REPORT TO COUNCIL
SUBJECT
Title
Adopt Resolutions Authorizing the Operation of Property Assessed Clean Energy (PACE) Financing Programs Within the City of Sunnyvale, Authorize the City Manager to Execute Agreements and Other Documents Necessary to Implement the Same, and Find that the Actions are Exempt from Environmental Review under CEQA Guidelines Section 15378(b)(4)
Report
SUMMARY OF COMMISSION ACTION
The Sustainability Commission considered this item on May 15, 2017.
The Sustainability Commission voted to approve Alternatives 1 through 8. The vote was 4-0, with Commissioner Kisyova abstaining and Commissioner Zornetzer absent (Attachment 15 - Excerpt of Draft Sustainability Commission meeting minutes). The Commission's approval of Alternative 3 was contingent on HERO agreeing to all the conditions included in the proposed Letter of Agreement Regarding Operational Requirements for PACE Programs in the City of Sunnyvale (Attachment 3).
Staff presented the report and responded to Sustainability Commission questions related to benefits of PACE assessments compared to conventional loans, contractor training and oversight, and program marketing and outreach. Additionally, several PACE Providers including HERO, Ygrene, and Pace Funding addressed the Commission during the Public Hearing and responded to clarification questions.
The representative from HERO informed the Commission about its recent programmatic change whereby HERO will no longer subordinate assessments.
ACTIVITY SINCE SUSTAINABILITY COMMISSION REPORT
On the afternoon of May 12, 2107, a representative of HERO informed City staff that HERO had just instituted a major change to its program and will no longer be contractually subordinating its PACE assessments and could no longer agree to that specific operating condition included in staff's proposed Letter of Agreement. HERO cited that this was due to recent experience and further guidance on the Federal Housing and Finance Administration's...
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