Title
Consider adopting a Resolution Authorizing the County of Monterey to Join the Figtree Property Assessed Clean Energy (PACE) Financing Program to allow property owners in unincorporated Monterey County to voluntarily place assessment liens on their property for the purpose of installing renewable energy, energy efficiency, and water conservation improvements; Authorizing the California Enterprise Development Authority ("CEDA") to Conduct Contractual Assessment Proceedings and Levy Contractual Assessments within the Territory of the County of Monterey; and authorizing related actions.
Report
RECOMMENDATION:
It is recommended that the Board of Supervisors:
Adopt a Resolution Authorizing the County of Monterey to Join the Figtree Property Assessed Clean Energy (PACE) Program; Authorizing the California Enterprise Development Authority ("CEDA") to Conduct Contractual Assessment Proceedings and Levy Contractual Assessments within the Territory of the County of Monterey; and Authorizing Related Actions.
SUMMARY:
The matter before the Board is to consider adopting the Figtree PACE Financing Program to allow property owners in unincorporated Monterey County to voluntarily place assessment liens on their property for the purpose of installing renewable energy, energy efficiency, and water conservation improvements. Currently this program is concentrating on commercial properties; however, the program adoption language enables the implementation of a residential program in the near future. This program has already conducted a statewide validation so that implementation can begin promptly.
DISCUSSION:
Assembly Bill 811 was signed into law in 2008 to enable property tax assessment financing for the installation of distributed generation renewable energy sources, energy efficiency, and/or water conservation improvements that are permanently fixed to real property. On July 6, 2010, the FHFA issued a statement that PACE participation violates mortgage co...
Click here for full text