PLACEMENT: Consent
TITLE:
title
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) organization. SELF’s mission is to rebuild and empower underserved communities by providing access to affordable and innovative financing for sustainable property improvements, with the primary focus on energy efficiency, renewable energy, and climate resilience in low-and moderate-income (LMI) neighborhoods.
The proposed renewal of the contract with SELF continues to address two needs in Martin County. First, SELF will continue to conduct workshops for residents on how to build credit worthiness and they will provide competitive home improvement loans to residents who may not typically have access to this financing. In so doing, SELF simultaneously increases the financial stability of these residents and improves the resiliency and/or value of their homes, which benefits the county. The primary types of home improvement projects financed by SELF continue to be sewer loans, new roofs and/or repairs, and high-efficiency air conditioners. SELF remains focused on advancing energy efficiency, solar, resilience and sustainability, with a focus on underserved and underbanked communities and seniors on fixed incomes, veterans, disabled homeowners, and individuals with poor credit.
The second need addressed by the contract is the provision of auditing services for the PACE program. Staff requested this service from SELF to help ensure the appropriateness of improvements done under the PACE program. This includes reviewing the financial suitability, the outcomes of the improvements, contractor licensing, and verifying the provider paperwork and procedures.
The agreement is structured to provide $60,000 per year, paid quarterly, for specified deliverable services and $2,200 per audit performed, not to exceed 10 annually, for a total of $82,000.
To date, SELF has financed 298 sustainable home improvement projects in Martin County totaling $2,395,705 with an average loan size of $8,000+. SELF has also financed 175 septic to sewer projects totaling $1,196,604 (through March 31, 2024).
ISSUES:
None
LEGAL SUFFICIENCY REVIEW:
This item has been reviewed for legal sufficiency to determine whether it is consistent with applicable law, has identified and addressed legal risk, and has developed strategies for legal defensibility.
RECOMMENDED ACTION:
RECOMMENDATION
1. Move that the Board approve contract renewal #3 with the Solar and Energy Loan Fund (SELF).
2. Move that the Board authorize the Chairman or designee to execute the contract renewal.
ALTERNATIVE RECOMMENDATIONS
Pull this item from the Consent Agenda. Deny the proposed contract with the Solar Energy Loan Fund.
FISCAL IMPACT:
RECOMMENDATION
None
|
Funding Source |
County Funds |
Non-County Funds |
|
General Fund - Non-Departmental |
$60,000 |
|
|
Optional Audit Services - General Fund Non- |
$22,000 |
|
|
Departmental |
|
|
|
Subtotal |
$82,000 |
|
|
Project Total |
$82,000 |
ALTERNATIVE RECOMMENDATIONS
None
DOCUMENT(S) REQUIRING ACTION:
☐Budget Transfer / Amendment ☐ Chair Letter ☒Contract / Agreement
☐Grant / Application ☐Notice ☐Ordinance ☐Resolution
☐Other:
This document may be reproduced upon request in an alternative format by contacting the County ADA Coordinator (772) 320-3131, the County Administration Office (772) 288-5400, Florida Relay 711, or by completing our accessibility feedback form at www.martin.fl.us/accessibility-feedback <http://www.martin.fl.us/accessibility-feedback>.