Number
201490
Version
SUBSTITUTE 3
Reference
Sponsor
ALD. MURPHY and LEWIS
Title
A substitute ordinance relating to the city’s clean energy financing program.
Sections
304-26.5-1 am
304-26.5-2-k rc
304-26.5-2-m rn
304-26.5-2-L cr
304-26.5-2.5 cr
304-26.5-7-a-1 am
304-26.5-3 rc
304-26.5-8 rc
304-26.5-9 rc
304-26.5-12-a am
Analysis
This ordinance provides the department of administration with the authority to retain a program administrator to act as its agent to administer the city’s property-assessed clean energy (PACE) program. The ordinance also gives PACE loan borrowers with loans executed before April 1, 2021, the option of transferring the administration of their loans from the department of administration to the program administrator.
Finally, the ordinance updates code provisions to include brownfield remediation and water service line replacement.
Body
The Mayor and Common Council of the City of Milwaukee do ordain as follows:
Part 1. Section 304-26.5-1 of the code is amended to read:
1. PURPOSE. The city finds that renovations of privately-owned commercial properties made to improve energy efficiency, save water, use renewable energy, increase property values, stimulate local economic activity, provide environmental benefits >>, remediate brownfield sites, replace outdated water service lines<< and promote the general welfare of city residents. The purpose of this section is to facilitate loans arranged by commercial property owners to make energy efficient renovations by treating principal and interest repayments, fees and other charges for these loans as special charges that shall be eligible for inclusion on the tax bill for these properties or administration by a third party.
Part 2. Section 304-26.5-2-k of the code is repealed and recreated to read:
2. DEFINITIONS.
k. “PACE loan” means a loan made by a PACE lender to a borrower under this section for improvements m...
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