Title
AN ORDINANCE AUTHORIZING THE CITY OF LEE’S SUMMIT TO PARTICIPATE IN THE GREATER KANSAS CITY CLEAN ENERGY DEVELOPMENT BOARD AND AUTHORIZING FURTHER ACTIONS AS MAY BE NECESSARY OR DESIRABLE TO CARRY OUT AND COMPLY WITH THE INTENT HEREOF. (F&BC 1-8-18)
Body
Issue/Request:
AN ORDINANCE AUTHORIZING THE CITY OF LEE’S SUMMIT TO PARTICIPATE IN THE GREATER KANSAS CITY CLEAN ENERGY DEVELOPMENT BOARD AND AUTHORIZING FURTHER ACTIONS AS MAY BE NECESSARY OR DESIRABLE TO CARRY OUT AND COMPLY WITH THE INTENT HEREOF.
Key Issues:
The proposed ordinance would authorize the City of Lee's Summit to participate in a regional program designed to encourage development of clean energy alternatives.
Property Assessed Clean Energy or PACE programs, allow local government entities to raise money through the issuance of bonds or other sources of capital to fund energy efficiency and renewable energy projects to eligible property owners. Through the creation of financing districts, property owners can finance renewable onsite generation installations and energy efficiency improvements through a special assessment on their property tax bills that is repaid over a period up to 20 years.
This voluntary assessment is secured by a senior lien on the property and does not require upfront payment. The lien provides debt collateral in the event a property owner defaults on the assessment. In most cases, the assessment and the lien are transferred upon sale.
Missouri enacted PACE legislation in 2010 (HB 1692) that authorizes the formation of clean energy development boards by one or more municipalities for the purpose of establishing PACE programs (Sections 67.2800 - 67.2835, RSMo). Municipalities are defined as counties, cities or incorporated towns or villages in Missouri. Boards will establish application requirements and criteria for project approval, evaluate proposed projects and the credit-worthiness of property owners, enter into assessment contracts and administer the loans or u...
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