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11 - Expansion of Property Assessed Clean Energy Program
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11 - Expansion of Property Assessed Clean Energy Program
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REPORT REQUIRED BY TEXAS LOCAL GOVERNMENT CODE SECTION 399.009 <br />FOR PROPOSED PROPERTY ASSESSED CLEAN ENERGY (PACE) PROGRAM <br />This Report is adopted by the City Council for the City of Paris Texas ("Local Government") <br />Property Assessed Clean Energy (PACE) Program (the "Program") in accordance with the <br />requirements of the Property Assessed Clean Energy Act (the "PACE Act") as set forth in <br />Texas Local Government Code Chapter 399. <br />The Local Government and its constituents benefit when older existing buildings are modified <br />with new technology and equipment that increases energy efficiency and reduces water <br />consumption. As described in this Report, the Local Government is establishing the commercial <br />PACE Program to encourage private sector investment in energy efficiency and water <br />conservation. The PACE Program will be offered to property owners on a strictly voluntary <br />basis and will not require the use of any public funds or resources. <br />Authorized under the PACE Act enacted in 2013, the PACE program is an innovative financing <br />program that enables private sector owners of privately owned commercial, industrial, and multi- <br />family residential properties with five or more dwelling units to obtain low-cost, long-term loans <br />to pay for water conservation, energy -efficiency improvements, and renewable energy retrofits. <br />PACE loans provide up to 100% financing of all project costs, with little or no up -front out-of- <br />pocket cost to the owner. The Local Government has chosen to follow the administrative <br />principles, program processes, and model documents of the uniform Texas PACE in a Box <br />model program.1 <br />Loans made under the PACE Program will be secured by assessments on the property that are <br />voluntarily imposed by the owner. Assessments may be amortized over the projected life of the <br />improvements. The utility cost savings derived from improvements financed with PACE loans <br />are expected to equal or exceed the amount of the assessment. In turn, these improvements are <br />able to generate positive cash flow upon installation because the debt service will be less than the <br />savings. <br />PACE assessments are tied to the property and follow title from one owner to the next. Each <br />owner is responsible only for payment of the assessments accruing during its period of <br />ownership. When the property is sold, the payment obligation for the remaining balance of the <br />assessment is transferred automatically to the next owner. As a result, the program will help <br />property owners overcome market barriers that often discourage investment in energy efficiency <br />and water conservation improvements. <br />https://www.keepingpaceintexas.org/pace-in-a-box <br />
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