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PACE is an innovative financing program that enables commercial, industrial, large multi-family, and agricultural property owners to obtain low-cost, long-term financing for water conservation, energy- efficiency, and renewable energy projects. Participants will then repay those loans through a property assessment imposed by the local government at the request of the property owner. To find out if PACE financing may work for you contact the Texas PACE Authority.

TRAVIS COUNTY PACE PROGRAM:

REPORT REQUIRED BY TEX. LOCAL GOV'T CODE SEC. 399.009

This report is adopted by the Travis County Commissioners Court for the proposed Travis County Property Assessed Clean Energy ("Travis County PACE") program (the "Program"), as required by Tex. Local Gov't Code Sec. 399.009.

Travis County and its constituents benefit when privately owned commercial and industrial property and large multi-family residential property1, is retrofitted with equipment that reduces demand for electric power3 and water3.To encourage private sector investment in water and energy conservation in Travis County, the creation of a voluntary program that requires no use of taxpayer funds or risk to the local treasury is being proposed.

The Travis County PACE program is an innovative financing program that enables owners of privately owned commercial and industrial properties and large multi-family residential property to obtain low-cost, long-term loans for water conservation, energy-efficiency improvements, and renewable retrofits.

Passed and signed into Texas state law during the 2013 legislative session, the PACE statute, SB 385 (now Tex. Local Gov't Code Chap. 399), authorizes municipalities and counties in Texas to work with private sector lenders and property owners to finance qualified improvements using contractual assessments voluntarily imposed on the property by the owner.

The term of an assessment may extend up to the projected life of the improvement, which can result in utility cost savings that exceed the amount of the assessment payment. As a result, improvements financed through a PACE program may generate positive cash flow upon completion without up-front, out-of-pocket cost to the property owner.

PACE enables property owners to overcome market barriers, such as lack of access to capital and the extended time period it takes for utility savings to pay back the cost of a retrofit, which discourage investment in energy efficiency and water conservation improvements. PACE provides the property owner with upfront financing for up to 100% of the cost of a qualified improvement and allows the property owner to amortize the debt over the useful life of the improvement.

If a property is sold before the full amount of the PACE loan is repaid, the remaining repayment obligation automatically transfers to the next owner because the lien securing the PACE assessment follows the title to the property without recourse for subsequent payments on the previous owner, the lender, the County, or the Program Administrator.

1st Texas PACE Project Announced

 

PACE Briefing Luncheon: Video from June 24, 2015

TAX RATE: TRAVIS COUNTY ADOPTED A TAX RATE THAT WILL RAISE MORE TAXES FOR MAINTENANCE AND OPERATIONS THAN LAST YEAR’S TAX RATE. THE TAX RATE WILL EFFECTIVELY BE RAISED BY 3.5 PERCENT AND WILL RAISE TAXES FOR MAINTENANCE AND OPERATIONS ON A $100,000 HOME BY APPROXIMATELY $10.39.

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