HomeMy WebLinkAboutRES NO 103-17RESOLUTION NO. 7 0 3 - 7 %
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
BAKERSFIELD TERMINATING THE CALIFORNIAFIRST /RENEW
FINANCIAL PROPERTY ASSESSED CLEAN ENERGY (PACE)
PROGRAM WITHIN THE CITY OF BAKERSFIELD.
WHEREAS, since 1997 the City of Bakersfield has had a relationship with
California Statewide Communities Development Authority ( CSCDA) to issue
bonds to finance projects to provide economic development within the City of
Bakersfield; and
WHEREAS, on March 24, 2010, the Bakersfield City Council adopted
Resolution No. 038 -10 allowing CSCDA to offer its CaliforniaFIRST /Renew Financial
Property Assessed Clean Energy (PACE) program within the City's jurisdiction;
and
WHEREAS, under existing law, PACE loans can only be offered in the City's
jurisdiction if the Bakersfield City Council first authorizes the offering; and
WHEREAS, the Bakersfield Association of Realtors and others have
submitted a significant body of evidence that has displayed negative
consequences in Bakersfield as a result of PACE loans including instances where
residents did not know a bill was going on their taxes, extremely out -of- market
pricing for improvements, disruptions to real estate transactions, out -of- market
interest costs, and other adverse impacts; and
WHEREAS, the repayment of PACE loans is placed as an assessment on
the borrower's property tax bill with priority lien status above even preexisting
mortgage obligations; and
WHEREAS, the Kern County Board of Supervisors, Bakersfield Chamber of
Commerce and the Kern County Taxpayers Association have taken formal
positions against PACE programs; and
WHEREAS, it is not in the public interest to continue to allow PACE loans to
be placed on tax bills for collection.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
Bakersfield as follows:
The above recitals are true and correct.
2. The CaliforniaFIRST /Renew Financial PACE program in the City of
Bakersfield is hereby terminated effective immediately and may no longer be
offered as a financing option within the City's jurisdiction.
T
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3. Resolution No. 038 -10 is hereby rescinded.
4. The rescission of Resolution No. 038 -10 is not intended to effect City's
relationship with CSCDA for other non -PACE programs.
5. City staff is directed to take all necessary steps to facilitate
termination of the CaifornialFIRST /Renew Financial PACE program.
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I HEREBY CERTIFY that the foregoing Resolution was passed and adopted
by The Council of the City of Bakersfield at a regular meeting thereof held on
JUL 19 7917 by the following vote:
✓ ✓ ✓ ✓
COUNLMEMBER: RIV GONZALES, WEIR, ibNiV4. FREEMAN, SULLIVAN, PAR LIER
NOES: COUNOCILMEMBER: N IMp
ABSTAIN: COUNCILMEMBER: NOn2_
SEN : COUNCILMEMBER:
\ LL
CHRISTOPHER 4ERRY
ACTING CITY CLERK and Ex Officio Clerk of
APPROVED
JUL 19 7017 the Council of the City of Bakersfield
By 44&o4 7
K REN G H
Mayor
APPROVED AS TO FORM:
VIRGINIA GENNARO
City Attor y
By
ANDREW HEGL D
Deputy City At or
AHall
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