Title
An Ordinance imposing an annual assessment on the real property located at 941 Manchester Street, Lexington, Ky., pursuant to the Energy Project Assessment District Program created by Ordinance No. 24-2018 and KRS 65.205 et seq, to repay financing for energy projects in an amount not to exceed $8,000,000, as specified in the notice of assessment; authorizing and directing the Mayor, on behalf of the Urban County Government, to execute the Notice of Assessment, as well as the EPAD Program Financing Agreement, and other related documents, with Astana, LLC; Pace Equity LLC; and the Fayette County Sheriff; and further authorizing and directing the Dept. of Finance to annually remit the amounts received from the assessments, minus an Administrative Fee, to Pace Equity LLC, or its successors or assigns; and further authorizing and directing the administrator of the EPAD Program to file the notice of assessment in the records of the Fayette County Clerk; all which shall be effective upon passage of Council. [Council Office, Maynard]
Summary
Authorization to approve and execute any documents related to an Energy Assessment District assessment at 941 Manchester Street, which permits the commercial property owner to finance energy improvements to the property through private loans that are then paid through an assessment on the property owner's tax bill. No budgetary impact. (L0673-21) (Hensley)
Budgetary Implications: No
Advance Document Review:
Law: Yes, Completed by Evan Thompson, June 24, 2021
Risk Management: N/A
Fully Budgeted: N/A
Account Number: N/A
This Fiscal Year Impact: $0
Annual Impact: $0
Project:
Activity:
Budget Reference:
Current Balance:
Body
WHEREAS, KRS Sections 65.205 through 65.209 authorize local governments in Kentucky, including Urban County Governments, to establish a program to advance the conservation and efficient use of energy and water resources by allowing for private sector energy projects to be paid through assessments i...
Click here for full text