When setting up our own Property Assessed Clean Energy (PACE) program, we must be careful not to place the lien in a superior position to the mortgage on the property. The Federal Housing Finance Authority prevents us from doing so. We must also resolve the legality of the special assessment against our new constitutionally imposed property tax caps.
I propose that instead of bonds, we use the new taxes generated by the fossil fuel oil wells within the city limits to kick off our PACE program. The program once launched is self sustaining, and no city revenue would be lost in the long run. It would be an excellent way to encourage Vigo County residents to choose to live inside the city limits rather than continue to push out into the metro area, and we’d be helping out the environment as well as our pocket books.
Be sure to check out UC Berkeley’s Guide to Energy Efficiency & Renewable Energy Financing Districts For Local Governments.