HomeMy WebLinkAbout2017-02-14 - AGENDA REPORTS - PACE PGM (2)Agenda Item: 6
CITY OF SANTA CLARITA
AGENDA REPORT
CONSENT CALENDAR
CITY MANAGER APPROVAL: fill
DATE: February 14, 2017
SUBJECT: PROPERTY ASSESSED CLEAN ENERGY (PACE) PROGRAM FOR
COMMERCIAL PROPERTIES
DEPARTMENT: Community Development
PRESENTER: Denise Covert
RECOMMENDED ACTION
City Council:
1. Adopt a resolution consenting to the inclusion of properties within the territory of the City of
Santa Clarita (City) in the California Statewide Communities Development Authority
(CSCDA) Open Property Assessed Clean Energy (PACE) programs; authorizing the CSCDA
to accept applications from property owners, conduct contractual assessment proceedings,
and levy contractual assessments within the territory of the City of Santa Clarita; and
authorizing related actions.
2. Adopt a resolution approving Associate Membership by the City in the California Enterprise
Development Authority (CEDA); authorizing and directing the execution of an Associate
Membership Agreement relating to Associate Membership of the City in the CEDA;
authorizing the City to join the Figtree PACE program; authorizing the CEDA to conduct
contractual assessment proceedings and levy contractual assessments within the territory of
the City; and authorizing related actions.
3. Direct the City Manager or his designee to execute the necessary agreements, subject to City
Attorney approval.
BACKGROUND
The Property Assessed Clean Energy (PACE) program was created as part of Assembly Bill
(AB) 811 and signed into law on July 21, 2008. AB 811 amended Chapter 29, Part 3, of
Division 7 of the Streets & Highways Code of the State of California, and authorized a
legislative body to designate an area where willing property owners may enter into voluntary
contractual assessments to finance the installation of renewable energy resources, energy
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efficiency measures, and/or water conservation improvements, which are permanently fixed to
real property.
PACE allows property owners to finance 100% of the cost of eligible energy efficiency
improvements, including solar energy systems, Energy Star windows and doors, and high -
efficiency air conditioning units. These improvements are financed through a property
assessment that is paid over time through property taxes by the property owner. In the event that
the owner sells the property, the assessment may be paid off during the sale or stay with the
property to be paid via property taxes by the new owner, who will benefit from the completed
upgrades.
In Santa Clarita, both commercial and residential property owners have the option of utilizing the
Los Angeles County Energy Program (LACEP). The City Council adopted a resolution on
March 22, 2011, authorizing participation in LACEP for both commercial and residential PACE
programs.
• In the residential program, property owners have the ability to work with a number of
different providers that were selected by the County of Los Angeles (County). Each
provider has predetermined rates and terms. The County's residential PACE program
became active in March 2015 and since then, 472 residential PACE projects have been
completed in the City for a total value of $12 million, and an estimated 250 more are in
process as of November 2016. Additionally, there are 55 contractors in Santa Clarita that
are registered with this program.
• The commercial program works differently in that the property owners must choose their
own investor, negotiate their own rate and terms, then provide that information to the
County. The County collects an administrative fee and issues a bond. To date, there have
been no commercial PACE projects funded in Santa Clarita through the LACEP.
While the PACE program provides financing options for both residential and commercial
properties, staff has focused on exploring the potential to expand participation in only
commercial PACE programs within Santa Clarita. Staff receives requests from businesses that
would like to participate in the PACE program, but would like an alternative to the LACEP.
In addition to the LACEP, the City has the option to allow a Joint Powers Authority (JPA) to
help commercial properties take advantage of the PACE program. PACE loans are overseen by
JPAs, and each operates its program through one or more administrators. The PACE
administrators assist property owners with funding and the completion of the work. The JPAs
provide the assessment administration, bond issuance, and bond functions for their PACE
programs. The City is not a party to the loans or the bond funding, and there is no liability for the
City to participate. The City does need to be a member of the JPA in order to participate in the
various PACE programs and must adopt a resolution in order to join each program.
In March 2015, the City Council was provided with the option to participate in two additional
PACE programs for the commercial sector, in addition to the existing LACEP. At that time, the
City Council decided not to join these two programs, with concerns specifically in two areas: (1)
the requirement for the consent of any private lien holders on the participating property; and (2)
limiting their offerings to commercial properties only.
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Since 2015, staff continues to receive requests from the business community to allow additional
commercial PACE providers to serve Santa Clarita. As a result of these inquiries, staff reached
out to the PACE program providers that operate in Los Angeles County regarding their interest
in participating in a commercial PACE program with a few caveats, based on previous Council
direction.
Staff recommends participating in the following commercial PACE programs, as they have
agreed (1) to require consent, not simply notification, of all private lien holders on the property;
and (2) to opt in to commercial offerings only.
• California Statewide Communities Development Authority (CSCDA): CSCDA is the
largest JPA in California, founded and sponsored by the League of California Cities and
California State Association of Counties. The programs administered for commercial
PACE through the CSCDA are: AllianceNRG; CaliforniaFirst; and C1eanFund.
CalifomiaFirst is also a part of the County LACEP and is therefore eligible through the
County's program to provide PACE programs to residents in the City of Santa Clarita.
The City is already a member of CSCDA. The recommended action includes adopting a
resolution to opt in to their commercial PACE program.
• California Enterprise Development Authority (CEDA): CEDA is a JPA sponsored by the
California Association for Local Economic Development, the state professional society
for economic developers. The program administrator for commercial PACE through
CEDA is Figtree Financing. The City is not currently a member of this JPA; therefore,
the recommended action includes a resolution to both join the organization, as well as opt
in to their commercial PACE program.
The recommendation to allow multiple administrators into the program is to ensure that
commercial property owners can choose the PACE provider whose terms are the most
advantageous for their specific needs. If approved by the City Council, staff will promote the
variety of available providers to the business community and ensure the requirement for lender
consent is clearly posted on the City's Economic Development website, thinksantaclarita.com, as
well as in the bi-monthly newsletters published by Economic Development.
Attached are letters of support for the recommended action from the Santa Clarita Valley
Economic Development Corporation, the Santa Clarita Valley Chamber of Commerce, and the
Valley Industry Association.
ALTERNATIVE ACTION
Other action as determined by City Council.
FISCAL IMPACT
There is no fiscal impact as a result of this item.
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ATTACHMENTS
Resolution - CSCDA
Resolution - CEDA
CSCDA - CaliforniaFIRST
CSCDA - Clean Fund
CSCDA - Alliance NRG
CALED - Figtree
Letter of Support - SCVEDC
Letter of Support - VIA
Letter of Support - Chamber of Commerce
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RESOLUTION NO. 17-
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SANTA CLARITA,
CALIFORNIA, CONSENTING TO THE INCLUSION OF PROPERTIES WITHIN THE
TERRITORY OF THE CITY OF SANTA CLARITA IN THE CALIFORNIA STATEWIDE
COMMUNITIES DEVELOPMENT AUTHORITY OPEN PACE PROGRAMS;
AUTHORIZING THE CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT
AUTHORITY TO ACCEPT APPLICATIONS FROM PROPERTY OWNERS, CONDUCT
CONTRACTUAL ASSESSMENT PROCEEDINGS, AND LEVY CONTRACTUAL
ASSESSMENTS WITHIN THE TERRITORY OF THE CITY OF SANTA CLARITA; AND
AUTHORIZING RELATED ACTIONS
WHEREAS, the California Statewide Communities Development Authority (Authority v
or CSDA) is a joint exercise of powers authority, the members of which include numerous cities a
and counties in the State of California, including the City of Santa Clarita (City); and
as
WHEREAS, the Authority is implementing Property Assessed Clean Energy (PACE) E
programs, which it has designated CSCDA Open PACE, consisting of CSCDA Open PACE o
programs each administered by a separate program administrator, collectively with any v
successors, assigns, replacements or additions (Programs), to allow the financing or refinancing ti
of renewable energy, energy efficiency, water efficiency and seismic strengthening
improvements, electric vehicle charging infrastructure and such other improvements, c
infrastructure, or other work as may be authorized by law from time to time (collectively y
Improvements) through the levy of contractual assessments pursuant to Chapter 29, of Division 7 c�
of the Streets & Highways Code (Chapter 29) within counties and cities throughout the State of
California that consent to the inclusion of properties within their respective territories in the 2
Programs and the issuance of bonds from time to time; and c
WHEREAS, the program administrators currently active in administering the Programs
are the AllianceNRG Program (CounterPointe Energy Solutions (CA), LLC); PACE Funding,
LLC; CaliforniaFirst (Renew Financial Group, LLC); C1eanFund Commercial PACE Capital;
and Spruce Finance, and the Authority will notify the City in advance of any additions or
changes; and
WHEREAS, Chapter 29 provides that assessments may be levied under its provisions
only with the free and willing consent of the owner or owners of each lot or parcel on which an
assessment is levied at the time the assessment is levied; and
WHEREAS, the City desires to allow the owners of commercial property only
(Participating Property Owners) within its territory to participate in the Programs, and to allow
the Authority to conduct assessment proceedings under Chapter 29 within its territory and to
issue bonds to finance or refinance Improvements; and
WHEREAS, the territory within which assessments may be levied for the Programs shall
include all of the territory within the City's official boundaries; and
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WHEREAS, the Authority will conduct all assessment proceedings under Chapter 29 for
the Programs and issue any bonds issued in connection with the Programs; and
WHEREAS, the City will not be responsible for the conduct of any assessment
proceedings; the levy of assessments; any required remedial action in the case of delinquencies
in such assessment payments; or the issuance, sale, or administration of any bonds issued in
connection with the Programs.
NOW, THEREFORE, the City Council of the City of Santa Clarita does hereby
resolve as follows:
SECTION 1. The City Council hereby finds and declares that properties in the territory of
the City will benefit from the availability of the Programs within the territory of the City and,
pursuant thereto, the conduct of special assessment proceedings by the Authority, pursuant to
Chapter 29, and the issuance of bonds to finance or refinance Improvements.
SECTION 2. In connection with the Programs, the City hereby consents to the conduct of
special assessment proceedings by the Authority, pursuant to Chapter 29, on any commercial
property within the territory of the City and the issuance of bonds to finance or refinance
Improvements; provided, that
(1) The Participating Property Owners, who shall be the legal owners of such
property, execute a contract pursuant to Chapter 29 and comply with other
applicable provisions of California law in order to accomplish the valid levy of
assessments; and
(2) The City will not be responsible for the conduct of any assessment proceedings;
the levy of assessments; any required remedial action in the case of delinquencies
in such assessment payments; or the issuance, sale, or administration of any bonds
issued in connection with the Programs.
SECTION 3. The appropriate officials and staff of the City are hereby authorized and
directed to make applications for the Programs available to all property owners who wish to
finance or refinance Improvements, provided that the Authority shall be responsible for
providing such applications and related materials at its own expense. The following staff
persons, together with any other staff persons chosen by the City Manager of the City from time
to time, are hereby designated as the contact persons for the Authority in connection with the
Programs: Planning, Marketing, and Economic Development Manager and Environmental
Services Manager.
SECTION 4. The appropriate officials and staff of the City are hereby authorized and
directed to execute and deliver such certificates, requisitions, agreements, and related documents
as are reasonably required by the Authority to implement the Programs.
SECTION 5. The City Council hereby finds that adoption of this resolution is not a
"project" under the California Environmental Quality Act, because the resolution does not
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involve any commitment to a specific project which may result in a potentially significant
physical impact on the environment, as contemplated by Title 14, California Code of
Regulations, Section 15378(b)(4).
SECTION 6. This resolution shall take effect immediately upon its adoption. The City
Clerk is hereby authorized and directed to transmit a certified copy of this resolution to the
Secretary of the Authority at: Secretary of the Board, California Statewide Communities
Development Authority, 1400 K Street, Sacramento, CA 95814.
SECTION 7. The City Clerk shall certify to the adoption of this Resolution.
PASSED, APPROVED, AND ADOPTED this 14th day of February 2017.
MAYOR
ATTEST:
CITY CLERK
DATE:
STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES ) ss.
CITY OF SANTA CLARITA )
I, Mary Cusick, City Clerk of the City of Santa Clarita, do hereby certify that the
foregoing Resolution was duly adopted by the City Council of the City of Santa Clarita at a
regular meeting thereof, held on the 14th day of February 2017, by the following vote:
AYES: COUNCILMEMBERS:
NOES: COUNCILMEMBERS:
ABSENT: COUNCILMEMBERS:
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CITY CLERK
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RESOLUTION NO. 17-
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SANTA CLARITA,
CALIFORNIA, APPROVING ASSOCIATE MEMBERSHIP BY THE CITY IN THE
CALIFORNIA ENTERPRISE DEVELOPMENT AUTHORITY; AUTHORIZING AND
DIRECTING THE EXECUTION OF AN ASSOCIATE MEMBERSHIP AGREEMENT
RELATING TO ASSOCIATE MEMBERSHIP OF THE CITY IN THE CALIFORNIA
ENTERPRISE DEVELOPMENT AUTHORITY; AUTHORIZING THE CITY TO JOIN THE
FIGTREE PACE PROGRAM; AUTHORIZING THE CALIFORNIA ENTERPRISE
DEVELOPMENT AUTHORITY TO CONDUCT CONTRACTUAL ASSESSMENT
PROCEEDINGS AND LEVY CONTRACTUAL ASSESSMENTS WITHIN THE
TERRITORY OF THE CITY OF SANTA CLARITA; AND AUTHORIZING RELATED
ACTIONS
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WHEREAS, the City of Santa Clarita, California (City), is a municipal corporation, duly a
organized and existing under the Constitution and the laws of the State of California; and
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WHEREAS, the City, upon authorization of the City Council, may pursuant to Chapter 5 E
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of Division 7 of Title 1 of the Government Code of the State of California, commencing with v
Section 6500 (JPA Law) enter into a joint exercise of powers agreement with one or more other
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public agencies pursuant to which such contracting parties may jointly exercise any power
common to them; and Q
WHEREAS, the City and other public agencies wish to jointly participate in economic
development financing programs for the benefit of businesses and nonprofit entities within their
jurisdictions offered by membership in the California Enterprise Development Authority
(CEDA) pursuant to an Associate Membership Agreement and Joint Exercise of Powers
Agreement Relating to the California Enterprise Development Authority (Agreement); and
WHEREAS, under the JPA Law and the Agreement, CEDA is a public entity separate
and apart from the parties to the Agreement and the debts, liabilities, and obligations of CEDA
will not be the debts, liabilities, or obligations of the City or the other members of the Authority;
and
WHEREAS, the form of Associate Membership Agreement between the City and CEDA is
attached as Exhibit A; and
WHEREAS, the City is willing to become an Associate Member of CEDA subject to the
provisions of the Associate Membership Agreement.
WHEREAS, CEDA has adopted the Figtree Property Assessed Clean Energy (PACE) and
Job Creation Program (Program or Figtree PACE), to allow the financing of certain renewable
energy, energy efficiency, seismic retrofits, electric vehicle charging infrastructure, and water
efficiency improvements (Improvements) through the levy of contractual assessments pursuant
to Chapter 29 of Division 7 of the Streets & Highways Code (Chapter 29), and the issuance of
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improvement bonds or other evidences of indebtedness (Bonds) under the Improvement Bond
Act of 1915 (Streets and Highways Code Sections 8500 et seq.) (1915 Act) upon the security of
the unpaid contractual assessments; and
WHEREAS, Chapter 29 provides that assessments may be levied under its provisions only
with the free and willing consent of the owner of each lot or parcel on which an assessment is
levied at the time the assessment is levied; and
WHEREAS, the City desires to allow the owners of commercial property only
(Participating Parcel) within its jurisdiction (Participating Property Owners) to participate in
Figtree PACE, and to allow CEDA to conduct assessment proceedings under Chapter 29 and to
issue Bonds under the 1915 Act to finance the Improvements; and
WHEREAS, CEDA will conduct assessment proceedings under Chapter 29 to establish an
assessment district (District) and issue Bonds under the 1915 Act to finance Improvements; and
WHEREAS, there has been presented at this meeting a proposed form of Resolution of
Intention (ROI) to be adopted by CEDA in connection with such assessment proceedings, a copy
of which is attached hereto as Exhibit B; and
WHEREAS, said ROI sets forth the territory within which assessments may be levied for
Figtree PACE which territory shall be coterminous with the City's official boundaries of record
at the time of adoption of the ROI (Boundaries); and
WHEREAS, pursuant to Chapter 29, the City authorizes CEDA to conduct assessment
proceedings, levy assessments, pursue remedies in the event of delinquencies, and issue bonds or
other forms of indebtedness to finance the Improvements in connection with Figtree PACE; and
WHEREAS, to protect the City in connection with operation of the Figtree PACE program,
Figtree Energy Financing, the program administrator, has agreed to defend and indemnify the
City; and
WHEREAS, the City will not be responsible for the conduct of any assessment
proceedings, the levy of assessments, any required remedial action in the case of delinquencies,
the issuance, sale, or administration of the bonds or other indebtedness issued in connection with
Figtree PACE.
NOW, THEREFORE, the City Council of the City of Santa Clarita does hereby
resolve as follows:
SECTION 1. The City Council hereby specifically finds and declares that the actions
authorized hereby constitute public affairs of the City. The City Council further finds that the
statements, findings, and determinations of the City set forth in the preambles above are true and
correct.
SECTION 2. The Associate Membership Agreement presented at this meeting and
attached as Exhibit A is hereby approved. The Mayor of the City, the City Manager, the City
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Clerk and other officials of the City are each hereby authorized and directed, for and on behalf of
the City, to execute and deliver the Associate Membership Agreement in substantially said form,
with such changes therein as such officer may require or approve, such approval to be
conclusively evidenced by the execution and delivery thereof.
SECTION 3. The officers and officials of the City are hereby authorized and directed,
jointly and severally, to do any and all things and to execute and deliver any and all documents
which they may deem necessary or advisable in order to consummate, carry out, give effect to,
and comply with the terms and intent of this resolution and the Associate Membership
Agreement. All such actions heretofore taken by such officers and officials are hereby
confirmed, ratified, and approved.
SECTION 4. The City is a municipal corporation and in good standing.
SECTION 5. On the date hereof, the City Council hereby finds and determines that the a
Program and issuance of Bonds by CEDA in connection with Figtree PACE will provide a
significant public benefits, including without limitation, savings in effective interest rates, bond
preparation, bond underwriting and bond issuance costs, and reductions in effective user charges
levied by water and electricity providers within the boundaries of the City. E
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SECTION 6. The City hereby appoints CEDA as its representative to (i) record the v
assessment against the Participating Parcels, (ii) administer the District in accordance with the 00
1915 Act and Chapter 29 (Law), (iii) prepare program guidelines for the operations of the
Program, and (iv) proceed with any claims, proceedings or legal actions as shall be necessary to c
collect past due assessments on the properties within the District in accordance with the Law and w
Section 6509.6 of the California Government Code. The City is not and will not be deemed to be
an agent of Figtree PACE or CEDA as a result of this Resolution. o
SECTION 7. In connection with Figtree PACE, the City hereby consents to the special
assessment proceedings by CEDA pursuant to Chapter 29 on any commercial property within the
Boundaries and the issuance of Bonds under the 1915 Act, provided that:
(1) Such proceedings are conducted pursuant to one or more resolutions of intention in
substantially the form of the ROI;
(2) The Participating Property Owners, who shall be the legal owners of such property,
voluntarily execute a contract pursuant to Chapter 29 and comply with other
applicable provisions of California law in order to accomplish the valid levy of
assessments; and
(3) The City will not be responsible for the conduct of any assessment proceedings, the
levy of assessments, any required remedial action in the case of delinquencies in such
assessment payments, or the issuance, sale, or administration of the Bonds in
connection with Figtree PACE.
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SECTION 8. The City Council hereby acknowledges that pursuant to the requirements of
Chapter 29, CEDA has prepared and will update from time to time the Program Report for
Figtree PACE (Program Report) and associated documents, and CEDA will undertake
assessment proceedings and the financing of Improvements as set forth in the Program Report.
SECTION 9. The City Council hereby acknowledges that the Law permits foreclosure in
the event that there is a default in the payment of assessments due on a property. The City
Council hereby designates CEDA as its representative to proceed with collection and foreclosure
of the liens on the defaulting properties within the District, including accelerated foreclosure
pursuant to the Program Report.
SECTION 10. The City Council acknowledges that Figtree Company, Inc., has provided
the City with an indemnification agreement, as shown in Exhibit C, for negligence or
malfeasance of any type as a result of the acts or omissions of Figtree Energy Financing, its
officers, employees, subcontractors and agents. The City Council hereby authorizes the v
appropriate officials and staff of the City to execute and deliver the Indemnification Agreement a
to Figtree Energy Financing.
SECTION 11. The appropriate officials and staff of the City are hereby authorized and
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directed to make applications for Figtree PACE available to all property owners who wish to
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finance Improvements. The following staff persons, together with any other staff designated by
the City Manager from time to time, are hereby designated as the contact persons for CEDA in
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connection with Figtree PACE: Planning, Marketing and Economic Development Manager and
Environmental Services Manager.
SECTION 12. The City Council hereby finds that adoption of this resolution is not a
"project" under the California Environmental Quality Act (CEQA), because the resolution does
not involve any commitment to a specific project which may result in a potentially significant
physical impact on the environment, as contemplated by Title 14, California Code of
Regulations, Section 15378(b)( 4)).
SECTION 13. This resolution shall take effect immediately upon its adoption. The City
Clerk is hereby authorized and directed to transmit a certified copy of this resolution to Figtree
Energy Financing.
SECTION 14. Services related to the formation and administration of the assessment
district will be provided by CEDA at no cost to the City.
SECTION 15. The City Clerk shall certify to the adoption of this resolution.
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PASSED, APPROVED, AND ADOPTED this 14th day of February 2017.
MAYOR
ATTEST:
CITY CLERK
DATE:
STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES ) ss.
CITY OF SANTA CLARITA )
I, Mary Cusick, City Clerk of the City of Santa Clarita, do hereby certify that the
foregoing resolution was duly adopted by the City Council of the City of Santa Clarita at a
regular meeting thereof, held on the 14th day of February 2017, by the following vote:
AYES: COUNCILMEMBERS:
NOES: COUNCILMEMBERS:
ABSENT: COUNCILMEMBERS:
CITY CLERK
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EXHIBIT A
ASSOCIATE MEMBERSHIP AGREEMENT
by and between the
CALIFORNIA ENTERPRISE DEVELOPMENT AUTHORITY
and the
CITY OF , CALIFORNIA
THIS ASSOCIATE MEMBERSHIP AGREEMENT (this "Associate Membership
Agreement"), dated as of by and between CALIFORNIA
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ENTERPRISE DEVELOPMENT AUTHORITY (the "Authority") and the CITY OF v
CALIFORNIA, a municipal corporation, duly organized and existing under the laws
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of the State of California (the "City");
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WHEREAS, the Cities of Selma, Lancaster and Eureka (individually, a "Member" and o
collectively, the "Members"), have entered into a Joint Powers Agreement, dated as of June 1,
2006 (the "Agreement"), establishing the Authority and prescribing its purposes and powers; and Q
WHEREAS, the Agreement designates the Executive Committee of the Board of
Directors and the President of the California Association for Local Economic Development as
the initial Board of Directors of the Authority; and
WHEREAS, the Authority has been formed for the purpose, among others, to assist for
profit and nonprofit corporations and other entities to obtain financing for projects and purposes
serving the public interest; and
WHEREAS, the Agreement permits any other local agency in the State of California to
join the Authority as an associate member (an "Associate Member"); and
WHEREAS, the City desires to become an Associate Member of the Authority;
WHEREAS, City Council of the City has adopted a resolution approving the Associate
Membership Agreement and the execution and delivery thereof,
WHEREAS, the Board of Directors of the Authority has determined that the City should
become an Associate Member of the Authority;
NOW, THEREFORE, in consideration of the above premises and of the mutual
promises herein contained, the Authority and the City do hereby agree as follows:
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Section 1. Associate Member Status. The City is hereby made an Associate Member of
the Authority for all purposes of the Agreement and the Bylaws of the Authority, the provisions
of which are hereby incorporated herein by reference. From and after the date of execution and
delivery of this Associate Membership Agreement by the City and the Authority, the City shall
be and remain an Associate Member of the Authority.
Section 2. Restrictions and Rights of Associate Members. The City shall not have the
right, as an Associate Member of the Authority, to vote on any action taken by the Board of
Directors or by the Voting Members of the Authority. In addition, no officer, employee or
representative of the City shall have any right to become an officer or director of the Authority
by virtue of the City being an Associate Member of the Authority.
Section 3. Effect of Prior Authority Actions. The City hereby agrees to be subject to and
bound by all actions previously taken by the Members and the Board of Directors of the
Authority to the same extent as the Members of the Authority are subject to and bound by such w
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Section 4. No Obligations of Associate Members. The debts, liabilities and obligations
of the Authority shall not be the debts, liabilities and obligations of the City. E
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Section 5. Execution of the Agreement. Execution of this Associate Membership v
Agreement and the Agreement shall satisfy the requirements of the Agreement and Article XII of
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the Bylaws of the Authority for participation by the City in all programs and other undertakings
of the Authority. e
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IN WITNESS WHEREOF, the parties hereto have caused this Associate Membership
Agreement to be executed and attested by their proper officers thereunto duly authorized, on the
day and year first set forth above.
CALIFORNIA ENTERPRISE
DEVELOPMENT AUTHORITY
Bv:
Gurbax Sahota, Chair
Board of Directors
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Helen Schaubmayer, Asst. Secretary E
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CITY OF , CALIFORNIA
Mayor
Attest:
City Clerk
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EXHIBIT B
RESOLUTION OF THE CALIFORNIA ENTERPRISE DEVELOPMENT
AUTHORITY DECLARING INTENTION TO FINANCE INSTALLATION OF
DISTRIBUTED GENERATION RENEWABLE ENERGY SOURCES, ENERGY
EFFICIENCY, SEISMIC RETROFITS, ELECTRIC VEHICLE CHARING
INFRASTRUCTURE, AND WATER EFFICIENCY IMPROVEMENTS IN THE
CITY OF
WHEREAS, the California Enterprise Development Authority ("CEDA") is a joint
powers authority authorized and existing pursuant to Joint Powers Act (Government Code
Section 6500 et seq.) and that certain Joint Exercise of Powers Agreement (the "Agreement")
dated as of June 1, 2006, by and among the cities of Eureka, Lancaster and Selma; and
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WHEREAS, CEDA is authorized under the Agreement and Chapter 5 of Division 7 of a
Title 1 of the Government Code of the State of California and in accordance with Chapter 29 of
Part 3 of Division 7 of the Streets & Highways Code of the State of California ("Chapter 29") to
authorize assessments to finance the installation of distributed generation renewable energy E
sources, energy efficiency, seismic retrofits, electric vehicle charging infrastructure, and water v
efficiency improvements that are permanently fixed to real property ("Authorized
Improvements"); and 00
WHEREAS, CEDA has obtained authorization from the County (the
"City") to enter into contractual assessments for the financing of the installation of Authorized
Improvements in the City; and
WHEREAS, CEDA desires to declare its intention to establish a Figtree PACE program
("Figtree PACE") in the City, pursuant to which CEDA, subject to certain conditions set forth
herein, would enter into contractual assessments to finance the installation of Authorized
Improvements in the City.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF
THE CALIFORNIA ENTERPRISE DEVELOPMENT AUTHORITY, AS FOLLOWS:
Section 1. Findings. The Board of Directors hereby finds and determines the following:
(a) The above recitals arc true and correct and are incorporated herein by this
reference.
(b) Energy and water conservation efforts, including the promotion of Authorized
Improvements to commercial, industrial, multi -family or other real property not
including single family residences, are necessary to increase energy efficiency
and realize cost savings.
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(c) The upfront cost of making residential, commercial, industrial, or other real
property more energy and water efficient, along with the fact that most
commercial loans for that purpose are due on the sale of the property, prevents
many property owners from installing Authorized Improvements.
(d) A public purpose will be served by establishing a contractual assessment program,
to be known as Figtree PACE, pursuant to which CEDA will finance the
installation of Authorized Improvements to residential, commercial, industrial, or
other real property in the City.
Section 2. Determination of Public Interest. The Board of Directors hereby
determines that (a) it would be convenient, advantageous, and in the public interest to designate
an area, which shall encompass the entire geographic territory within the boundaries of the City,
within which CEDA and property owners within the City may enter into contractual assessments
to finance the installation of Authorized Improvements pursuant to Chapter 29 and (b) it is in the
public interest for CEDA to finance the installation of Authorized Improvements in the County
pursuant to Chapter 29.
Section 3. Identification of Authorized Improvements. CEDA hereby declares its
intention to make contractual assessment financing available to property owners to finance
installation of Authorized Improvements, including but not limited to those improvements
detailed in the Report described in Section 8 hereof (the "Report"), as that Report may be
amended from time to time.
Section 4. Identification of Boundaries. Contractual assessments may be entered into
by property owners located within the entire geographic territory of the City including
unincorporated territory within City Boundaries. A property owner located within a City within
the City may enter into contractual assessments with CEDA only after such City has adopted a
resolution to authorize participation in the PACE Program.
Section 5. Proposed Financing Arrangements. Under Chapter 29, CEDA may issue
bonds, notes or other forms of indebtedness (the "Bonds") pursuant to Chapter 29 that are
payable by contractual assessments. Division 10 (commencing with Section 8500) of the Streets
& Highways Code of the State (the "Improvement Bond Act of 1915") shall apply to any
indebtedness issued pursuant to Chapter 29, insofar as the Improvement Bond Act of 1915 is not
in conflict with Chapter 29. The creditworthiness of a property owner to participate in the
financing of Authorized Improvements will be based on the criteria developed by Figtree Energy
Financing (the "Program Administrator") upon consultation with Figtree PACE Program
underwriters or other financial representatives, CEDA general counsel and bond counsel, and as
shall be approved by the Board of Directors of CEDA. In connection with indebtedness issued
under the Improvement Bond Act of 1915 that are payable from contractual assessments, serial
and/or term improvement bonds or other indebtedness shall be issued in such series and shall
mature in such principal amounts and at such times (not to exceed 20 years from the second day
of September next following their date) and at such rate or rates of interest (not to exceed the
maximum rate permitted by applicable law) as shall be determined by the Board of Directors at
the time of the issuance and sale of the indebtedness. The provisions of Part 11.1 of the
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Improvement Bond Act of 1915 shall apply to the calling of the bonds. It is the intention of the
Board of Directors to create a special reserve fund for the bonds under Part 16 of the
Improvement Bond Act of 1915. Neither CEDA, nor any of its members participating in the
Figtree PACE Program, shall advance available surplus funds from its treasury to cure any
deficiency in the redemption fund to be created with respect to the indebtedness; provided,
however, that this determination shall not prevent CEDA or any of its members from, in their
sole discretion, so advancing funds. The Bonds may be refunded under Division 11.5 of the
California Streets and Highways Code or other applicable laws permitting refunding, upon the
conditions specified by and upon determination of CEDA.
CEDA hereby authorizes the Program Administrator, upon consultation with CEDA
general counsel, bond counsel and the Figtree PACE underwriter, to commence preparation of
documents and take necessary steps to prepare for the issuance of bonds, notes or other forms of
indebtedness as authorized by Chapter 29.
In connection with the issuance of bonds payable from contractual assessments, CEDA
expects to obligate itself, through a covenant with the owners of the bonds, to exercise its
foreclosure rights with respect to delinquent contractual assessment installments under specified
circumstances.
Section 6. Public Hearing. Pursuant to the Act, CEDA hereby orders that a public
hearing be held before CEDA Board (the "Board"), at 550 Bercut Drive, Suite G, Sacramento,
CA 95811, on , at A_, for the purposes of allowing interested
persons to object to, or inquire about, the proposed Figtree PACE Program. The public hearing
may be continued from time to time as determined by the Board for a time not exceeding a total
of 180 days.
At the time of the hearing, the Report described in Section 8 hereof shall be summarized,
and the Board shall afford all persons who are present an opportunity to comment upon, object
to, or present evidence with regard to the proposed Figtree PACE Program, the extent of the area
proposed to be included within the boundaries of the assessment district, the terms and
conditions of the draft assessment contract described in Section 8 hereof (the "Contract"), or the
proposed financing provisions. Following the public hearing, CEDA may adopt a resolution
confirming the Report (the "Resolution Confirming Report") or may direct the Report's
modification in any respect, or may abandon the proceedings.
The Board hereby orders the publication of a notice of public hearing once a week for
two successive weeks. Two publications in a newspaper published once a week or more often,
with at least five days intervening between the respective publication dates not counting such
publication dates are sufficient. The period of notice will commence upon the first day of
publication and terminate at the end of the fourteenth day. The first publication shall occur not
later than 20 days before the date of the public hearing.
Section 7. Notice to Water and Electric Providers. Pursuant to Section 5898.24 of the
Streets & Highways Code, written notice of the proposed contractual assessment program within
the City to all water and electric providers within the boundaries of the City has been provided.
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Section 8. Report. The Board hereby directs the Program Administrator to prepare the
Report and file said Report with the Board at or before the time of the public hearing described
in Section 6 hereof containing all of the following:
(a) A map showing the boundaries of the territory within which contractual
assessments are proposed to be offered, as set forth in Section 4 hereof.
(b) A draft contractual assessment contract (the "Contract") specifying the terms and
conditions of the agreement between CEDA and a property owner.
(c) A statement of CEDA's policies concerning contractual assessments including all
of the following:
(1) Identification of types of Authorized Improvements that may be financed
through the use of contractual assessments.
(2) Identification of the CEDA official authorized to enter into contractual
assessments on behalf of CEDA.
(3) A maximum aggregate dollar amount of contractual assessments.
(4) A method for setting requests from property owners for financing through
contractual assessments in priority order in the event that requests appear
likely to exceed the authorization amount.
(d) A plan for raising a capital amount required to pay for work performed in
connection with contractual assessments. The plan may include the sale of a bond
or bonds or other financing relationship pursuant to Section 5898.28 of Chapter
29. The plan (i) shall include a statement of, or method for determining, the
interest rate and time period during which contracting property owners would pay
any assessment, (ii) shall provide for any reserve fund or funds, and (iii) shall
provide for the apportionment of all or any portion of the costs incidental to
financing, administration and collection of the contractual assessment program
among the consenting property owners and CEDA.
A report on the results of the discussions with the County Auditor -Controller described in
Section 10 hereof, concerning the additional fees, if any, that will be charged to CEDA for
inclusion of the proposed contractual assessments on the general property tax roll of the City,
and a plan for financing the payment of those fees.
Section 9. Nature of Assessments. Assessments levied pursuant to Chapter 29, and the
interest and any penalties thereon, will constitute a lien against the lots and parcels of land on
which they are made, until they are paid. Unless otherwise directed by CEDA, the assessments
shall be collected in the same manner and at the same time as the general taxes of the City on
real property are payable, and subject to the same penalties and remedies and lien priorities in the
event of delinquency and default.
Section 10. Consultations with County Auditor -Controller. CEDA hereby directs the
Program Administrator to enter into discussions with the County Auditor -Controller in order to
reach agreement on what additional fees, if any, will be charged to CEDA for incorporating the
proposed contractual assessments into the assessments of the general taxes of the County on real
property.
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Section 11. Preparation of Current Roll of Assessment. Pursuant to Section
5898.24(c), CEDA hereby designates the Program Administrator as the responsible party for
annually preparing the current roll of assessment obligations by assessor's parcel number on
property subject to a voluntary contractual assessment.
Section 12. Procedures for Responding to Inquiries. The Program Administrator shall
establish procedures to promptly respond to inquiries concerning current and future estimated
liability for a voluntary contractual assessment.
Section 13. Effective Date. This resolution shall take effect immediately upon its
adoption.
PASSED AND ADOPTED this
ATTEST:
Helen Schaubmayer, Assistant Secretary
day of , 201.
CALIFORNIA ENTERPRISE
DEVELOPMENT AUTHORITY
Lo
Gurbax Sahota, Chair
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EXHIBIT C
INDEMNIFICATION AGREEMENT
BY AND BETWEEN
THE AND
FIGTREE COMPANY, INC.
This Indemnification Agreement (the "Agreement") is entered into by and between the
, a municipal corporation or political subdivision, duly organized and
existing under the laws of the State of California (the "City") and Figtree Company, Inc., a
California corporation, the administrator of the Figtree Property Assessed Clean Energy and
Job Creation Program (the "Administrator"), which is a program of the California Enterprise
Development Authority, a California joint exercise of powers authority (the "Authority").
RECITALS
WHEREAS, the Authority is a joint exercise of powers authority whose members
include the City in addition to other cities and counties in the State of California; and
WHEREAS, the Authority established the Figtree Property Assessed Clean Energy and
Job Creation Program (the "Figtree PACE Program") to allow the financing of certain
renewable energy, energy efficiency and water efficiency improvements that are permanently
affixed to real property through the levy of assessments voluntarily agreed to by the
participating property owners pursuant to Chapter 29 of Division 7 of the Streets and Highways
Code ("Chapter 29") and the issuance of improvement bonds, or other forms of indebtedness,
under the Improvement Bond Act of 1915 upon the security of the unpaid assessments; and
WHEREAS, the Authority has conducted or will conduct proceedings required by
Chapter 29 with respect to the territory within the boundaries of the City; and
WHEREAS, the legislative body of the City adopted or will adopt a resolution
authorizing the City to join the Figtree PACE Program; and
WHEREAS, the City will not be responsible for the formation, operation and
administration of the Figtree PACE Program as well as the sale and issuance of any bonds or
other forms of indebtedness in connection therewith, including the conducting of assessment
proceedings, the levy and collection of assessments and any remedial action in the case of such
assessment payments, and the offer, sale and administration of any bonds issued by the
Authority on behalf of the Figtree PACE Program; and
WHEREAS, the Administrator is the administrator of the Figtree PACE Program and
agrees to indemnify the City in connection with the operations of the Figtree PACE Program as
set forth herein;
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NOW, THERFORE, in consideration of the above premises and of the City's agreement
to join the Figtree PACE Program, the parties agree as follows:
1 . Indemnification. Figtree has provided the CEDA with an indemnification for
negligence or malfeasance of any type as a result of the acts or omissions of Figtree, its officers,
employees, subcontractors and agents, arising from or related to the Figtree PACE Program, the
assessments, the assessment districts, the improvements or the financing and marketing thereof.
Figtree agrees to defend, indemnify and hold harmless the City, its officers, elected or appointed
officials, employees, agents and volunteers from and against any and all actions, suits,
proceedings, claims, demands, losses, costs and expenses, including legal costs and attorneys'
fees, for injury or damage due to negligence or malfeasance of any type claims as a result of the
acts or omissions of Figtree, except for such loss or damage which was caused by the sole
negligence or willful misconduct of the City. This indemnity shall apply to all claims and
liability regardless of whether any insurance policies are applicable. The policy limits do not act
as limitation upon the amount of indemnification to be provided by Figtree.
2. Amend ment/Interpretation of this Agreement. This Agreement represents the
entire understanding of the parties as to those matters contained herein. No prior oral or written
understanding shall be of any force or effect with respect to those matters covered hereunder.
No supplement, modification or amendment of this Agreement shall be binding unless executed
in writing by both of the parties hereto. This Agreement shall not be interpreted for or against
any party by reason of the fact that such party may have drafted this Agreement or any of its
provisions.
3. Section Headings. Section headings in this Agreement are included for
convenience of reference only and shall not constitute a part of this Agreement for any other
purpose.
4. Waiver. No waiver of any of the provisions of this Agreement shall be binding
unless in the form of writing signed by the party against whom enforcement is sought, and no
such waiver shall operate as a waiver of any other provisions hereof (whether or not similar),
nor shall such waiver constitute a continuing waiver. Except as specifically provided herein, no
failure to exercise or any delay in exercising any right or remedy hereunder shall constitute a
waiver thereof.
5. Severability and Governing Law. If any provision or portion thereof of this
Agreement shall be held by a court of competent jurisdiction to be invalid, void, or otherwise
unenforceable, the remaining provisions shall remain enforceable to the fullest extent permitted
by law. This Agreement shall be governed by and construed and enforced in accordance with
the laws of the State of California applicable to contracts made and to be performed in
California.
6. Notices. All notices, demands and other communications required or permitted
hereunder shall be made in writing and shall be deemed to have been duly given if delivered by
15
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6.b
hand, against receipt, or mailed certified or registered mail and addressed as follows:
If to the Administrator Figtree Company, Inc.
9915 Mira Mesa Blvd., Suite 130
San Diego, California 92131
Attn: Chief Executive Officer
If to the City:
7. Counterparts. This Agreement may be executed in one or more counterparts,
each of which shall be deemed to be an original, which together shall constitute the same
instrument.
8. Effective Date. This Agreement will be effective as of the date of the signature of
City's representative as indicated below in the signature block.
IN WITNESS HEREOF, the parties hereto duly executed this Agreement as of the date below
APPROVED AS TO FORM:
City Attorney
Public Entity Name
By
Name:
Title:
Date:
Figtree Company, Inc., a California corp.
By
Name: Mahesh Shah
Title: CEO
Date:
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WHAT IS PACE?
Renew Financial manages the CaliforniaFIRST PACE program
PACE allows property owners to finance solar, energy efficiency, water
conservation and seismic retrofit projects, with the obligation repaid
through their property tax bill
Low rates and flexible underwriting
Terms of 5, 10, 15, 20, and 25 years available
SUMMARY OF TERMS: 20 YEAR MATURITY
• Up to 20-year, fully amortizing, level pay
• Payments due twice a year with property tax on December 10 and April 10
• Interest rate of 10-year Treasury rate plus 415 basis points
(i.e. if Treasury is 2.00% then interest rate will be 6.15%)
An innovative financing solution from
�'► RENEW
FINANCIAL
• Treasury rates available at: bloomberg.com/markets/rates-bonds/government-bonds/us[
• Capon closing costs and fees of 3.00% for transactions greater $500k, 4.00% for $250k to $500k
• Additional 12 bps on interest rate for projects in Santa Clara, Santa Cruz, San Benito and Solano
counties due to county collection fees
GETTING A QUOTE
Must have: address, property type, project cost and financing type (customer owned and/or PPA)
Nice to have: APN (parcel number for property tax) and aerial project view (solar only)
Email to: commerciai(@renewfinancial.com
Easier deals to do
Larger than $200k ($500k for PPA or lease)
Office, retail, hotels, warehouse, multifamily, senior living, wineries and other multi -use
Harder deals to do
Smaller deals
Agriculture, houses of worship, private schools and specialized manufacturing
Note: Within agriculture, food processing, vegetables and coastal properties ore somewhat easier
Impossible deals to do
Publicly owned buildings (governments cannot pay property tax) and raw land
Renew Financial and Hannon Armstrong have partnered to provide low-cost on -demand
capital for PACE projects throughout California.
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UNDERWRITING
Expedited Underwriting - no financials needed
Must meet four primary tests:
• PACE lien is less than 15% of property value
• PACE lien plus mortgage is less than 80% of property value
• Project size is less than $2.5mm w
• Property is multi -use (including office, retail, warehouse, hotel, winery and senior living)
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Property value can be from recent appraisal (past two years) or assessed value
• May include 50% of project cost in property value
• Renew Financial can also help property owners to obtain a "drive -by" valuation E
Conventional Underwriting
Projects that do not qualify for expedited underwriting may still qualify with company and/or property
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financials:
• All properties must be current on property tax and mortgage
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• All projects must obtain consent from mortgage holder(s) W
OBTAINING LENDER CONSENT
More than 80 financial institutions have consented to at least one commercial PACE transaction, including
Wells Fargo, JP Morgan, Citi, BofA, US Bank, Union Bank, Bank of the West, Deutsche Bank, Prudential
and MetLife. Renew Financial will work with property owner and contractor to obtain consent.
PPAS AND LEASES
Renew Financial partners with several tax equity providers to provide PACE leases and PPAs; same
underwriting conditions apply.
PRIMARY DOCUMENTS REQUIRED TO CLOSE
• Scope of work (bid proposal is generally adequate)
• Mortgage statement (if relevant)
• Mortgage lender consent (if relevant)
• Appraisal (if necessary to establish sufficient valuation)
Contractor and property owner will also need to provide a disbursement schedule based on project
completion milestones.
Contacts: Brad Copithorne office: 510-350-3721 cell: 415-608-6447 bcopithorne@renewfinancial.com
Jerry Chan office: 510-350-3723 jchan@renewfinancial.com
Packet Pg. 63
6.d
PACE FINANCING FOR COMMERCI
BUILDING CAPITAL IMPROVEMENTS
REPAID VIA PROPERTY TAX BILL
KEY FEATURES
✓ Higher cash flow, lower operating costs
✓ Reduces energy & water consumption
✓ Repaid through property taxes
✓ Long-term, fixed-rate financing
✓ Prepayment at any time
✓ Easy credit approval
✓ $0 up -front cost Aj
Reduce Operating
Expenses
( - I --
Increase
Cash Flows
Reduces Carbon
Footprint
CLEANFUND
II t,16 Commercial PACE Capital 415.256.8000 V info@cleanfund.com � www.cleanfund.com
I
PACE ELIGIBLE
100% FINANCI00001*�
Some of the non-residential building
types eligible for PACE financing
Office Retail Industrial Hotels
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Multi -family Manufacturing Healthcare Non-public
Facilities Schools
Pathway To Funding
Owner signs Letter of
Intent and underwriting
begins
CleanFund and owner identify
eligible capital improvements
CleanFund finances up to 100%
of both hard and soft costs for
performance -enhancing building proj
f Energy
Air Sealing and Ventilation
Insulation
HVAC
Lighting
Building Envelope
Water Heating
Refrigeration
Compressed Air
EV Charging Stations
Elevator Modernization
Building Control Systems
Daylighting
Cool Roofs
CleanFund completes
underwriting
a Renewabl
Solar
Wind
Fuel Cell
Cogeneration
• Water
Fixtures
Irrigation
Cooling Towers
Reclaimed Water
Financial Closing
'. C L EA N F U N D ` 415.256.8000 V info@cleanfund.com
Commercial PACE Capital
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ALLIANCE I IMC
PROGRAM'
Commercial PACE Program Overview
Eligible Commercial Properties
Most commercial property types are eligible, including retail, office, industrial., hotel, self -storage and
multifamily consisting of five or more units. The property must be located in a participating city or county.
New construction, if done by the property owner, may be considered for financing.
Eligible Projects
• Improvements related to the installation of renewable energy, energy or water efficiency products,
or electric vehicle charging stations.
• Examples of project types include but are not limited to:
o Energy efficiency equipment, such as HVAC, windows, doors, building envelope, cool
roofs, meters, elevators, pools and control systems
o Renewable energy or alternative energy sources, such as solar systems, wind power and
storage systems
Tenant enhancements, such as LEED or WELL certification improvements
Water conservation measures, such as irrigation control, artificial turf and low flow
fixtures
Seismic Retrofits/Soft Story
In addition to the installation of eligible projects described above, the AllianceNRG Program will finance
seismic retrofits to strengthen existing buildings to prevent collapse during an earthquake. All retrofit
engineering plans are subject to a seismic risk assessment report by an independent seismic engineer to
ensure compliance with local seismic building codes and to determine that Scenario Expected Loss will
be less than 20%.
Lender Consent
If the property is subject to a mortgage, deed of trust or similar agreement on the property, then lender
consent is required from the holder of any such mortgage, deed of trust or similar agreement, except that
no such lender consent is required for financing seismic retrofits required by law.
Advantages Over Traditional Construction Loans
• 100% financing of project, including all soft costs such as permits, inspections and design fees
• Closing costs can be capitalized
• Fixed interest rates over the life of the assessment
• Maturities between 5-30 years up to the estimated useful life of the improvement
• No balloon payments; assessments are self -amortizing
• Prepayment is not required upon sale or refinancing of the property
• May qualify for off balance sheet treatment
General Financing Guidelines
Minimum Property Value
$500,000
Minimum Financing
$150,000
Maximum Assessment to Value
30%
Maximum Combined Loan and Assessment to
Value
95%
Minimum Assessment DSCR
1.2x
Minimum Combined Loan and Assessment
DSCR
1.15
Interest Rates
5.5% to 7.5%
Term & Amortization
5 to 30 years based on EUL of project
Prepayment Fees
yes
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For more information, visit www.AllianceNRG.com or contact 855 431 4400
Packet Pg. 66 1
6.f
Figtree
FINANCING
INTRODUCING PACE
FINANCING
UPGRADES
Figtree PACE allows up to 20% of a
property's value to be financed for energy
efficiency, renewable energy, and water
conservation upgrades
creates an assessment lien on the property
and is repaid as semi-annual installments on
the property tax bill.
The financing can be use for HVAC, Roofing,
Solar, Windows, Lighting, and other energy
efficiency and water conservation upgrades
for commercial properties. The financing is
no money down, fixed low interest rate, and
long term up to 20 years. Qualifying for the
financing is based on the property not
Property owners can easily qualify for PACE
financing in numerous cities and counties
throughout California, and the number of
jurisdictions authorizing Fiigtree to offer
financing based on property values in
their respective communities continues to
grow. PACE financing requires no personal
guarantee. Additionally, all loan balances
can transfer to the next owner if you sell the
property — you pay for only the benefits you
receive. Payments are made as semi-annual
assessment installments on your property tax
bill, but participation is completely voluntary
and the program does not rely on public funds.
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HOW TO ADOPT FIGTREE PACE IN YOUR
COUNTY OR CITY
THE BOARD OF SUPERVISORS/
CITY COUNCIL WILL NEED TO:
1. Establish Membership with California Enterprise
Development Authority (CEDA) (If not already a member)
• Adopt Membership Resolution (no cost to join)
• Execute Membership Agreement
2. Authorize CEDA to form the PACE Assessment District
• Adopt Resolution of Authorization
DOWNLOAD SAMPLE DOCUMENTS
AND STAFF REPORTS ONLINE
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Agreements & Resolutions
Agreements & Resolutions
ABOUT CEDA
The California Enterprise
Development Authority (CEDA) is
committed to helping bring financing
options and information to businesses
and economic developers. CEDA is a
statewide Joint Powers Authority (JPA)
which affords individual cities and
counties economies of scale and
reduced risk in the implementation of
financing programs. As the sponsoring
public agency of the FIGTREE PACE
program, CEDA issues the PACE
bonds which finance clean energy
building improvements.
Figtree
FINANCING
1-877-577-7373 1 info@figtreefinancing.com
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ANTA CL F ITA VALLEY
ECONOMIC DEVELOPMENT CORPORATION
January 24, 2017
Mayor Cameron Smyth and the City Council
The City of Santa Clarita
23920 Valencia Boulevard
Santa Clarita, CA 91355
Subject: Letter of Support to Provide Commercial PACE Programs in Santa Clarita
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Dear Mayor Smyth and members of the City Council:
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On behalf of Santa Clarita Valley Economic Development Corporation (SCVEDC) it is my pleasure to write a letter v
of support to adopt a commercial Property Assessed Clean Energy (PACE) program in the City of Santa Clarita
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and I am pleased to see that the City Council is considering allowing multiple providers to participate in the r
program. PACE is an innovative way to finance energy efficiency and renewable energy upgrades to commercial o
buildings. w
The SCVEDC is an integral part of the Santa Clarita business community. While we are highly committed to
attracting and supporting new business investment to the region, we continually engage in relationships among
a wide range of emerging and established businesses.
Our organization supports the City Council finding ways to continue to be business friendly and lower the cost of
doing business which strengthens our local economy.
Sincerely,
Holly Schroeder
President and CEO
26455 Rockwell Canyon Road I University Center, Suite 263 1 Santa Clarita, CA 91355
(661) 288-4400 1 Fax (661) 288-4414 1 scvedc.org
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A.
CONNECTING AND BUILDING SCV INDUSTRY
28005 N. Smyth Drive, #137, Valencia, CA 91355 / 661-294-8088 (o) / 661-775-9670 (f)
admin@via.org
January 30, 2017
The City of Santa Clarita
23920 Valencia Boulevard
Santa Clarita, CA 91355
Subject: Letter of Support to Provide Commercial PACE Programs in Santa Clarita
Dear Mayor Smyth and members of the City Council:
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On behalf of Valley Industry Association please accept this letter of support regarding the City of Santa r°
Clarita's plan to adopt a commercial Property Assessed Clean Energy (PACE) program in the City of
Santa Clarita. VIA is pleased to see that the City Council is considering allowing multiple providers to >
participate in the program, as PACE programs are an innovative way to finance energy efficiency and
renewable energy upgrades to commercial buildings. 0
0.
The Valley Industry Association has been representing business interests in the Santa Clarita Valley for
over 35 years, and our organization supports the City Council's ongoing efforts to find ways to continue
to be business friendly and lower the cost of doing business, which strengthens our local economy and the
fabric or our business community.
Thank you for your time and consideration regarding this matter.
Sincerely,
Ed Masterson
Ed Masterson
Chairman of the Board
Valley Industry Association
661-294-8088 (o)
661-775-9670 (f)
admin@via.org
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SANTA CLARITA VALLEY
Chamber of Commerce
February 6, 2017 Q
a
Mayor Cameron Smyth and the City Council
2
The City of Santa Clarita
L
23920 Valencia Boulevard
E
Santa Clarita, CA 91355
v
Subject: Letter of Support to Provide Commercial PACE Programs in Santa Clarita
o
Dear Mayor Smyth and members of the City Council, R
On behalf of the Santa Clarita Valley Chamber of Commerce (Chamber) it is my pleasure to write a letter
of support to adopt a commercial Property Assessed Clean Energy (PACE) program in the City of Santa
Clarita. We are pleased to see that the City Council is considering allowing multiple providers to
participate in the program. PACE is an innovate way to finance energy efficiency and renewable energy
upgrades to commercial buildings. Our business community supports this effort.
The Chamber represents more than a thousand businesses in Santa Clarita. We are dedicated to
fostering a creative and dynamic environment that promotes and represents businesses in our
community.
Our organization supports the City Council in finding ways to be business friendly and lower the cost of
doing business, an effort that strengthens our local economy and improves the quality of life in our
valley for everyone.
Sincerely,
Lois Bauccio
President and CEO
Santa Clarita City Hall
23920 Valencia Blvd., Suite 265 • Santa Clarita, CA 91355
P (661) 702-6977 • F (661) 702-6980
Packet Pg. 71