HomeMy WebLinkAboutResolution 2024 - 14 FY25 Intent to Establish a CPACE Program
Resolution 2024 - 14
BY THE REXBURG CITY COUNCIL OF CITY OF REXBURG, MADISON, IDAHO
A resolution expressing an intent to establish a commercial property assessed capital expenditure program and actions related thereto.
WHEREAS, the Commercial Property Assessed Capital Expenditure Act, Chapter 38 of Title 67, Idaho Code, as amended (the “Act”) authorizes municipalities, counties and other political
subdivisions of the State of Idaho to establish a commercial property assessed capital expenditure program (a “C-PACE Program”) to assist in financing the costs of certain renewable
energy, energy and water efficiency and resiliency improvements (the “Qualified Improvements”) owned by certain commercial, industrial, agricultural or multifamily housing property
owners through the levy of special assessments; and
WHEREAS, the financing of Qualified Improvements through special assessments is a valid public purpose; and
WHEREAS, the City of Rexburg desires to establish a C-PACE Program pursuant to the Act;
NOW THEREFORE, be it resolved by the Mayor and the Council of the City of Rexburg, as follows:
Section 1. The terms defined or described in the recitals hereto shall have the same meanings when used in the body of this Resolution. All other capitalized terms used herein and
not otherwise defined shall have the meaning given such terms in the Act.
Section 2. Pursuant to the Act, the City of Rexburg hereby expresses its intent to authorize direct financing between Property Owners and Capital Providers as the means to finance Qualified
Projects and to authorize Special Assessments, entered into voluntarily by a Property Owner with the City of Rexburg by means of an Assessment Agreement for C-PACE Financing, to repay
the financing for Qualified Projects available to Property Owners.
Section 3. Pursuant to the Act, it is intended that projects involving the installation or modification of a Qualified Improvement, including, but not limited to, new construction or
the adaptive reuse of property with a Qualified Improvement may qualify for financing under the C-PACE Program through the levy of special assessments. In addition, it is also intended
that Qualified Improvements which are installed and operational no more than three (3) years prior to the date when a C-PACE financing application is submitted to the City of Rexburg
may qualify for financing under the C-PACE Program.
Section 4. The City of Rexburg intends that the C-PACE Program shall be available to all Property Owners of Commercial Property within the boundaries of the City of Rexburg in accordance
with the Act.
Section 5. Pursuant to the Act and in accordance with Section 67-3806(4) of the Act, the City of Rexburg proposes to designate the City of Rexburg’s Building Official and/or their
designee in conjunction with the Economic Development Director, as the administrator of the C-PACE Program (the “Program Administrator”). The Program Administrator shall adopt a Program
Guidebook describing the program and its requirements, review and approve applications for C-PACE financing, provide notice of approval or disapproval of such applications and collect
any fees.
Section 6. The City of Rexburg shall hold a public hearing on November 6, 2024 at the hour of 6:30 p.m. to receive input from the public with respect to the proposed C-PACE Program
as outlined in this Resolution.
Section 7. The City of Rexburg’s Building Official, and/or their designee, is hereby authorized to administer the C-PACE Program and to execute all documents and take such action as
he may deem necessary or advisable in order to impose voluntary assessments on properties approved for financing under the C-PACE Program and carry out and perform the purpose of this
Resolution.
Section 8. The sections, paragraphs, sentences, clauses and phrases of this Resolution shall be severable. In the event that any such section, paragraph, sentence, clause or phrase
of this Resolution is found by a court of competent jurisdiction to be invalid, the remaining portions of this Resolution are valid, unless the court finds the valid portions of the
Resolution are so essential to and inseparably connected with and dependent upon the void portion that it cannot be presumed that the Authority has enacted the valid portions without
the void ones, or unless the court finds that the valid portions, standing alone, are incomplete and are incapable of being executed in accordance with the legislative intent.
Section 9. This Resolution shall take effect immediately upon its approval and adoption.
Passed by the City Council and Approved by the Mayor this 16th Day of October 2024.
Jerry L. Merrill, Mayor
ATTEST:
Deborah Lovejoy, City Clerk
CERTIFICATE OF THE AUTHORITY CITY CLERK
I DO HEREBY CERTIFY that I am the duly chosen, qualified and acting Clerk of the City of Rexburg of Rexburg, Idaho, and keeper of the records of the City of Rexburg Council of the Authority
(the “Council”); and HEREBY CERTIFY:
1. That the attached is a true and correct copy of Resolution No. 2024-14 of the City of Rexburg (the “Resolution”), as adopted at a meeting of the Council held on 16th of October 2024,
and duly recorded in my office.
2. That said meeting was duly convened and held in all respects in accordance with law, and to the extent required by law, due and proper notice of such meeting was given; that a quorum
was present throughout the meeting and a legally sufficient number of members of the Council voted in the proper manner for the passage of the Resolution; that all other requirements
and proceedings incident to the proper passage of the Resolution have been duly fulfilled, carried out and otherwise observed, and that I am authorized to execute this certificate.
IN WITNESS WHEREOF, I have hereunto set my hand and impressed the official seal of the City, this 16th day of October 2024.
___________________________
Deborah Lovejoy, City Clerk