Policy-ParticipationPACE-012218 - Laserfiche WebLink

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