To: MAYOR AND CITY COUNCIL
From: TED SEMAAN, PUBLIC WORKS DIRECTOR
TITLE
title
ADOPT BY TITLE ONLY RESOLUTION NO. CC-1910-072, APPROVING, AUTHORIZING, AND DIRECTING EXECUTION OF A JOINT EXERCISE OF POWERS AGREEMENT RELATING TO THE CALIFORNIA MUNICIPAL FINANCE AUTHORITY; CONSENTING TO THE INCLUSION OF PROPERTIES WITHIN THE TERRITORY OF THE CITY IN THE CALIFORNIA MUNICIPAL FINANCE AUTHORITY OPEN PACE PROGRAMS; AUTHORIZING THE CALIFORNIA MUNICIPAL FINANCE AUTHORITY TO ACCEPT APPLICATIONS FROM PROPERTY OWNERS, CONDUCT CONTRACTUAL ASSESSMENT PROCEEDINGS AND LEVY CONTRACTUAL ASSESSMENTS WITHIN THE TERRITORY OF THE CITY; AND AUTHORIZING RELATED ACTIONS
end
EXECUTIVE SUMMARY
Approval of the attached resolution would add California Municipal Finance Authority (CMFA) Open Property Assessed Clean Energy (PACE) to the list of property assessed clean energy programs that are authorized to offer their services in Redondo Beach.
BACKGROUND
Assembly Bill 811 and Senate Bill 555 authorized public entities to designate jurisdictions in which property owners may enter into agreements with private partners to finance installation of home energy efficiency and water conservation projects. Through PACE programs, property owners are able to receive upfront financing for improvement projects such as the installation of solar panels, water-wise irrigation systems and electric vehicle charging infrastructure. If residents choose to participate, they are referred to a pool of certified contractors. The installed improvements are financed through low interest loans that are repaid through assessments on future property tax bills. Participation in the program is completely voluntary. The City Council has previously authorized the HERO, Ygrene Works, CSCDA Open, and Figtree PACE programs to operate in Redondo Beach.
Staff has been contacted by another PACE provider that would like to make its program available in the South Bay - California Municipal Finance Authority (...
Click here for full text