HomeMy WebLinkAboutResolution No 2024 - 14 Intent to Create C-PACE ProgramInstrument # 464845
REXBURG, MADISON, IDAHO
10-29-2024 08:12:47 AM No. of Pages: 2
Recorded for: CITY OF REXBURG
KIM H. MUIR Fee: 0.00
Ex-Offlcio Recorder DepL*Y
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 67-38o6(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
ATTEST:
1 4
Deborah Lovejoy, City C er
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 161h day of October 2024.
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Deborah Lovejoy, City Cleki