involve the <br />installation or modification of a permanent improvement fixed to privately owned <br />commercial, industrial, or agricultural real property or residential real property with five (5) <br />or more dwelling units, and (b) are intended to decrease energy or water consumption or <br />demand, including a product, device, or interacting group of products or devices on the <br />customer's side of the meter that uses energy technology to generate electricity, provide <br />thermal energy, or regulate temperature. <br />An assessment may not be imposed to repay the financing of facilities for <br />undeveloped lots or lots undergoing development at the time of the assessment or the <br />purchase or installation of products or devices not permanently fixed to real property. <br />Section 5. The boundaries of the entire geographic area within City's jurisdiction <br />are the boundaries of the region where PACE financing and assessments can occur. <br />Section 6. Financing for qualified projects under the PACE program will be <br />provided by qualified third -party lenders chosen by the owners. Such lenders may execute <br />written contracts with the Authorized Representative to service the assessments, as <br />required by the PACE Act. The contracts will provide for the lenders to determine the <br />financial ability of owners to fulfill the financial obligations to be repaid through <br />assessments, advance the funds to owners on such terms as are agreed between the lenders <br />and the owners for the installation or modification of qualified projects, and service the debt <br />secured by the assessments, directly or through a servicer, by collecting payments from the <br />owners pursuant to contracts executed between the lenders and the owners. The lender <br />contracts will provide that City will maintain and continue the assessments for the benefit of <br />such lenders and enforce the assessment lien for the benefit of a lender in the event of a <br />default by an owner. City will not, at this time, provide financing of any sort for the PACE <br />program. <br />Section 7. For the Pilot Project, City will work with the lender for the Pilot Project <br />to handle administrative requirements. After the Pilot Project is established, City may <br />contract with a qualified organization to be the independent third -party program <br />administrator. <br />Section 8. The report on the proposed PACE program prepared as provided by <br />Tex. Local Gov't Code Sec. 399.009, is available for public inspection on the Internet website <br />of City (iym f) ; j� ) and in the office of the City at 150 1st St. SE, Paris, Texas 75460 <br />and is incorporated in this resolution and made a part hereof for all purposes. <br />-2- <br />