Ordinance 2018-533 - Laserfiche WebLink

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(11) Within five (5) days after execution of the PACE Financing Agreement, the PACE Local Government shall record, or cause to be recorded, the following notice in the public records along with appropriate contact information for property owner inquiries: QUALIFYING IMPROVEMENTS FOR ENERGY EFFICIENCY, RENEWABLE ENERGY, OR WIND RESISTANCE. This property is located within the jurisdiction of a PACE Local Government that has placed an assessment on the property pursuant to Section 163.08, Florida Statutes. The assessment is for a Qualifying Improvement to the property relating to energy efficiency, renewable energy or wind resistancc. (12) Prepayment. (a) The PACE Local Government shall provide to the Eligible Participant information as to any accrued interest that may be due upon early payment. (b) No prepayment penalties may be charged or allowed on residential projects. The PACE Local Government shall provide a mechanism for re- amortization of PACE assessments to account for partial pre-payment, particularly for application of tax credits, rebates, or other incentives. (c) For non-residential properties, prepayment penalties may be charged or imposed to the extent permitted by applicable law, as negotiated with the property owner, and providing all financial impacts of such penalties are clearly disclosed and agreed to by the property owner in writing. (13) Financing. The PACE Local Government may offer only fixed simple interest rates and payments that fully amortize the obligation. Variable or negative amortization financing terms are not permitted. Capitalized interest included in the original balance of PACE financing does not constitute negative amortization. (14) Project Completion. The PACE Local Government shall require property owner verification of work and sign-off on project completion to owner's satisfaction before issuance of final payment to any contractor(s). (15) Property Owner Consent. PACE Local Governments are required to obtain written consent from the listed property owner to enter into the PACE Financing Agreement. If property is owned by multiple owners (i.e.joint tenancy, tenancy by the entirety etc.), PACE Local Governments shall be required to obtain written consent of all owners prior to the execution of the PACE Financing Agreement. (16) Lender notification. The PACE Local Government shall obtain from the property owner a verified copy or other proof of lender notification of intent to enter into the Financing Agreement, consistent with Section 163.08(13), Florida Statutes. (17) Contractor Management. PACE Local Governments shall: (a) To the extent available, recruit and approve local contractors; (b) Conduct local recruitment efforts; Page 9 of 17