11 - Expansion of Property Assessed Clean Energy Program

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conditions and the projected water or energy savings. This review will aid the Authorized Representative in making a determination that the period of the requested assessment does not exceed the useful life of the Qualified Improvement. Application Process. The Authorized Representative will accept applications from property owners seeking to finance Qualified Improvements under the program. Each application must be accompanied by the required application fee and must include: (1) A description of the specific Qualified Improvements to be installed or modified on the property, (2) A description of the specific real property to which the Qualified Improvements will be permanently fixed, and (3) 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: (1) A Report conducted by a qualified, independent third -party reviewer, showing water or energy baseline conditions and the projected water or energy savings, or the amount of renewable energy generated attributable to the project; (2) Such financial information about the owner and the property as the lender chosen by the owner deems necessary to determine that the owner has demonstrated the financial ability to fulfill the financial obligations to be paid through assessments; and (3) All other information required by the Authorized Representative. k. Financial Elh bility RRegpirements.The Authorized Representative will determine whether the owner, the property and the improvements are eligible for financing under the program. The Eligible Lender chosen by the owner will determine whether the owner has demonstrated the financial ability to repay the financial obligations to be collected through contractual assessments. The statutory method9 for ensuring such a demonstration of financial ability must be based on appropriate underwriting factors, including the following: TX. Local Gov't Code §399.009(b).