DEPARTMENT: Economic Development
DEPARTMENT HEAD: Alejandra Lopez
COUNCIL DISTRICTS IMPACTED: City-wide
SUBJECT:
Authorize a Resolution of Intent to establish a Property Assessed Clean Energy (PACE) Program.
SUMMARY:
Pursuant to the State of Texas Property Assessed Clean Energy (PACE) Act, staff is requesting City Council authorize a Resolution of Intent to create a PACE Program within the San Antonio city limits. In addition, staff is requesting City Council call for a public hearing during the December 12, 2019 City Council A Session Meeting in which City Council will consider authorizing an Intent to Establish a PACE Program. The PACE Act and proposed City PACE Program is designed to promote the City's sustainability and economic development efforts by establishing an innovative financing tool that allows owners of commercial, industrial, and large multi-family residential properties access to low-cost, long-term loans to conduct energy efficiency and water conservation improvements to real property.
BACKGROUND INFORMATION:
Passed by the Texas legislature in 2013, the Property Assessed Clean Energy (PACE) Act created an innovative financing tool that allows owners of commercial, industrial, and large multi-family residential properties access to low-cost, long-term loans to conduct energy efficiency and water conservation improvements to real property. Since the establishment of the PACE Act in Texas, 33 counties and cities have implemented the program in their jurisdictions resulting in 26 executed projects valued at over $100 million in loans.
The PACE Act allows a local government the ability to designate an area within its legal jurisdiction where record owners of commercial, industrial, and large multi-family residential real property may gain access to this financing tool. This program helps lower financial barriers that delay or prevent property owners from implementing energy efficiency improvements. The savings expected as a result of...
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