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File #: 18-4933    Version: 1 Name: TO DECLARE INTENT TO CREATE THE “PROPERTY ASSESSED CLEAN ENERGY” (“PACE”) PROGRAM FOR COOK COUNTY
Type: Resolution Status: Approved
File created: 7/13/2018 In control: Board of Commissioners
On agenda: 7/25/2018 Final action: 7/25/2018
Title: PROPOSED RESOLUTION TO DECLARE INTENT TO CREATE THE "PROPERTY ASSESSED CLEAN ENERGY" ("PACE") PROGRAM FOR COOK COUNTY WHEREAS, PACE is a financing tool that helps accelerate private investments in commercial properties, and locally adopted programs have already brought billions of private investment dollars to communities across the U.S. since the first PACE program launched in 2008; and WHEREAS, PACE enabling legislation is active in 33 states and the District of Columbia (D.C.), and locally adopted programs are currently active (launched and operating) in 20 states plus D.C., allowing owners of existing buildings to finance up to 100 percent of the cost of efficiency-enhancing projects, including renewable energy projects; and WHEREAS, the State of Illinois Public Act 100-0077, the Property Assessed Clean Energy Act (the "PACE Act") became effective on August 11, 2017 and provides that local units of government, including counties, may establish a PACE program; and WHEREAS, C...
Sponsors: TONI PRECKWINKLE (President), LUIS ARROYO JR, RICHARD R. BOYKIN, JERRY BUTLER, JOHN P. DALEY, DENNIS DEER, BRIDGET GAINER, JESÚS G. GARCÍA, GREGG GOSLIN, EDWARD M. MOODY, STANLEY MOORE, SEAN M. MORRISON, PETER N. SILVESTRI, DEBORAH SIMS, LARRY SUFFREDIN, JEFFREY R. TOBOLSKI
title
PROPOSED RESOLUTION

TO DECLARE INTENT TO CREATE THE "PROPERTY ASSESSED CLEAN ENERGY" ("PACE") PROGRAM FOR COOK COUNTY

WHEREAS, PACE is a financing tool that helps accelerate private investments in commercial properties, and locally adopted programs have already brought billions of private investment dollars to communities across the U.S. since the first PACE program launched in 2008; and

WHEREAS, PACE enabling legislation is active in 33 states and the District of Columbia (D.C.), and locally adopted programs are currently active (launched and operating) in 20 states plus D.C., allowing owners of existing buildings to finance up to 100 percent of the cost of efficiency-enhancing projects, including renewable energy projects; and

WHEREAS, the State of Illinois Public Act 100-0077, the Property Assessed Clean Energy Act (the "PACE Act") became effective on August 11, 2017 and provides that local units of government, including counties, may establish a PACE program; and

WHEREAS, Cook County has set a goal of reducing greenhouse gas emissions 80% by the year 2050; and

WHEREAS, PACE is an economic development initiative with environmental benefits that lowers the cost of doing business, encourages new and existing business owners to invest locally, and creates jobs using the local workforce; and

WHEREAS, PACE projects have a positive impact on air quality, creating healthier, more livable neighborhoods; and

WHEREAS, a PACE program makes financing available to businesses in suburban Cook County (incorporated and unincorporated except the City of Chicago) for energy efficiency, renewable energy, and water conservation improvements; and

WHEREAS, the PACE Act has specific requirements for creating, adopting and administering a program; and

WHEREAS, the PACE Act states that a program may be administered by a program administrator or the local unit of government with associated fees, ensuring that there is no cost to the County or the general public; a...

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