HomeMy WebLinkAboutRES NO 107-17RESOLUTION NO. 1 0 7 -
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
BAKERSFIELD TERMINATING THE YGRENE PROPERTY
ASSESSED CLEAN ENERGY (PACE) PROGRAM WITHIN THE
CITY OF BAKERSFIELD.
WHEREAS, September 16, 2015, the Bakersfield City Council adopted
Resolution Nos. 118 -15 and 119 -15 allowing California Home Finance Authority
(CHFA) to offer its Ygrene PACE programs; 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 fax 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 Ygrene PACE programs in the City of Bakersfield is hereby
terminated effective 30 days after CHFA's receipt of this resolution and may no
longer be offered as a financing option within the City's jurisdiction.
3. Resolution Nos. 118 -15 and 119 -15 are hereby rescinded effective 30
days after CHFA's receipt of this resolution.
4. City staff is directed to take all necessary steps to facilitate
termination of the Ygrene PACE programs.
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ORIGINAL
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 1 9 2017 , by the following vote:
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AYES' COUNCIIMEMBER: RIVERA, GONZALES, WEIR, SO SULLIVAN, PAR LIFE
NOES: COUNCILMEMBER: N@n
ABSTAIN: COUNCILMEMBER:
BSENi'- COUNCILMEMBER: M
APPROVED
JUL 19 7017
BY J4 40(
KAREN GOH
Mayor
APPROVED AS TO FORM:
VIRGINIA GENNARO
City Attorney
By — "t�—O
ANDREW HEGL40D
Deputy City Attorney
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CHRISTOPHERI.ERRY
ACTING CITY CLERK and Ex Officio Clerk of
the Council of the City of Bakersfield
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ORIGIN,I