Commission Meeting Agenda Item
Conceptual Presentation and Discussion of the Property Assessed Clean Energy (PACE) Program and its Application, Features, and Benefits for the Town of Lady Lake
Staff Recommended Motion
Staff recommends advancing the proposal as recommended by the Town Commission.
On Thursday, October 8, 2020, Town staff received a request from Brent Ritchie with EnRitch Investment Group to bring forth a presentation regarding the Property Assessed Clean Energy (PACE) Program before the Special Town Commission Conceptual Workshop for discussion and feedback.
The Florida Development Finance Corporation (FDFC) was formed by the Florida Development Finance Corporation Act of 1993 as a state-wide, special development financing authority designed for economic development purposes such as qualifying improvement projects under Florida Statute 163.08.
The FDFC supports economic development by assisting for-profit and not-for-profit businesses with access to capital for project financing that promote business activity and job creation.
Property Assessed Clean Energy (PACE) is a public policy initiative created through Section 163.08 of the Florida Statues to support qualified improvements to real property related to renewable energy, energy conservation/efficiency and wind hardening.
PACE financing is provided through private capital, which is repaid through a voluntary non-ad valorem assessment on the property owner’s annual tax bill. FDCF provides administrative services and there is no cost to the local government.
At this time, there are approximately 150 cities and 23 counties within the State of Florida that take advantage of this available funding mechanism. Within Lake County, the City of Mount Dora and the City of Leesburg currently participate. Unincorporated Marion County, the City of Ocala, Orange County, Seminole County, and Osceola County are just a few other municipalities and counties within our vicinity that are signed up so that these resources are available for eligible projects within their communities.
In order to become part of the PACE program, the Town of Lady Lake would need to adopt a PACE resolution and approve PACE district agreements. In addition, the districts will execute services agreements with the Tax Collector and Property Appraiser.
The applicant will be discussing requirements, features, and benefits of the program.