The Florida PACE Funding Agency has been designed to encourage local governments to subscribe to its statewide, uniform program rather than pursue purely local efforts that would likely not be able to achieve the economies of scale anticipated by the Agency. It is believed that such a subscription approach will be attractive to create markets with little or no cost to local government treasuries. No special assessment will be imposed on any property for the cost of qualifying improvements unless all owners of the property voluntarily agree to allow the assessment to be imposed pursuant to a financing agreement entered into by the property owners and the local government.
The Florida PACE Funding Agency provides a means to validate and provide certainty as to the nature of the non-ad valorem assessments and the impact or reaction from mortgage lenders doing business in Florida, as well as the ability to only issue bonds on an as-needed basis to underwrite energy efficiency, renewable energy and wind resistance improvements. Key points of the program that serve as benefits to local governments include:
- No subscription activity with local governments or provision of assessments to willing property owners will take place unless and until a successful statewide validation in Florida has been completed by the Florida PACE Funding Agency.
- This unique platform will allow for local governments to participate in the advantages of the PACE programs and access capital markets, without having to implement or deploy individual programs or individually seek capital for their constituents.
- The Agency will not provide its services within the jurisdiction of any local government that does not desire and request to cooperatively enter into a subscription agreement.
- The Agency’s charter, any future subscription agreements with local governments and the pending validation are all designed to make it clear that no local government is responsible for the actions or liabilities incurred by the Agency, thus providing and confirming the insulation of liability pursuant to general law to any participating local government.