FOR IMMEDIATE RELEASE
CONTACT: Bob Reid, (850) 222-8611
FLORIDA PACE FUNDING AGENCY SEATS BOARD MEMBERS
KISSIMMEE – The Florida PACE Funding Agency announced that on November 7, 2011, the incorporators of the Agency, Flagler County and the City of Kissimmee, have by joint resolution appointed Board members. Cheryl L. Grieb, Barbara S. Revels, and Edward Marquez were selected to serve on the Board of Directors for the Agency.
The Florida PACE Funding Agency was created in June 2011 by general law through an interlocal agreement. The initial incorporators are Flagler County and the City of Kissimmee. The Agency’s mission is to facilitate the implementation, planning, development, funding, financing, marketing and management of a uniform statewide platform so that counties and cities can easily and economically take advantage of a scalable program for their property-owning constituents. The Florida PACE Funding Agency was also designed to insulate local governments from liability and the heavy use of staff time for such a voluntary program.
The Agency has received a final judgment validating its ability to issue up to $2 billion in bonds on an as-needed basis to fund financing agreements in support of statewide PACE program initiatives. The Agency has developed a unique strategy aimed at helping local governments advance the Property Assessed Clean Energy (“PACE”) concept in Florida, which can be achieved through economies of scale and widespread acceptance and utilization of its program.
The new Board members have a wealth of local government and real estate experience to bring to their new roles.
Cheryl L. Grieb currently serves as the Mayor Pro-Tem for the City of Kissimmee and has done so since 2006. Concurrently since 2000, Ms. Grieb has been the Owner/Manager of Olde Kissimmee Investments, Inc., specializing in commercial and residential real estate construction, renovations and investments.
Barbara S. Revels currently serves as the Vice-Chair of the Flagler County Board of County Commissioners. She is also a general contractor and realtor who serves as the president and owner of Coquina Real Estate & Construction, Inc., a full service real estate company and general contracting firm. Ms. Revels has previously served as the President of the Florida Homebuilders Association.
Edward Marquez, was appointed as Deputy Mayor of Miami-Dade County Government in August 2011 by the Honorable Mayor Carlos A. Gimenez. As Deputy Mayor, Mr. Marquez is responsible for overseeing the internal management functions of the County, which include the County’s Management and Budget, Internal Services, Finance, Audit and Management, and Information Technology Departments. In addition to serving as Deputy Mayor, Mr. Marquez is also serving as Interim Finance Director. Mr. Marquez brings many years of finance experience to the Board, both from inside various local governments and from the investment banking community.
The Board of Directors held their organizational meeting on November 10, 2011, at which the Board took various actions including consideration of providers of financial advisory services for the Agency, election of officers and establishing a timetable to bring the Agency’s PACE program online and begin making loans to property owners. The Board elected Barbara S. Revels to serve as the Chair of the Agency, Cheryl L. Grieb to serve as Vice Chair and Assistant Secretary, and Edward Marquez to serve as Secretary and Vice Chair. “Our new PACE Funding team is excited about the future of this uniquely designed program which will allow all Floridians access to a funding source specifically designed for improved energy efficient buildings, renewable energy and windstorm improvements” remarked Barbara Revels following the conclusion of the Agency’s initial Board meeting.
The Board of Directors also selected Public Financial Management, Inc. and FirstSouthwest teamed with Southeastern Investment Securities, LLC to serve as co-Financial Advisors to the Agency. Formal engagement agreements for each of the financial advisory firms will be reviewed by the Board at its next meeting on December 7, 2011.
Following their selection, David Moore, Managing Director of Public Financial Management, Inc. reflected “PFM is pleased to have been selected to work with the Florida PACE Funding Agency. We look forward to helping the Agency implement the critical financing aspects of the program as a tool to help our State implement energy efficiency improvements in a cost effective manner.”
“FirstSouthwest and Southeastern Investment Securities applauds the Florida PACE Funding Agency for its vision and action to bring this program to all Floridians. We are pleased with the invitation by the Board of the Florida PACE Funding Agency to serve as a financial advisor to the Agency and are looking forward to working with the Agency in the development of its programs and being a part of this economic opportunity for Florida” commented Mark Galvin, Senior Vice President of FirstSouthwest. “Florida PACE, being the first state wide PACE program nationally, will become the ‘standard bearer’ of PACE programs. The Agency should be a consistent jobs producer and the source of green energy finance both residentially and commercially in Florida for decades to come” reflected Toby Wagner, President of Southeastern Investment Securities.
Responses to the Agency’s Request for Information from Investment Bankers and Administrators are due at 2:00 p.m. on Tuesday, November 15, 2011. The responses will be reviewed by the Board, the Agency’s Executive Director, counsel and Financial Advisors in preparation of the Agency’s December 7, 2011 board meeting. At this meeting the Board is seeking to refine its requirements for investment bankers and administrators and to authorize the issuance of a formal Request for Proposal for these services leading to the selection of these service providers. Following their selection, the Agency will commence accepting subscriptions from local governments interested in participating in the Agency’s PACE program and thus allowing it to operate in their jurisdiction.
PACE, or Property Assessed Clean Energy, allows owners of improved properties to request cities and counties to levy voluntary assessments to finance energy efficiency, alternative energy and wind resistance improvements to the property. The law, enacted by the Florida Legislature in 2010, allows for the assessments to be collected on the same bill as property taxes over a period of years as agreed to by the property owner. The assessment will continue on the tax bill even after the property owner sells the property, allowing longer term financing of these improvements.
The Florida PACE Funding Agency was created in June 2011 by general law through an interlocal agreement. The initial incorporators are Flagler County and the City of Kissimmee. The Agency’s mission is to facilitate the implementation, planning, development, funding, financing, marketing and management of a uniform statewide platform so that counties and cities can easily and economically take advantage of a scalable program for their property-owning constituents.