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a <br />Authorizing the Town of Lexington to Participate in the Massachusetts Commercial <br />Property Assessed Clean Energy Program (PACE Massachusetts) <br />Date Approved: Siga re of Chairman <br />January 22, 2018 (1 <br />WZMMMN= <br />Pursuant to M.G.L. c. 23M (the "PACE Act"), the Commonwealth has established a commercial <br />sustainable energy program known as the Massachusetts Property Assessed Clean Energy Program <br />("PACE Massachusetts") to provide a financing mechanism to private owners of commercial and <br />industrial properties for certain qualifying commercial energy improvements ("improvements"). <br />The PACE Massachusetts program is administered by the Massachusetts Development Finance <br />Agency ("MassDevelopment"), in consultation with the Massachusetts Department of Energy <br />Resources. <br />Under PACE Massachusetts, the owner of the commercial or industrial property benefitting from <br />the improvements (the "benefitted property") is required to repay the financing through the payment <br />of a betterment assessment (a "PACE betterment assessment") placed on such benefitted property <br />by the municipality in which the benefitted property is located. In order for an owner of <br />commercial or industrial property to participate in PACE Massachusetts, Section 2 of the PACE Act <br />requires that the municipality in which such property is located must elect to participate in PACE <br />Massachusetts. <br />The Lexington Board of Selectmen has determined that it is in the best interest of the Town to <br />participate in PACE Massachusetts as a "participating municipality" as provided in the PACE Act <br />to permit the owners of commercial and industrial properties located in the Municipality to access <br />financing for qualifying commercial energy improvements through PACE Massachusetts; <br />4= <br />O= <br />The Board of Selectmen hereby approves the Town participating in PACE Massachusetts pursuant <br />to the PACE Act, and authorizes the Town Manager to enter into an agreement with <br />4:) <br />MassDevelopment (the "PACE Administration Agreement") pursuant to which the Town will agree <br />to: <br />(a) levy and record PACE betterment assessments on benefitted properties located in the <br />Municipality, in the amounts determined by MassDevclopment to be sufficient to repay the <br />PACE Massachusetts financings; <br />