STRATEGIC PRIORITY: Economic Development
AGENDA DATE: December 13, 2023
COUNCIL DISTRICT(S): All
DEPARTMENT: Office of Economic Development
EXECUTIVE: Majed Al-Ghafry
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SUBJECT
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Authorize a public hearing to be held on January 10, 2024, to receive public comments on proposed amendments to the City's Property Assessed Clean Energy ("PACE") Program Report which enables PACE financing of water conservation and energy-efficient improvements for private commercial, industrial, and multi-family properties within the city of Dallas pursuant to the Property Assessed Clean Energy Act, as amended (Texas Local Government Code Chapter 399) - Financing: No cost consideration to the City
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BACKGROUND
The Property Assessed Clean Act ("PACE") was enacted by the State of Texas in 2013, and Dallas was one of the first municipalities in the state to establish a PACE Program in 2016. Following a competitive procurement process, Texas PACE Authority, a non-profit organization, was selected as the City's third-party PACE Program Administrator. The Dallas PACE Program is based on the Texas "PACE in a Box" program model and follows any additional "PACE in a Box" guidance, clarifications, or modifications resulting from the program feedback and improvement process.
PACE financing is an innovative program that allows owners of private commercial, industrial, and multi-family residential properties (with five or more dwelling units) to obtain low-cost, long-term loans for long-term or permanent water conservation, energy-efficiency improvements, and renewable retrofits. The PACE Act authorizes municipalities and counties in Texas to work with private sector lenders and property owners to finance qualified improvements using contractual assessments voluntarily imposed on the property by the owner. In exchange for funds provided by a private lender to pay for the improvements, the property owner voluntarily req...
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