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<br /> <br /> <br /> <br /> <br /> <br /> <br /> Resolution 2010 - 13 <br /> <br /> RESOLUTION IN SUPPORT OF THE PROPERTY ASSESSED CLEAN ENERGY <br /> (PACE) PROGRAM <br /> <br /> <br /> WHEREAS, utility bills represent a major cost of operating costs for home and business <br /> owners; <br /> <br /> WHEREAS, investing in cost-effective energy efficiency and renewable energy <br /> improvements to homes and businesses can save energy, cut utility bills, create local <br /> jobs, reduce reliance on fossil fuels, and reduce greenhouse gas emissions; <br /> <br /> WHEREAS, the upfront cost and potentially long payback periods may prevent property <br /> owners from making cost-effective clean energy improvements; <br /> <br /> WHEREAS, Property Assessed Clean Energy (PACE) financing programs are an <br /> innovative local government solution to help property owners finance energy efficiency <br /> and renewable energy improvements - such as energy efficient boilers, upgraded <br /> insulation, new windows, solar installations, etc. - to their homes and businesses; <br /> WHEREAS, the State of Missouri has passed legislation enabling municipal and county <br /> governments to develop PACE programs on July 12, 2010; <br /> <br /> WHEREAS, the City of University City is recognized as a Sustainable Community and <br /> aspires to be a leader in energy efficiency and renewable energy programs; <br /> <br /> WHEREAS, White House and the U.S. Department of Energy strongly support PACE, <br /> have dedicated $150 million to develop local PACE programs and issued guidelines to <br /> ensure that PACE programs meet safety and soundness requirements and adequately <br /> protect both bond buyers and property owners; and, <br /> <br /> WHEREAS, despite PACE's great promise, the Federal Housing Finance Agency <br /> (FHFA) and the Office of the Comptroller of the Currency (OCC) on July 6th issued <br /> statements that immediately forced existing PACE programs to halt operations and <br /> froze the development of dozens of PACE programs nationwide. <br /> <br /> <br /> <br /> <br /> <br /> <br /> r <br /> <br /> <br /> <br /> <br /> <br /> <br /> it <br />