City of Milwaukee - File #: 100769

• File #: 100769
• Version: 1
• Type: Resolution
• Status: Passed
• File created: 10/12/2010
• In control: STEERING & RULES COMMITTEE
• Final action: 11/23/2010
• Title: Substitute resolution approving a revised Me2 Request for Proposal for residential financial services and making technical clarifications to Me2 Community Workforce Agreement.
• Sponsors: ALD. HINES JR., ALD. MURPHY
• Indexes: AGREEMENTS, HOUSING

Date	Ver.	Action By	Action	Result	Tally
12/6/2010	1	MAYOR	SIGNED
11/23/2010	1	COMMON COUNCIL	ADOPTED	Pass	15:0
11/11/2010	0	STEERING & RULES COMMITTEE	RECOMMENDED FOR ADOPTION; Minutes note: Individuals appearing: George Edgar, Wisconsin Energy Conservation Corporation Erick Shambarger, Office of Environmental Sustainability Matthew Howard, Office of Environmental Sustainability	Pass	7:0
11/10/2010	1	CITY CLERK	DRAFT SUBMITTED
11/8/2010	0	STEERING & RULES COMMITTEE	HEARING NOTICES SENT
10/12/2010	0	COMMON COUNCIL	ASSIGNED TO

Number
100769
Version
SUBSTITUTE 1
Reference
100007
Sponsor
ALD. HINES AND MURPHY
Title
Substitute resolution approving a revised Me2 Request for Proposal for residential financial services and making technical clarifications to Me2 Community Workforce Agreement.
Analysis
Common Council Resolution File Number 100007, adopted on July 27, 2010, authorized the Department of Administration - Office of Environmental Sustainability to accept and fund an Energy Efficiency and Conservation Block Grant BetterBuildings grant in the amount of up to $20,000,000, with a minimum funding of $12,051,372 to be applied to projects in the City of Milwaukee. The Wisconsin Energy Conservation Corporation (WECC) is administering the program as the Milwaukee Energy Efficiency (ME2) Project. This resolution approves the revised financing RFP for residential properties for the Milwaukee Energy Efficiency program. The RFP is being revised to:

1. Focus strictly on owner-occupied residential properties. A separate RFP for commercial loans will be issued later, as the U.S. Department of Energy (DOE) advised that financial institutions address residential and commercial loans differently.

2. State that the loan loss reserve will be held by the financial institution under contract. A sample loan loss reserve agreement from DOE is attached to this file.

3. Clarify that the loan loss reserve is not a loan guarantee. The loan loss reserve will not cover 100% of a defaulted loan, only 80-90%. This ensures that the financial institution bears some risk on the loans it makes.

4. Change the proposal format to allow a better comparison between responses.

5. Add $150,000 from a We Energies grant that had been intended for the now-defunct Solar PACE program. This will leverage $1.5 million in solar loans through the same financial institution that will issue the energy efficiency loans. The City reserves the right to not go forward with the solar element if responses are...