Office of Citizen
Rest in Peace,
Special Energy Improvement District: Cleveland and Inner-Ring Suburbs
Submitted by briancummins on Tue, 09/14/2010 - 15:04.
Cleveland City Council discussed a resolution today (Res. No. 1078-10 - introduced in July 2010) that will officially begin the process to involve the City in what is being planned as an Advanced Energy District.
The new special improvement district being created for promoting investment in advanced energy would include the City of Cleveland and the 16 municipalities that make up the First Suburbs Consortium Development Council. The resolution is expected to pass under suspension next Monday 9/20/10. It represents one of the first steps each participating municipality needs to take with a follow-up ordinance that will approve the articles of incorporation and other requirements.
In June this year the initiative received $100,000 and was ranked 3rd in the EfficientGovNow competition sponsored by the Fund for Our Economic Future.
The new property assessed clean energy (PACE) legislation that has allowed for this development was passed last year (HB1 – 7/17/2009) and modified in June 2010 (SB232)– 6/4/2010).
Some of the key components of the Advanced Energy Special Improvement District (AESID) include: creating longer-term, lower cost funding to pay for energy improvements; ability to aggregate projects for longer-term bond financing; systems can be financed for as much as 30-years; ability to aggregate renewable energy credits; eligibility for state (see more) and federal investment tax credit equal to 30 percent of the eligible costs of a project; and, utilization of net metering.