Statewide Strength, Local Benefits
A unique model, the Florida PACE Funding Agency (Agency) provides the strength and financial stability of a statewide statutory program, yet supports home rule by allowing each county to decide whether to invite the agency in to provide PACE financing in that county.
The PACE program has the potential to stimulate significant local economic activity and put Floridians back to work. Real Estate Research Consultants, Inc. (RERC) estimates that if only two percent of eligible properties participate statewide, it will inject $2 billion into Florida’s local economies. This will directly affect the building trades across the state, putting many skilled unemployed and underemployed Floridians back to work.
While a few private companies are attempting to market similar solutions to counties, the Florida PACE Funding Agency offers the only program expressly created by statute to assist all counties, providing unique benefits to Florida counties:
- As a local government, the Florida PACE Funding Agency removes both the administrative burden and liability from participating counties. Plus, its activities are fully transparent, subject to public records and government-in-the-sunshine requirements.
- Counties can legally and prudently enter into subscription agreements with the Florida PACE Funding Agency without an RFP, allowing job creation to begin immediately.
* Every county and city located in the state of Florida is invited to subscribe, at no liability and at no cost. Interested territories can legally and prudently enter into subscription agreements with the Florida PACE Funding Agency without a request for proposal (RFP), allowing job creation to begin immediately.
Top 10 Reasons Local Governments Should Subscribe to the Agency
- BY LOCAL GOVERNMENT, FOR LOCAL GOVERNMENT. The Florida PACE Funding Agency was formed by local governments with the special purpose to provide long-term financing for structural improvements that encourage renewable generation, energy efficiency and wind-resistance. The Florida PACE Funding Agency is an independent funding source, and any local government in Florida may subscribe by resolution to make this financing opportunity available for its community.
- JOB GROWTH FOR THE LOCAL GOVERNMENT. The PACE program has the potential to stimulate significant local economic activity and put Floridians back to work. PACE creates more work for contractors. Those contractors who participate in PACE across the country have realized increases in their sales and have often expanded their workforce to handle the extra demand for their services. PACE will also increase revenues for local building departments issuing building permits.
- PROVIDES PROPERTY OWNERS WITH A MEANS TO FINANCE QUALIFYING IMPROVEMENTS. PACE gives Property Owners access to long-term financing for up to 100% of all costs associated with energy efficiency, renewable generation and wind resistance. Payments for these improvements can be structured to generate positive cash flow to the Property Owner because the cost savings derived from them exceeds the amount of the PACE assessment payment. Property Owners may also achieve savings by reducing insurance premiums for wind resistance improvements.
- FUNDS AVAILABLE IMMEDIATELY. The Florida PACE Funding Agency is the only source of PACE financing initially capitalized at $200M, making funding available immediately. In addition, the Agency has been approved to capitalize up to $2 billion.
- NO COST TO THE LOCAL GOVERNMENT. All costs of administration are carefully borne by present (and future) program users – not the local government general funds. The benefits of the program require no staff time from any subscribing local government for implementation. Special districts are not required nor are the costs associated with setting up a district. The subscribing local governments may assist in promoting the program to generate economic stimulus and jobs creation to meet their local needs but it is not required.
- NO LIABILITY TO THE LOCAL GOVERNMENT. The Agency’s creation and the premise for all its activities have been judicially validated with finality – particularly assured there will never be any liability to subscribers’ resources, the validity of the interlocal subscription process, and the legal sufficiency of the Agency’s property assessed clean energy approach for both residential and commercial properties.
- EASY SUBSCRIPTION PROCESS. Local Governments can legally and prudently enter into a subscription agreement with the Florida PACE Funding Agency without an RFP, allowing job creation to begin immediately.
- SUBJECT MATTER EXPERTISE. No other program has the capacity and subject matter expertise equivalent to that of the Florida Pace Funding Agency. The Agency was intentionally set up to seek the best and the lowest cost program; and sought out a financially strong third party administrator (Leidos) with the capacity to standup a standardized program across multiple counties and cities with an expected volume of 20,000 to 50,000 assessment transactions per year. Making available a worthy program is extremely hard work and is not for the resource constrained local government. The Agency program represents the best opportunity to achieve enormous potential environmental, wind resistant and economic benefits both locally and statewide.
- STATEWIDE AVAILABILITY. Uniformity and scalability found in the Agency’s approach will serve to make this program more widely available and attractive to property owners and employ more contractors using the careful eligibility guidelines laid out by the State Legislature.
- WIDER ACCEPTANCE, LOWER RATES. As the market understands and accepts PACE, interest rates will fall with the benefit accruing directly to consumers. The Agency’s program is representative of uniform statewide credit review policies that has assured the availability of funding at stable and described rates. The Agency’s program does not require consumers to secure their own financing, the Agency’s program avoids the frustration from low scale, individual attempts at negotiating financing terms that will undoubtedly exclude many consumers.
Residential Properties: (855) 509-9922
Commercial and Condominiums (855) 431-4400 or contact us.