ORLANDO, Fla. – Feb 05, 2013 – Florida PACE (Property Assessed Clean Energy) Funding Agency has announced that it has secured up to $500 million in funding through Samas Capital, LLC (Samas) to provide business and residential property owners with financing for energy-related and wind-hardening improvements in counties that choose to participate. Samas has engaged RBC Capital Markets as structuring agent in the context of this PACE funding program.
Florida PACE Funding Agency was established as a special purpose unit of local government to provide voluntary, low-cost financing to property owners for energy efficiency, renewable energy and wind resistance improvements. Improvements are to be repaid over time by property owners through a voluntary special assessment added onto the owner’s property tax bill. The Florida PACE Funding Agency has the legal authority to issue $2 billion in bonds for the purpose of funding property improvements, without liability, to any subscribing county or city.
“By using the Agency’s innovative interlocal subscription model, local governments will be able to quickly and easily implement a PACE program without burdening local government staff and without incurring uncertain and enormous costs and liabilities associated with a stand-alone program,” said Mike Steigerwald, Executive Director for Florida PACE Funding Agency. “For property owners, this will mean expedited access to funds for protection of their properties from Florida’s hurricanes, mitigation of rising energy costs through energy efficiency improvements, and increases in property value related to the improvements.”
Just as important, this breakthrough in access to funding for qualifying property improvements is expected to quickly strengthen Florida’s economy through materials supply and private sector construction job creation.
Florida PACE Funding Agency’s program is entirely voluntary and is available only in subscribing counties and municipalities. Subscription is accomplished by resolution of the county or city commission and a short interlocal agreement, the form of which has been judicially validated. The Agency expects to begin funding within the next 60 days.
Samas has been active with PACE financings in California and will bring that knowledge and expertise to Florida property owners through the Agency’s scalable statewide program.