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An Ordinance Creating a PACE Area and Establishing the Illinois Finance Authority Property Assessed Clean Energy Program for Record Owners of Property that, From Time to Time, May Voluntarily Request the Levy of Special Assessments to Secure the Financing or Refinancing of their PACE Projects; Authorizing Program Administrators to Act Thereunder; Designating the Illinois Finance Authority as the Sole Issuer of Bonds and Notes; and Approving Related Matters.
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Introduction
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The purpose of this agenda item is for the Board to approve an Ordinance that creates a PACE area and establishes the Illinois Finance Authority Property Assessed Clean Energy Program.
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Recommended Action
Adopt the Ordinance.
Prior Board Action
There is no prior Board action associated with this item.
Background
Commercial Property Assessed Clean Energy (C-PACE) is a financing mechanism that allows owners of commercial and certain other properties to finance energy, water, resiliency, and renewable energy projects through long-term, fixed-rate assessment liens on their property. The Illinois Finance Authority (IFA) has been running a C-PACE financing program since 2013.
Any interested municipality may establish the IFA's C-PACE Program within its boundaries by adopting the enabling PACE Ordinance. Enabling PACE makes this financing available to properties in the Village at no cost to the Village. Currently, eligible properties in Oak Park can participate in C-PACE financing through a Cook County-authorized program. Establishing the IFA PACE Program will not reduce or remove access to the Cook County PACE program. To date, no Oak Park properties have taken advantage of the Cook County program.
C-PACE financing may be used to finance up to the full amount of an eligible project, not to exceed 25% of the value of the property. Eligible improvements include fixtures, products, systems, equipment, devices, and materials intended for energ...
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