Town of Cutler Bay - Financing Initiative for Renewable and Solar Technology (FIRST)

September 09, 2011

Summary

In May of 2010, the Town of Cutler Bay established the South-Dade Green Corridor District as a Property Assessment Clean Energy (PACE) program, and subsequently adopting Resolution 10-67, as amended by Resolution 11-35, approving an interlocal agreement to be entered into with other municipalities to provide upfront financing for qualified improvements listed under Florida Statute § 163.08. Major points of the agreement include:

• creation of a governing board, with one at large member
• staff and counsel to the board will be the Cutler Bay Town Manager and Attorney
• third party administrator, procured by Cutler Bay, to serve on behalf of the district
• each participating local government must designate an official to execute necessary financial documents with residents

*As of September 2011, no municipalities have entered in the interlocal agreement. 

 In February of 2011, Ygrene Florida Energy Fund, LLC was selected by the Cutler Bay Town Council to manage and finance improvements within the district. A Third Party Administrator Agreement was established between the two parties in July of 2011. The major points of this agreement include:

• Ygrene is to provide all the funding for the operation of the district
• the agreement is for five years with automatic renewals, for successful five year terms. The district may terminate the agreement anytime after the initial term
• the program will commence once: (a) at least two members join the district; (b) an aggregate population of at least 500,000 is within the district; (c) there is a successful bond validation
•  the district and local government will be secured by Ygrene against legal challenges and ricks associated with the district.