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REPORT <br />To the Honorable Mayor and City Council <br />From the City Manager <br /> <br />September 22, 2014 <br /> <br />SUBJECT <br />Resolutions Authorizing Participation in Property Assessed Clean Energy Programs <br />(PACE) through WRCOG's HERO Program and CEDA's Figtree Program <br /> <br />RECOMMENDATION <br />1. Adopt a Resolution of the City Council of Redwood City Authorizing Associate City <br />Membership in the Western Riverside Council of Governments (WRCOG) Consenting to <br />the Inclusion of Properties within the City's Jurisdiction in the California HERO program <br />to Permit the Provision of Property Assessed Clean Energy (PACE) Program Services, <br />and Authorizing the City Manger to Execute Amendment to WRCOG Joint Powers <br />Agreement and Other Related Documents; and <br />2. Adopt a Resolution of the City Council of Redwood City Authorizing City to Join the <br />Figtree PACE Program; Authorizing the California Enterprise Development Authority <br />(CEDA) to Conduct Contractual Assessment Proceedings and Levy Contractual <br />Assessments within the Territory of the City of Redwood City and Related Activities; and <br />Authorizing City Manager to Execute Program Documents Including Indemnity <br />Agreement. <br /> <br />BACKGROUND <br />Property Assessed Clean Energy (PACE) is a financing program for property owners to <br />fund energy efficiency, water efficiency, and renewable energy projects on existing <br />residential and commercial structures. It works by enabling property owners to pay for <br />the cost of the financing by voluntarily placing an assessment on their property tax bill. <br />This allows them to finance these kinds of improvements over time without a large, <br />upfront investment. And because the loan stays with the property in the event of sale, <br />property owners may find it more feasible to invest in improvements with a longer-term <br />payback period. <br /> <br />Local governments like Redwood City are permitted to participate in PACE programs <br />under state law (AB 811). Three joint powers authorities operate PACE programs in <br />California and make these programs available within their member agencies’ <br />jurisdictions: Western Riverside Council of Governments (WRCOG) - California HERO <br />Program; California Economic Development Authority (CEDA) - Figtree PACE Program; <br />and California Statewide Communities Development Authority (CSCDA) – <br />CaliforniaFirst Program. The last of these, CaliforniaFirst, is already authorized to <br />operate in Redwood City through Council action on January 11, 2010 and March 8, <br />9.B. - Page 1