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Record #: SO2018-5032   
Type: Ordinance Status: Passed
Intro date: 6/27/2018 Current Controlling Legislative Body: Committee on Finance
Final action: 10/31/2018
Title: Establishment of Chicago Property Assessed Clean Energy (PACE) area and program to finance acquisition and construction of energy projects
Sponsors: Emanuel, Rahm
Topic: CITY COUNCIL - Miscellaneous
Attachments: 1. O2018-5032.pdf, 2. SO2018-5032.pdf
OFFICE OF THE MAYOR
CITY OF CHICAGO
RAHM EMANUEL MAYOR
June 27,2018










TO THE HONORABLE, THE CITY COUNCIL OF THE CITY OF CHICAGO


Ladies and Gentlemen:

At the request ofthe Commissioner of Planning and Development, I transmit herewith ordinance authorizing the establishment of a Property Assessed Clean Energy Program.

Your favorable consideration ofthis ordinance will be appreciated.
Mayor


Very truly yours,

AN ORDINANCE ESTABLISHING A PACE AREA AND ESTABLISHING A PACE PROGRAM TO FINANCE THE ACQUISITION AND CONSTRUCTION OF ENERGY PROJECTS


WHEREAS, the City of Chicago, Illinois (the "City") is 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 "PACE Act") to establish a property assessed clean energy program (the "PACE Program"), create a PACE area (as defined in the PACE Act) and finance energy projects (as defined in the PACE Act); and
WHEREAS, pursuant to an Ordinance adopted by the City Council of the City on
, 2018, was designated a Program Administrator (the
"Administrator") to assist the City in developing a PACE Program; and
WHEREAS, the Administrator has prepared the report attached hereto as Exhibit A (the. "Report") setting forth certain terms of the proposed PACE Program in conformity with the PACE Act; and
WHEREAS, the City now desires to establish the PACE area as the entire corporate limits of the City of Chicago and to establish the PACE Program as further described herein and in the Report and to finance energy projects; and
WHEREAS, any bonds to be issued pursuant to the PACE Act will be approved pursuant to a separate ordinance to be considered at a future meeting of the City Council.
NOW, THEREFORE, BE IT ORDAINED BY THE MAYOR AND CITY COUNCIL OF THE CITY OF CHICAGO, ILLINOIS, AS FOLLOWS:
Section 1. Incorporation of the Recitals. The Corporate Authorities hereby find that all of the recitals contained in ...

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