Number
111490
Version
Substitute 1
Reference
100007, 100770, 110140
Sponsor
THE CHAIR
Title
Substitute resolution amending agreements with the Wisconsin Energy Conservation Corporation relating to energy efficiency grants.
Analysis
This resolution authorizes the Department of Administration - Office of Environmental Sustainability to amend its agreement with Wisconsin Energy Conservation Corporation authorized by Common Council File Number 100770, adopted on November 23, 2010. Agreements will be amended to designate certain Me2 program funds as “committed” in compliance with the U.S. Department of Energy grant requirements set forth in DOE EECBG Program Notice 11-003, effective November 1, 2011.
While overall Me2 program grant funding will be unchanged, these amendments will set aside an additional $1,991,300 to fund direct incentives for eligible Me2 participants. These funds were originally allocated for various administrative costs.
In addition, this resolution authorizes the Department of Administration - Office of Environmental Sustainability to initiate and approve an agreement obligating Wisconsin Energy Conservation Corporation to transfer $3,350,000 to the Milwaukee Economic Development Corporation. The agreement will obligate Milwaukee Economic Development Corporation to act as the fiscal agent for these funds, spending $2,850,000 to fund Cash Collateral Reserve Accounts for the Me2 financing programs, and $500,000 for Interest Rate Buy-downs on non-residential financing agreements as described in Common Council File Number 110140, or for other financing programs consistent with Me2 grant goals approved by Department of Administration - Office of Environmental Sustainability.
Body
Whereas, Common Council Resolution File Number 100007, adopted on July 27, 2010, authorized a Cooperation Agreement Between the Wisconsin Energy Conservation Corporation and the City of Milwaukee regarding and the Milwaukee Energy Efficiency Project, Me...
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