City of Alexandria, Virginia
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MEMORANDUM
DATE: NOVEMBER 4, 2020
TO: THE HONORABLE MAYOR AND MEMBERS OF CITY COUNCIL
FROM: MARK B. JINKS, CITY MANAGER /S/
DOCKET TITLE:
TITLE
Public Hearing, Second Reading and Final Passage of an Ordinance to enact Chapter 7 (COMMERCIAL PROPERTY ASSESSED CLEAN ENERGY (C-PACE)) of Title 7 (PLANNING AND DEVELOPMENT) of the Code of the City of Alexandria, Virginia, 1981, as amended.[ROLL-CALL VOTE]
BODY
ISSUE: Consideration of an ordinance to establish a Commercial Property Assessed Clean Energy (C-PACE) Financing Program in accordance with the Commonwealth of Virginia's Clean Energy Financing Law, ?15.2-958.3 of the Code of Virginia of 1950, as amended.
RECOMMENDATION: That City Council: adopt the C-PACE ordinance on first reading and schedule a second reading and public hearing on the ordinance on November 14, 2020, and after public hearing, adopt the ordinance.
DISCUSSION: The City's Environmental Action Plan 2040 (EAP2040) Action 2.3.2 identifies establishing a C-PACE program to reduce greenhouse gas emissions associated with community energy consumption in support of the City's global GHG emissions reductions goals.1 City Council approved funding for a C-PACE program as part of the FY 2020 Approved Budget.
A C-PACE program allows the City to support third party capital providers who finance energy efficiency, water efficiency, clean energy, stormwater improvements, and resiliency systems improvements in existing and new commercial, non-profit, industrial properties, and multifamily properties excluding condos and properties with less than 5 dwellings. A C-PACE program facilitates loans made by the capital third party providers to commercial property owner borrowers. The goal for the program is to make energy, stormwater, and resiliency upgrades more accessible and affordable for commercial properties. A property owner borrower uses a C-PACE loan to invest in capital-intensive energy efficiency,...
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