The County finds that renovations or additions to premises located
in the County made to improve energy efficiency, improve water efficiency,
and/or use renewable resource applications, increase property values,
stimulate local economic activity, provide local and global environmental
benefits, and promote the general welfare of County residents. The
purpose of this chapter is to facilitate loans arranged by property
owners or lessees to make such improvements by treating loan principal
and interest, fees, and other charges as special charges eligible
for inclusion on the tax roll for these properties.
This ordinance is enacted pursuant to § 66.0627, Wis.
Stats., as amended, which authorizes a county to make a loan or enter
into an agreement regarding loan repayments to a third party for owner-arranged
or lessee-arranged financing, to an owner or a lessee of a premises
located in the county for making or installing an energy efficiency
improvement, a water efficiency improvement or a renewable resource
application to a premises.
As used in this chapter, the following terms shall have the
meanings indicated:
ANNUAL INSTALLMENT
The portion of the PACE loan that is due and payable for
a particular year under the supplemental agreement.
BORROWER
The property owner or lessee of the subject property that
borrows the proceeds of a PACE loan.
DEFAULT LOAN BALANCE
The outstanding balance, whether or not due, of a PACE loan
at the time that the County receives foreclosure proceeds.
FORECLOSURE PROCEEDS
The proceeds received by the County from the disposition
of a subject property through an in rem property tax foreclosure.
LOAN AMOUNT
The principal, interest, administrative fees (including the
Program Administrator's fees) and other loan charges to be paid
by the borrower under the PACE loan.
PACE
The acronym for property assessed clean energy.
PACE DEFAULT PROVISIONS
A.
The delinquent annual installment(s) due when the County initiates
the in rem property tax foreclosure on the subject property;
B.
Any additional annual installment(s) that become due between
the time that the County initiates in rem property tax foreclosure
on the subject property and the date the County receives the foreclosure
proceeds;
C.
Any default interest charges applied to unpaid annual installments referenced in Subsections
A and
B above, as provided in the supplemental agreement; and
D.
Any default loan balance.
PACE LENDER
Any person that makes a PACE loan, and which may include
an affiliate of the borrower.
PACE LOAN
A loan made by a PACE lender to a borrower under this chapter
for energy efficiency improvements, water efficiency improvements,
or renewable resource applications made to or installed on a subject
property.
PERSON
Any individual, association, firm, corporation, partnership,
limited liability company, trust, joint venture or other legal entity,
or a political subdivision as defined in § 66.0627, Wis.
Stats.
SUBJECT PROPERTY
Any premises located in the County on which energy efficiency
improvements, water efficiency improvements, or renewable resource
applications are being or have been made and financed through an outstanding
PACE loan.
WISCONSIN PACE COMMISSION
The Wisconsin PACE Commission formed under § 66.0301,
Wis. Stats., as amended, by the County and one or more other political
subdivisions as defined in § 66.0627, Wis. Stats., pursuant
to a joint exercise of powers agreement relating to the Wisconsin
PACE Commission.
Any PACE loan made and secured pursuant to this chapter shall
be considered a special charge on the subject property. Any annual
installment or portion of a PACE loan made and secured pursuant to
this chapter that becomes delinquent according to the terms of the
PACE loan shall be a lien against the subject property and placed
on the tax roll, as permitted pursuant to § 66.0627, Wis.
Stats., as amended.
Upon the request of the Program Administrator, the County shall
place each year's annual installment on the tax roll for the
subject property as permitted pursuant to § 66.0627, Wis.
Stats., as amended.
The County shall promptly remit to the Wisconsin PACE Commission
any payment(s) for a special charge imposed under this chapter, including
penalties and charges thereon, it may receive from any taxing district
or the County Treasurer pursuant to Chapter 74, Wis. Stats., as amended.
If the County prevails in an in rem property tax foreclosure
action against a subject property, the County shall diligently proceed
to sell the subject property pursuant to the procedures set forth
in § 75.69, Wis. Stats., as amended.
The County Treasurer shall follow the procedures set forth in
§ 75.36, Wis. Stats., as amended, to distribute the proceeds
from the sale of a subject property.