FLORIDA PACE FUNDING AGENCY

Delivered by SAIC

FloridaPACE.gov2

FLORIDA PACE FUNDING AGENCYDelivered by SAIC

• What is PACE?– Property Assessed Clean Energy

• Allows for the cost of Qualified Improvements to be repaid through a Special Assessment on the property tax bill.

Energy Efficiency Wind ResistanceRenewable Energy Energy Audit

FloridaPACE.gov3

FLORIDA PACE FUNDING AGENCYDelivered by SAIC

• Tallahassee

• Who is the Florida PACE Funding Agency?– An independent government

agency– Created in June 2011– Issue up to $2.0 billion in Bonds– Implement a state-wide platform– Limit the liability of Counties & Cities– Professional program and financial

management

FloridaPACE.gov4

FLORIDA PACE FUNDING AGENCYDelivered by SAIC

• Stakeholders– Agency

• Cheryl L. Grieb ~ Board Member

• Barbara S. Revels ~ Board Member

• Edward Marquez ~ Board Member

• Mike Steigerwald ~ Executive Director

• Don Smalwood ~ General Counsel

• Bryant Miller Olive P.A. ~ Special & Bond Counsel

• Financial Advisors• PFM Group• First Southwest• Southeastern Investment Securities

• Third-Party Administrator– SAIC

• Financial Service Provider ~ TBD

FloridaPACE.gov5

FLORIDA PACE FUNDING AGENCYDelivered by SAIC

• What is the Government's Role?– Indentify pressing public needs– Build consensus– Indentify resources that

are sustainable– Optimize cost/benefit with minimum

public risk– Create conditions to allow

for market integration– Monitor and adjust

FloridaPACE.gov6

FLORIDA PACE FUNDING AGENCYDelivered by SAIC

• What is the Agency's Mission?– To provide simplified, no cost access to the standardized implementation,

planning, development, funding, financing, marketing and management of a statewide PACE financing platform to all counties.

FloridaPACE.gov7

FLORIDA PACE FUNDING AGENCYDelivered by SAIC

• How Do I Participate?– Subscription Agreements

• Inter-local agreement• Uniform state-wide approach• Better ability to attract capital• No financial obligations• Lower cost to implement• Limited liabilities• Agency administers program• Special assessment tax bill process

* The Agency will not provide its services within the boundaries of any local

government that does not desire and request to cooperatively enter into

a subscription agreement.

FloridaPACE.gov8

FLORIDA PACE FUNDING AGENCYDelivered by SAIC

• Specifically…– Agree to Participate

• Samples of all documentation are available

from the Agency now.

– Approve Resolution• Provides that the Subscription Agreement

is hereby approved.• Subscription Agreement between Local Govt. & Agency.• Expressly authorizing the Agency to provide its services. • Expressly provides that the Agency may assist in providing

qualifying Improvements to property owners.

– Develop financing agreements between Agency & Property Owner • Causes non-ad valorem assessment only on subject property.• Remittance of special assessment proceeds to the Agency

on annual basis.

FloridaPACE.gov9

FLORIDA PACE FUNDING AGENCYDelivered by SAIC

• Qualified Improvements– Energy conservation and efficiency improvements for efficient use of

electric, natural gas, propane and other forms of energy including but not limited to:

• Air sealing & Installation of insulation.• Energy-efficient heating, cooling or ventilation systems & components systems.• Building modification to increase the use of daylight.• Replacement of windows.• Installation of energy controls or energy recovery systems.• Installation of electric vehicle charging equipment.• Installation of efficient lighting equipment.

– Renewable energy improvements in which electrical, mechanical,

or thermal energy is produced using the following fuels:• Hydrogen Biomass • Wind Solar Energy• Geothermal Energy

FloridaPACE.gov10

FLORIDA PACE FUNDING AGENCYDelivered by SAIC

• Who is Eligible to Participate?– Residential– Multi-Family Rental– Common Ownership: Coming Soon

– Commercial– Industrial– Private Healthcare– Private Educational– Agriculture– Taxable Governmental

FloridaPACE.gov11

FLORIDA PACE FUNDING AGENCYDelivered by SAIC

• Underwriting Criteria?– Applicant must be the Property Owner.– Qualified Improvement is less than 20%

of “just” property value.– Property tax payments current during

last 3 years.– Mortgage payments current and no

delinquencies during last 3 years.– No outstanding liens on the property.– Contractor is state licensed and on approved list.– Proposed improvement is a qualified improvement.– Complete cost proposal from the contractor.– Notice to mortgagor of the impending special assessment.

FloridaPACE.gov12

FLORIDA PACE FUNDING AGENCYDelivered by SAIC

• County Benefits– No financial obligation to the County…significant benefit

to property owners; tax collection fees are reimbursable.– Agency handles all administration and marketing;

County can participate. – One program...common program rules across all

participants…maximum transparency.– Best loan terms available.– Cooperating relationships with IOU, Municipal and

Coop utilities to secure available capital cost rebates.– Technical assistance available through the third party

administrator, SAIC.

FloridaPACE.gov13

FLORIDA PACE FUNDING AGENCYDelivered by SAIC

• How Do I Get Started?– Don’t let energy savings and jobs creation in your county get delayed…

TIME = $$$– Speak to one of the FPFA staff to schedule an in-depth presentation.– Take a thumb drive of standardized subscription documents.