PLACEMENT: Consent
TITLE:
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REQUEST FOR CONTRACT RENEWAL BETWEEN MARTIN COUNTY AND THE SOLAR AND ENERGY LOAN FUND
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EXECUTIVE SUMMARY:
executive summary
This request is for approval of a contract renewal with the Solar and Energy Loan Fund (SELF) for provision of financial services to low/medium income residents. SELF provides financial services for home improvement projects such as sewer loans, new roofs and/or repairs, and high-efficiency air conditioning. The contract also addresses audit services for projects financed under the property assessed clean energy (PACE) program.
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DEPARTMENT: Administration
PREPARED BY: Name: Kimberlee Levee
Title: Administrative Services Manager
REQUESTED BY: Don G. Donaldson, P.E., County Administrator
PRESET:
PROCEDURES: None
BACKGROUND/RELATED STRATEGIC GOAL:
1. Agreement/Contract drafted by: Martin County Legal Department
2. Parties to the Agreement/Contract: Martin County and the Solar and Energy Loan Fund (SELF)
3. Purpose of the Agreement/Contract: Provide financial services, including home improvement loans to low and moderate-income residents and Property Assessed Clean Energy (PACE) project auditing services.
4. New/Renewal/Modification: Renewal
5. Duration: five (5) years, with the option for two, one (1) year renewals.
6. Benefits to Martin County: Establishes a more stable economic base through credit counseling services, provides financial options to a population that may not be able to access traditional loans, increases the resiliency and value of homes and consequently tax revenue, promotes job creation through the utilization of local contractors and can facilitate the county's septic to sewer program by providing homeowners with options to fund conversions.
7. Cost to Martin County: $60,000 annually for financial services and up to $22,000 annually for auditing services.
SELF is a non-profit, Treasury Department Certified Community Development Financial Institution (CDFI) ...
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