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REQUEST FOR <br />COUNCIL ACTION <br />CITY COUNCIL MEETING DATE: <br />JANUARY 20, 2015 <br />TITLE: <br />RESOLUTION — CONSENTING TO THE <br />INCLUSION OF SANTA ANA PROPERTIES <br />IN THE CALIFORNIAFIRST (PACE) <br />PROGRAM <br />(STRATEGIC PLAN NOS. 5, 2 & 3, 5) <br />G <br />CITY MA AGER <br />RECOMMENDED ACTION <br />CLERK OF COUNCIL USE ONLY: <br />APPROVED <br />❑ As Recommended <br />❑ As Amended <br />❑ Ordinance on 18' Reading <br />❑ Ordinance on 2ntl Reading <br />❑ Implementing Resolution <br />❑ Set Public Hearing For_ <br />CONTINUED TO <br />FILE NUMBER <br />Adopt a resolution consenting to the inclusion of properties within the City's jurisdiction in the <br />CaliforniaFIRST Program to finance renewable energy, and energy- and water- efficiency <br />improvements. <br />DISCUSSION <br />The CaliforniaFIRST Program provides a mechanism by which residential and commercial property <br />owners can install renewable energy systems, and energy- and water - efficient improvements that <br />are financed through a special property tax assessment. Approval of this recommended action will <br />make this financing available to property owners in Santa Ana. There is no hard cost and no <br />dedicated staff resources required for the City to participate in this program. <br />Assembly Bills 811 (signed into law on July 21, 2008) and 474 (effective January 1, 2010) <br />amended Chapter 29 of Part 3 of Division 7 of the California Streets & Highways Code. The bills <br />authorize a legislative body to designate an area within which public entities and property owners <br />may enter into voluntary contractual assessments to finance the installation of certain renewable <br />energy sources, energy- efficiency, and /or water- efficiency improvements that are permanently <br />fixed to real property. The financing for these improvements has come to be known as PACE — <br />Property Assessed Clean Energy. <br />The PACE financing program allows property owners in participating cities and counties to finance <br />approved energy- saving improvements on their property. If a property owner chooses to <br />participate, the installed improvements would be financed through the issuance of bonds. The <br />bonds are secured by a voluntary contractual assessment levied on the owner's property, with no <br />obligation to the local government or other participating jurisdictions. Property owners who wish to <br />participate in this voluntary program agree to repay the amount borrowed through a contractual <br />assessment collected with their property taxes. In most cases, when property is sold, the finance <br />amount transitions to the new owner; however, applicants are advised to consult their mortgage <br />55D -1 <br />