Placement: Resolutions
Action Requested: Motion / Vote
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Resolution 23-R20, a Limited Purpose Party Membership Agreement with the Florida Resiliency and Energy District; Authorizing a Commercial-Only Property Assessed Clean Energy (“C-PACE”) Program for Real Property Located at 8833 U.S. Highway 1, Port St. Lucie, Florida; Utilizing Voluntary Non-Ad Valorem Assessments to Finance Qualifying Improvements; and Authorizing the Mayor, or Designee, to Execute Said Agreement.
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Submitted By: Elijah Wooten, Economic Development Administrator, City Manager’s Office.
Strategic Plan Link: The City's Goal of a diverse local economy and employment opportunities.
Summary Brief (Agreements/Contracts only)
1. Prepared by: Florida Resiliency and Energy District.
2. Parties: City of Port St. Lucie and the Florida Resiliency and Energy District.
3. Purpose: Authorize a Commercial-only Property Assessed Clean Energy (C-PACE) Program to real property located at 8883 US Highway 1, Port St. Lucie, FL 34952 (the “Subject Property”).
4. New/Renewal/Modified: New.
5. Duration: The Agreement does not include an expiration date but does allow a 90-day notice of termination by either party.
6. Benefits to Port St. Lucie: By authoring the C-PACE program for the real property located at 8883 US Highway 1, Port St. Lucie, FL 34952, the commercial property is eligible to receive $30 million in capital investment for qualified improvements.
7. Cost to Port St. Lucie (Annual and Potential): There is no cost to the City of Port St. Lucie. The City Council is only authorizing the commercial-only C-PACE program for the subject property.
Presentation Information: A brief staff presentation and a representative from the Florida Resiliency and Energy District will be available to answer the City Council’s questions.
Staff Recommendation: Move that the Council approve the limited purpose party membership agreement between the Florida Resiliency and Energy District and City of Port St. Lucie.
Alternate Recommendations:
1. Move that the Council amend the recommendation and approve the limited purpose party membership agreement between the Florida Resiliency and Energy District and the City of Port St. Lucie.
2. Move that the Council not approve the limited purpose party membership agreement between the Florida Resiliency and Energy District and the City of Port St. Lucie and provide staff direction.
Background: Pursuant to Section 163.08(1), Florida Statutes, the Legislature determined that access to financing for certain renewable energy, energy efficiency and conservation and wind resistance improvements (“qualifying improvements”) through voluntary assessment programs such as the C-PACE program provides a special benefit to real property by alleviating the property’s burden from energy consumption and/or reducing the property’s burden from potential wind damage. To make the qualifying improvements more affordable, the Legislature enabled property owners to voluntarily finance such qualifying improvements with the assistance of local governments, through the execution of financing agreements and the related imposition of voluntary, non-ad valorem special assessments. The limited purpose party membership agreement the Florida Resiliency and Energy District and the City of Port St. Lucie would authorize a C-PACE program to real property located at 8883 US Highway 1, Port St. Lucie, FL 34952.
Issues/Analysis: By authoring the C-PACE, the commercial property is eligible to receive $30 million in capital investment for qualified improvements.
Financial Information: There is no cost to the City of Port St. Lucie. The City Council is only authorizing the commercial-only C-PACE program for the subject property.
Special Consideration: The closing for the C-PACE financing is scheduled for March 2023. The limited purpose party membership agreement between the Florida Resiliency and Energy District and the City of Port St. Lucie will need to be approved by the City Council for the closing to proceed.
Location of Project: : 8883 US Highway 1, Port St. Lucie, FL 34952.
Attachments:
1. Resolution.
2. Exhibit A to Resolution - Limited Purpose Party Membership Agreement.
NOTE: All of the listed items in the “Attachment” section above are in the custody of the City Clerk. Any item(s) not provided in City Council packets are available upon request from the City Clerk.
Internal Reference Number: 9635
Legal Sufficiency Review:
Reviewed by Margaret M. Carland, Senior Deputy City Attorney. Approved as to Legal form and sufficiency by James D. Stokes, City Attorney.