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R.iir,ii�OR'I'FOR .P.IlRoposiiiA.iii.) PACE PROGRAM
<br />IkEpoivii�, REQUIRED By MP.',XA.,SI...ocAi,OV ERNMENT.'COIDE SECT1110N 399.009
<br />FOR PRO11POSEWPHE C11117Y OF PAR.III.S,TX
<br />PROPERTY AsSESSED C.IXAN ENKIRGV(PACE) P11ROCMAM
<br />'1711'ns Report is adopted. by the City Council for the City ofParis, Texas ("City") Property
<br />Assessed Clean. Energy (PACE) program (the ",PA(,`.E frogram") ir). accordance with, the
<br />requirements of the Property AssessedClean Energy Act (the as set Iorth iri. Texas
<br />Local Governinent Code Chapter 399.
<br />City and its constituents benefit when existing buildings are modiFied aw.d new buildings
<br />on developed. lots are built with new techriology and equipment that increases energy efficiency
<br />and reduces water consurription, As described in t1his Report, City is establishing the commercial
<br />PACE Prograin to crtcourage private sector iTINestment in. energy efficiency and water
<br />COTISMation. The PACE Prograim will. be offered to procity owner's onn as strictly voluntary basis
<br />and will nainimize the use of any putfflc fun(Is or rresourcs.
<br />Ai.fthorized under the PAC Act enacted in 2013, the PACE 1Program is an. innovative
<br />financing progran"i that, enables private sector owri.ers of pn.vately owned commercial, industrial,
<br />and multifarn ily residential properties with five or n.-.mre dwellit-ig units to obta rri. low cost,
<br />long-term loans to I'my fbr water conservation, energy efficiency improvements, and renewable
<br />energy retrofits, PACE loans provide up to 100% financing of all pro.ject costs, with little or i:io
<br />up -front out of -pocket cost to the owner. The 201.5 legislative session streamlined the process,,
<br />L,oans made under the PACE Program will. be secured by assessments or). the property that
<br />are voluntarily i.ryiposed by the owner. Assessments may be arnortized over the projected Il.ile of
<br />the improverneants . The annual utility cost savings derived. frorn improvements financed. with
<br />PACE loans are intended to ex.ceed the arnount of the annual assessi.,.Yiient payments. When
<br />succ,,essful, these iniprovements are dble to generate positive cassli. flow uponinstallation because
<br />the debt strvice will be less thzm. the savings.
<br />PACE assess-inents are tied tcu the property and follow -title from one owner to tbe next.
<br />Each owner is responsible only filar payrnent of the assessments accruing dUriT'Ilg itS period of
<br />ownership. Whcn the property is sold, the payment obligatiori, for the rernaining balance of the
<br />assessm.o.,,nt is transfel"red autornati(;.ally to the next owner. As as result, the program. will In
<br />property owners overcorne market barriers which oftcn discourage investrnent in energy efficiency
<br />and water conservation ini.1provernents.
<br />City intends to begin its PACE Progjarn. with a pilot pr(:nject in connection with. the
<br />developinent, of the Paris Lakes Medical Center (t1w "IIiIot.1`Irqject"),, The Pilot Project is expected.
<br />ton include a new five story, 114 ---bed hospital. containing approximately 198,000 square feet of
<br />space, feati.iring (a) as surgical su ite with, six operating rooms supported by an 18 bed prep and post. -
<br />anesthesia care unit, (l-)) 80 rnedical/surgical patient beds, (c) a cardiac catheterization lab suite
<br />with two catheterization labs supported. by 18 preparation arld recovery roarns, and 14entical
<br />cardiac, coronary, or cardiovascular unit beds, (d) ail eight -bed critical[ care unit, and (e) an imaging
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