City of Alexandria, Virginia
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MEMORANDUM
DATE: OCTOBER 4, 2022
TO: THE HONORABLE MAYOR AND MEMBERS OF CITY COUNCIL
THROUGH: JAMES F. PARAJON, CITY MANAGER /s/
FROM: JEREMY MCPIKE, DIRECTOR, DEPARTMENT OF GENERAL SERVICES
DOCKET TITLE:
TITLE
Public Hearing, Second Reading and Final Passage of an Ordinance to amend and reordain 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 amend the City's 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 approve the proposed C-PACE program ordinance amendments on first reading and schedule it for second reading, public hearing and final passage on Saturday, October 15, 2022.
BACKGROUND: In November 2020 the Alexandria City Council adopted an ordinance to establish a Commercial Property Assessed Clean Energy (C-PACE) financing program to support the reduction of greenhouse gas (GHG) emissions associated with community energy consumption in support of the City's GHG emissions reductions goals.
A C-PACE program is an innovative way for the City of Alexandria to support 3rd-party capital providers to finance qualified projects which increase energy efficiency or, water efficiency, support clean energy, stormwater improvements, and/or resiliency systems in qualified buildings - existing and new commercial, non-profit, institutional, industrial, and residential multifamily properties excluding residential condominiums and properties with less than 5 residential dwellings. C-PACE facilitates loans made by qualified 3rd-party capital providers to property owner borrowers and is intended to make qualified projects more accessible and...
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