Commission Meeting Agenda Item
Conceptual Presentation to Allow the Property Assessed Clean Energy (“PACE”) Program to be Utilized as a Funding Mechanism for a 40.44 Acre Parcel Located North of Lake Ella Road and West of Highway 27/441; Previously Referenced as the Bailey Property
Staff Recommended Motion
Staff recommends advancing the proposal as recommended by the Town Commission.
On Monday, July 20, 2020, the Town Commission approved Ordinance 2020-04 rezoning property being 40.44 acres located north of Lake Ella Road and west of Highway 27/441; previously referenced as the Bailey property. The entitlements of the ordinance include professional and business offices, medical offices and clinics, commercial and retail sales businesses, hotels, restaurants, condominiums, and health and exercise club or spa. The condominiums are limited to 500 units.
On Monday, December 21, 2020, the Town Commission approved Resolution 2020-117 establishing the Property Assessed Clean Energy (“PACE”) program for specific property referenced by Alternate Key Number 3900680, to provide an additional funding mechanism to construct a memory care facility on the subject property.
At this time, David Springstead, engineer of record for the 40.44-acre property with the entitlements under Ordinance 2020-04, would like the Town Commission to consider allowing PACE financing for the construction of his project as well. This would be the second project specific funding location within the Town of Lady Lake.
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.
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.
Source of Funding