18-77 - RTOWN OF PROSPER, TEXAS
RESOLUTION NO. 18-77
RESOLUTION OF THE TOWN COUNCIL OF THE TOWN OF PROSPER,
TEXAS, HEREBY FINDING THAT FINANCING QUALIFIED PROJECTS
PERSUANT TO THE PACE ACT IS A VALID PUBLIC PURPOSE, AND
CALLING A PUBLIC HEARING ON OCTOBER 23, 2018, TO CONSIDER
ESTABLISHMENT OF A PACE PROGRAM IN THE TOWN OF PROSPER.
WHEREAS, the 83rd Regular Session of the Texas Legislature enacted the Property
Assessed Clean Energy Act, Texas Local Government Code Chapter 399 (the "PACE Act"),
which allows the governing body of a local government, including a Town, to designate an area
of the territory of the local government as a region within which an authorized representative of
a local government and the record owners of commercial, industrial, and large multifamily
residential (5 or more dwelling units) real property may enter into written contracts to impose
assessments on the property to repay the financing by the owners of permanent improvements
fixed to the property intended to decrease water or energy consumption or demand; and
WHEREAS, the installation or modification by property owners of qualified energy or
water saving improvements to commercial, industrial, and large multifamily residential real
property in the Town of Prosper will further the goals of energy and water conservation without
cost to the public; and
WHEREAS, the Town Council finds that financing energy and water conserving projects
through contractual assessments ("PACE financing") furthers essential government purposes,
including but not limited to, economic development, reducing energy consumption and costs,
and conserving water resources; and
WHEREAS, the Town Council, subject to the public hearing scheduled as provided
below, at which the public may comment on the proposed program and the report issued
contemporaneously with this resolution, finds that it is convenient and advantageous to
establish a program under the PACE Act and designate the entire geographic area within the
Town's jurisdiction as a region within which a designated Town of Prosper authorized
representative and the record owners of qualified real property may enter into PACE financing
arrangements:
NOW, THEREFORE, BE IT RESOLVED BY THE TOWN COUNCIL OF THE TOWN OF
PROSPER, TEXAS, THAT:
SECTION 1
The Recitals to this Resolution are true and correct and are incorporated into this Order
for all purposes.
SECTION 2
The Town of Prosper hereby adopts this Resolution of Intent and finds that financing
qualified projects through contractual assessments pursuant to the PACE Act is a valid public
purpose.
SECTION 3
The Town of Prosper intends to make contractual assessments to repay PACE financing
for qualified energy or water conserving projects available to owners of commercial, industrial,
and large multifamily residential real property. The program is to be called the Town of Prosper
Property Assessed Clean Energy Program ("Town of Prosper PACE").
SECTION 4
The following types of projects are qualified projects for PACE financing that may be
subject to such contractual assessments: Projects that (a) involve the installation or modification
of a permanent improvement fixed to privately owned commercial, industrial, or residential real
property with five (5) or more dwelling units, and (b) are intended to decrease energy or water
consumption or demand, including a product, device, or interacting group of products or devices
on the customer's side of the meter that uses energy technology to generate electricity, provide
thermal energy, or regulate temperature. An assessment may not be imposed to repay the
financing of facilities for undeveloped lots or lots undergoing development at the time of the
assessment or the purchase or installation of products or devices not permanently fixed to real
property.
SECTION 5
The boundaries of the entire geographic area within the Town's jurisdiction are the
boundaries of the region where PACE financing and assessments can occur.
SECTION 6
The Financing for qualified projects under the PACE program will be provided by
qualified third -party lenders chosen by the owners. Such lenders will execute written contracts
with the Town's authorized representative to service the assessments, as required by the PACE
Act. The contracts will provide for the lenders to determine the financial ability of owners to fulfill
the financial obligations to be repaid through assessments, advance the funds to owners on
such terms as are agreed between the lenders and the owners for the installation or
modification of qualified projects, and service the debt secured by the assessments, directly or
through a servicer, by collecting payments from the owners pursuant to contracts executed
between the lenders and the owners. The lender contracts will provide that the Town will
maintain and continue the assessments for the benefit of such lenders and enforce the
assessment lien for the benefit of a lender in the event of a default by an owner. The Town of
Prosper will not, at this time, provide financing of any sort for the PACE program.
SECTION 7
The Town of Prosper will contract with a qualified non-profit organization to be the
independent third -party Authorized Representative.
SECTION 8
The Town of Prosper will consult with the County Tax Assessor/Collector for Collin and
Denton Counties.
SECTION 9
The report on the proposed PACE program prepared as provided by Tex. Local Gov't
Code Sec. 399.009, is available for public inspection on the Internet website of the Town of
Prosper and in the office of the Town at 200 South Main Street, Prosper, Texas 75078 and is
incorporated in this resolution and made a part hereof for all purposes.
Resolution No. 18-77, Page 2
The Town Council will
on October 23, 2018 at 6:00
Prosper, Texas 75078.
SECTION 10
hold a public hearing on the proposed PACE program and report
p.m. in the Town Council Chambers at 200 South Main Street,
DULY PASSED AND APPROVED BY THE TOWN COUNCIL OF THE TOWN OF PROSPER,
TEXAS, THIS 25TH DAY OF SEPTEMBER, 2018.
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,.w Ray Sml h, Mayor
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APPROVED AS TO FORM AND LEGALITY:
Terrence S. Welch, Town Attorney
Resolution No. 18-77, Page 3