Placement: New Business
Action Requested: Discussion
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Florida PACE Funding Agency, Request for City Council Direction
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Submitted By: James D. Stokes, City Attorney
Strategic Plan Link: The City's Mission to be responsive to our community.
Executive Summary (General Business): It has recently come to the City Attorney's attention that Florida PACE Funding Agency ("Florida PACE") is providing financing for certain home improvements to residential property owners within St. Lucie County, with the majority being within the City. While PACE programs are generally authorized by Florida Statute, Florida PACE is not following statutory requirements for PACE programs. It is Florida PACE's position that it has independent authority to provide PACE financing statewide and Assess properties, without receiving approval from the local city or county. While Florida Statute requires any PACE entity to seek a Resolution of the local government in order to authorize an assessment on the property, it is Florida PACE's position that IT IS a "local government" entity, so no involvement of the city or county is necessary.
Presentation Information: Staff will be available for discussion.
Staff Recommendation: Request that the Council authorize the City Attorney's office to address this situation through one or more methods: (1) the City could send a cease-and-desist letter to Florida PACE; (2) the City could enact a Consumer Protection Ordinance regarding PACE financing; (3) the City could file a lawsuit, including a request for injunctive relief, against Florida PACE; (4) the City could join the County's lawsuit that it is preparing against Florida PACE; (5) the City can seek legislative intervention, an Attorney General's investigation, or other means which can be more fully discussed.
Background: The St. Lucie County Tax Collector and his general counsel indicated last week that approximately 130 properties countywide received financing from Florida PACE (in t...
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