Share to Facebook Share to Twitter Bookmark and Share
File #: 2019-1438   
Type: Consent Calendar Item Status: Agenda Ready
File created: 10/8/2019 In control: General Services
On agenda: 10/8/2019 Final action:
Title: Authorization for Third-Party PACE Financing Project in Unincorporated Sonoma County
Department or Agency Name(s): General Services
Attachments: 1. Summary.pdf, 2. Att1-Authorization for Third-Party PACE Project-CSCDA Resolution.pdf, 3. Att2-CSCDA JPA Agreement - Sonoma County 1988.pdf, 4. Att3-CSCDA Consumer Protection Policies 2017.pdf
Date Action ByActionResultAction DetailsMeeting DetailsVideo
No records to display.

To: Sonoma County Board of Supervisors

Department or Agency Name(s): General Services

Staff Name and Phone Number: Caroline Judy, 707-565-8058

Vote Requirement: Majority

Supervisorial District(s): 4th

 

Title:

Title

Authorization for Third-Party PACE Financing Project in Unincorporated Sonoma County

End

 

Recommended Action:

Recommended action

Adopt a resolution consenting to the inclusion of a single property within the County’s unincorporated area in the California Statewide Communities Development Authority Open PACE Program to finance energy efficiency, water conservation, and seismic strengthening improvements. (Fourth District)

end

 

Executive Summary:

The County’s Energy and Sustainability Division (the “Division”) of General Services has been contacted by California Statewide Communities Development Authority (CSCDA), a joint powers authority of which the County is a member, with a request to allow one of its third-party, for-profit commercial Property Assessed Clean Energy (PACE) administrators, CleanFund Commercial PACE Capital (“CleanFund”), to finance energy efficiency, water conservation, and seismic strengthening improvements at a new senior living community owned by Carlton Senior Living Santa Rosa located at 4732 Old Redwood Highway. Given that the County has not authorized CSCDA’s OpenPACE Program to date, Board authorization is required in order for CleanFund to provide PACE financing for the improvements. The Board’s authorization will be limited to the improvements at 4732 Old Redwood Highway. CSCDA and CleanFund will coordinate with the Tax Collector’s Office for the inclusion of the tax levy and repayment for the subject property’s tax bill.

 

Discussion:

In 2014, your Board established the Sonoma County PACE Financing Marketplace (Marketplace), authorizing two joint powers authorities and their third-party property assessed clean energy (PACE) providers to operate in the unincorporated areas of the County. In 2015 and 2016, your Board authorized two additional joint powers authorities and their third party PACE providers to enter the Marketplace. Board action is required to authorize each new marketplace entrant. These providers offer a mix of residential and commercial PACE products. Since May 2016, no new PACE providers have been added to the Marketplace, nor have any new PACE providers been authorized to finance projects in the unincorporated territory of the County.

On August 16, 2019, the Division was contacted by California Statewide Communities Development Authority (CSCDA) with a request to allow one of their Commercial PACE administrators, CleanFund Commercial PACE Capital (“CleanFund”) to finance energy efficiency, water conservation, and seismic strengthening improvements at a new senior living community owned by Carlton Senior Living Santa Rosa located at 4732 Old Redwood Highway. In order for CleanFund to provide PACE financing for the improvements, Board consent is required because the County has not authorized CSCDA’s OpenPACE Program in unincorporated areas of the County. The County has been a program participant with the California Statewide Communities Development Authority JPA since 1988. This authorization is limited to the 4732 Old Redwood Highway improvements and any future financings contemplated by CSCDA’s PACE administrators would require further Board consent.

There are many PACE administrators operating throughout the state. Below is a table showing the PACE programs operating in Sonoma County and additional programs operating outside of the County.

Authorized JPA

3rd Party PACE Administrator

PACE Program

Commercial

Residential

When Authorized in the County

Sonoma County Public Financing Authority

None; operated by the County

Sonoma County Energy Independence Program

x

x

03/24/09

California Statewide Development Communities Authority (CSCDA)

Renew Financial

CaliforniaFIRST

x

x

10/21/14

Rural County Representatives of California and Golden State Finance Authority (RCRC/ GSFA)

Ygrene

Ygrene

x

x

05/24/16

Western Riverside Council of Governments (WRCOG)

Renovate America

HERO

 

x

10/21/14

California Enterprise Development Authority (CEDA)

Dividend (formerly Figtree Financing)

Dividend (formerly Figtree Financing)

x

 

03/17/15

 

 

 

 

 

 

Additional PACE in California

3rd Party PACE Administrator

PACE Program

Commercial

Residential

When Authorized

California Statewide Development Communities Authority (CSCDA)

PACE Funding

PACE Funding

 

x

N/A

California Statewide Development Communities Authority (CSCDA)

Counterpointe SRE

Counterpointe SRE

x

 

N/A

California Statewide Development Communities Authority (CSCDA)

Clean Fund

Clean Fund

x

 

N/A

California Statewide Development Communities Authority (CSCDA)

Petros PACE Finance

Petros PACE Finance

x

 

N/A

California Municipal Finance Authority (CMFA)

Energy Efficient Equity

E3 PACE

 

x

N/A

California Municipal Finance Authority (CMFA)

Blue Flame Energy Finance LLC

BluePACE

x

 

N/A

California Municipal Finance Authority (CMFA)

Structured Finance Associates

Structured Finance

x

 

N/A

California Municipal Finance Authority (CMFA)

OnPACE Energy

OnPACE Energy

x

 

N/A

California Municipal Finance Authority (CMFA)

Twain Financial

Twain Financial

x

 

N/A

California Municipal Finance Authority (CMFA)

Samas Commercial

Samas Commercial

x

 

N/A

California Municipal Finance Authority (CMFA)

PACE Equity

PACE Equity

x

 

N/A

 

 

Prior Board Actions:

9/27/2019 - Authorized California Municipal Finance Authority / BlueFlame PACE Services LLC to administer a third-party PACE financing project in unincorporated Sonoma County for a new climate controlled storage facility.

 

5/24/2016 - Multiple actions related to Sonoma County Property Assessed Clean Energy Financing Marketplace, Golden State Finance Authority, and Ygrene Energy Fund.

 

3/17/2015 - Resolution to add the FigTree Financing PACE program to the Marketplace and authorize the California Enterprise Development Authority to conduct contractual assessment proceedings and levy contractual assessments within the unincorporated territory of the County.

 

10/21/2014 - Multiple actions to create Sonoma County Property Assessed Clean Energy Financing Marketplace, including the addition of CaliforniaFIRST and HERO PACE financing to the Marketplace; joining the Western Riverside Council of Governments (WRCOG) JPA; and authorizing WRCOG and the California Statewide Communities Development Authority to accept applications from property owners, conduct contractual assessment proceedings, and levy contractual assessments within the unincorporated territory of the County.

 

Fiscal Summary

 Expenditures

FY 19-20 Adopted

FY20-21 Projected

FY 21-22 Projected

Budgeted Expenses

 

 

 

Additional Appropriation Requested

 

 

 

Total Expenditures

 

 

 

Funding Sources

 

 

 

General Fund/WA GF

 

 

 

State/Federal

 

 

 

Fees/Other

 

 

 

Use of Fund Balance

 

 

 

Contingencies

 

 

 

Total Sources

 

 

 

 

Narrative Explanation of Fiscal Impacts:

There are no fiscal impacts related to this action.

 

Staffing Impacts:

 

 

 

Position Title (Payroll Classification)

Monthly Salary Range (A-I Step)

Additions (Number)

Deletions (Number)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Narrative Explanation of Staffing Impacts (If Required):

There are no staffing impacts related to this action.

 

Attachments:

Attachment 1 - Resolution authorizing California Statewide Communities Development Authority (CSCDA) / CleanFund Commercial PACE Capital to administer a third-party PACE financing project in unincorporated Sonoma County

 

Attachment 2 - CSCDA JPA Agreement with Sonoma County 1988

 

Attachment 3 - CSCDA Consumer Protection Policies 2017

 

Related Items “On File” with the Clerk of the Board:

None