Lady Lake, FL Town Council hears proposal to approve PACE financing programs - Oct. 19, 2020
Channel: FiscalRangersFlorida
Date: 2020-12-20

Federal and State laws allow cities or counties to approve a PACE funding program for either or both residential or commercial "Green" construction projects and add the cost amount to the property's tax roll for annual payments included in the property tax bill.

This video shows the initial "pitch" by PACE advocates and lenders to the Lady Lake, FL Town Council for approval during a special Oct. 19, 2020 meeting held for just this issue. 

Note:  If you want to jump to the conclusion, the Town Council approved staff to return with a resolution approving JUST Commercial PACE lending programs such as the one for a $20-million project described during the meeting.  

But: At a subsequent Nov. 16, 2020, Town Council meeting when they considered the Resolution to approve Commercial PACE programs, only three members were there and two voted against it, so the proposal died.

Update:  The PACE Commercial proposal is returning again to the Dec. 21, 2020 Lady Lake Town Council meeting for reconsideration.  Additionally, this author reviewed PACE Commercial issues and wrote an overview, including a recommendation that it be considered because the risks were known by the sophisticated developer, unlike the well-published risks of Residential PACE programs. We, however, do not approve the PACE Residential loan programs for reasons cited in the blog link below. 

You can read our Dec. 18, 2020 blog article overview of the PACE Commercial AND Residential lending programs which includes a link to our video interview with the Lake County Tax Collector about the PACE Commercial programs. 
https://www.fiscalrangers.com/2020/12/are-pace-commercial-loans-in-florida-risky-or-worthwhile-our-overview-and-video-link.html

This video was edited and uploaded on Dec. 19, 2020, by Lake County, FL Fiscal Watchdog blogger Vance Jochim of FiscalRangers.com.  
The short link to this video is: https://youtu.be/wr4IsIYR8Ss  
The length of the video is 40 min.   
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