HomeMy WebLinkAboutRES NO 105-17RESOLUTION NO. 1 05 — 1 7
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
BAKERSFIELD TERMINATING THE FIGTREE PROPERTY
ASSESSED CLEAN ENERGY (PACE) PROGRAM WITHIN THE
CITY OF BAKERSFIELD.
WHEREAS, on April 17, 2013, the Bakersfield City Council adopted
Resolution Nos. 039 -13 and 040-13 allowing California Enterprise Development
Authority (CEDA) to offer its Figtree PACE program within the City's jurisdiction
and entered into Agreement No 13 -039 (Associate Membership Agreement)
and Agreement No. 13 -040 (Participation Agreement) to facilitate that offering;
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 fax 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 Figtree 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.
3. Resolution Nos. 039 -13 and 040 -13 are hereby rescinded.
4. Agreement No 13 -039 (Associate Membership Agreement) and
Agreement No. 13 -040 (Participation Agreement) are hereby terminated. oFea % <P9
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5. City staff is directed to take all necessary steps to facilitate
termination of the Figtree PACE program.
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 7017 , by the following vote:
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(AYtS COUNCILMEMBER: RIVERA, GONZALES, WEIR, 3M{TH, FREEMAN, SULLIVAN, EARLIER
NOES: COUNCILMEMBER: NOY�
ABSTAIN: COUNCILMEMBER:
ABSEN t COUNCILMEMBER:
APPROVED JUL 19 7017
By
KA EN GOH
Mayor
APPROVED AS TO FORM:
VIRGINIA GENNARO
City Attorney
By — a""
ANDREW HEG ND
Deputy City Attorney
AM dll
5v- UNCw -1v17 e\V.. �., o.�ER.-
CHRISTOPHER ERRY
ACTING CITY CLERK and Ex Officio Clerk of
the Council of the City of Bakersfield
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