[Amended 9-6-2018 by L.L.
No. 2-2018]
A. It is the policy of both the City of Troy and the State of New York
to achieve energy efficiency and renewable energy goals, reduce greenhouse
gas emissions, mitigate the effect of global climate change, and advance
a clean energy economy. The City of Troy finds that it can fulfill
this policy by providing property assessed clean energy financing
to property owners for the installation of renewable energy systems
and energy efficiency measures. This law establishes a program that
will allow the Energy Improvement Corporation ("EIC"), a local development
corporation, acting on behalf of the City of Troy and EIC pursuant
to Article 5-G of the New York General Municipal Law (the "municipal
agreement"), to make funds available to qualified property owners
that will be repaid by such property owners through charges on the
real properties benefited by such funds, thereby fulfilling the purposes
of this law and fulfilling an important public purpose.
B. The City of Troy is authorized to implement this Energize NY Benefit
Financing Program pursuant to the Municipal Home Rule Law and Article
5-L of the New York General Municipal Law.
C. This chapter shall be known and may be cited as the "Energize NY
Benefit Financing Program Law of the City of Troy."
For purposes of this chapter, and unless otherwise expressly
stated or unless the context requires, the following terms shall have
the meanings indicated:
AUTHORITY
The New York State Energy Research and Development Authority,
as defined by Subdivision 2 of § 1851 of the Public Authorities
Law, or its successor.
EIC
The Energy Improvement Corporation, a local development corporation,
duly organized under § 1411 of the Not-For-Profit Corporation
Law, authorized hereby on behalf of the City of Troy to implement
the Energize NY Benefit Financing Program by providing funds to qualified
property owners (as defined in this chapter) and providing for repayment
of such funds from monies collected by the City of Troy tax collector
as a charge to be levied on the real property and collected in the
same manner and same form as the City of Troy taxes.
ENERGY AUDIT
A formal evaluation or "assessment" of the energy consumption
of a permanent building or structural improvement to real property,
conducted by a contractor certified by the Authority, or certified
by a certifying entity approved by the Authority, for the purpose
of identifying appropriate energy efficiency improvements that could
be made to the property.
ENERGY EFFICIENCY IMPROVEMENT
Any renovation or retrofitting of a building to reduce energy
consumption, such as window and door replacement, lighting, caulking,
weather stripping, air sealing, insulation, and heating and cooling
system upgrades, and similar improvements, determined to be cost-effective
pursuant to criteria established by the Authority, not including lighting
measures or household appliances that are not permanently fixed to
real property.
QUALIFIED PROPERTY OWNER
An owner of residential or commercial real property located
within the boundaries of the City of Troy that is determined to be
eligible to participate in the Energize NY Benefit Financing Program
under the procedures for eligibility set forth under this chapter.
RENEWABLE ENERGY SYSTEM
An energy-generating system for the generation of electric
or thermal energy, to be used primarily at such property, except when
the qualified property owner is a commercial entity, in which case
the system may be used for other properties in addition to the subject
property, by means of solar thermal, solar photovoltaic, wind, geothermal,
anaerobic digester gas-to-electricity systems, fuel cell technologies,
or other renewable energy technology approved by the Authority, not
including the combustion or pyrolysis of solid waste.
[Amended 9-6-2018 by L.L.
No. 2-2018]
RENEWABLE ENERGY SYSTEM FEASIBILITY STUDY
A written study, conducted by a contractor certified by the
Authority, or certified by a certifying entity approved by the Authority,
for the purpose of determining the feasibility of installing a renewable
energy system.
[Amended 9-6-2018 by L.L.
No. 2-2018]
A. An Energize NY Benefit Financing Program is hereby established by
the City of Troy, whereby EIC, acting on its behalf pursuant to the
municipal agreement, may provide funds to qualified property owners
in accordance with the procedures set forth under this law, to finance
the acquisition, construction and installation of renewable energy
systems and energy efficiency improvements and the verification of
the installation of such systems and improvements.
B. For funds provided to a qualified property owner which is a commercial
entity, not- for-profit organization, or entity other than an individual,
EIC shall have the authority to impose requirements on the maximum
amount of funds to be provided, which may consider factors including
but not limited to the property value, projected savings, project
cost, and existing indebtedness secured by such property.
C. For financings made to a qualified property owner who is an individual,
the funds provided shall not exceed the lesser of: i) 10% of the appraised
value of the real property where the renewable energy systems and/or
energy efficiency improvements will be located, or ii) the actual
cost of installing the renewable energy systems and/or energy efficiency
improvements, including the costs of necessary equipment, materials,
and labor and the cost of verification of such systems and improvements.
[Amended 9-6-2018 by L.L.
No. 2-2018]
Upon the submission of an application, EIC, acting on behalf
of the City of Troy, shall make a positive or negative determination
on such application based upon the following criteria for the making
of a financing:
A. The proposed energy efficiency improvements and/or renewable energy
systems are determined to be cost effective based on guidelines issued
by the Authority;
B. The property owner may not be in bankruptcy and the property may
not constitute property subject to any pending bankruptcy proceeding;
C. The amount financed under the Energize NY Benefit Financing Program
shall be repaid over a term not to exceed the weighted average of
the useful life of renewable energy systems and energy efficiency
improvements to be installed on the property as determined by EIC;
D. Sufficient funds are available from EIC to provide financing to the
property owner;
E. The property owner is current in payments on any existing mortgage;
F. The property owner is current in payments on any existing real property
taxes and has been current on real property taxes for the previous
three years; and
G. Such additional criteria, not inconsistent with the criteria set
forth above, as the City of Troy, or EIC acting on its behalf, may
set from time to time.
[Amended 9-6-2018 by L.L.
No. 2-2018]
A. A qualified property owner may participate in the Energize NY Benefit
Financing Program through the execution of an Energize NY finance
agreement made by and between the qualified property owner and EIC,
acting on the behalf of the City of Troy (the "Energize NY finance
agreement").
B. Upon execution of the Energize NY finance agreement, the qualified property owner shall be eligible to receive funds from EIC, acting on behalf of the City of Troy, for the acquisition, construction, and installation of qualifying renewable energy systems and energy efficiency improvements, provided the requirements of §
37-7 of this law have been met.
C. The Energize NY finance agreement shall include the terms and conditions of repayment set forth under §
37-8 of this law.
The Energize Finance Agreement between the qualified property
owner and EIC, acting on behalf of the City of Troy, shall set forth
the terms and conditions of repayment in accordance with the following:
A. The principal amount of the funds paid to the qualified property
owner hereunder, together with the interest thereon, shall be paid
by the property owner as a charge on their City of Troy tax bill and
shall be levied and collected at the same time and in the same manner
as City of Troy property taxes, provided that such charge shall be
separately listed on the tax bill. The City of Troy shall make payment
to EIC or its designee in the amount of all such separately listed
charges within 30 days of the date the payment is due to be made to
the City of Troy.
[Amended 9-6-2018 by L.L.
No. 2-2018]
B. The term of such repayment shall be determined at the time the Energize
Finance Agreement is executed by the property owner and EIC, provided
that in no case shall the term exceed the weighted average of the
useful life of the systems and improvements as determined by EIC acting
on behalf of the City of Troy.
C. The rate of interest for the charge shall be fixed by EIC acting
on behalf of the City of Troy at the time the Energize Finance Agreement
is executed by the property owner and EIC.
D. The charge shall constitute a lien upon the real property benefited
by the Energize NY Benefit Financing Program as set forth in Article
5-L of the General Municipal Law and shall run with the land. A transferee
of title to the benefited real property shall be required to pay any
future installments, including interest thereon.
[Amended 9-6-2018 by L.L.
No. 2-2018]