SUBSTITUTE ORDINANCE
WHEREAS, the City of Chicago, Illinois (the "City"), a municipal corporation and home rule unit of local government of the State of Illinois authorized pursuant to the Property Assessed Clean Energy Act (50 ILCS 50/1 et seq.) (the "Act") to establish a property assessed clean energy program (the "PACE Program"), to finance energy projects (as defined in the Act), to create a PACE area (as defined in the Act) and contract with a program administrator (as defined in the Act) to assist it in developing, launching, and operating a PACE Program pursuant to the Act; and
WHEREAS, the financing of energy projects is a valid public purpose and the City desires to establish a PACE area and PACE Program pursuant to the Act in order to finance energy projects; and
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WHEREAS, the Department of Planning and Development ("DPD") of the City has distributed a Request for Proposals for the selection of a program administrator to assist the City with the development and operation of a PACE Program; and
WHEREAS, the City desires to authorize the execution of an Agreement with a program administrator for the PACE area setting forth the services to be provided by the program administrator in assisting the City with the development, launch and operation of the PACE Program.
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF CHICAGO, AS FOLLOWS:
Section 1. The above recitals are incorporated herein and made a part hereof.
Section 2. The Commissioner of DPD or a designee of such Commissioner is hereby authorized, with the approval of the City's Corporation Counsel as to form and legality, to negotiate, execute and deliver an Agreement (the "Agreement") with the program administrator in substantially the form of Exhibit A attached hereto and made a part hereof, with such changes, deletions and insertions as shall be approved by the persons executing the Agreement and such other supporting documents as may be necessary or appropriate to carry out an...
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