PLACEMENT: Consent
TITLE:
title
FIRST AMENDMENT TO THE THIRD RENEWAL TO THE FINANCIAL SERVICES AGREEMENT BETWEEN MARTIN COUNTY AND THE SOLAR AND ENERGY LOAN FUND OF ST. LUCIE COUNTY
end
EXECUTIVE SUMMARY:
executive summary
Martin County and the Solar Energy Loan Fund of St. Lucie County (SELF) entered into an Agreement to support home improvements and sustainability financing on March 26, 2019 with subsequent renewals. SELF has requested a change in the interest rate to reflect lending market conditions along with a date and an index for future annual adjustments, lower the minimum number of loans provided, and removing the upper limit of the number of loans available.
body
DEPARTMENT: Utilities and Solid Waste
PREPARED BY: Name: Leo Repetti
Title: Technical Services Administrator
REQUESTED BY: Don Donaldson, County Administrator
PRESET:
PROCEDURES: None
BACKGROUND/RELATED STRATEGIC GOAL:
SELF is a non-profit that provides energy expertise and financing to help property owners identify and make cost-effective home energy improvements. SELF through its General Financing program and in accordance with its Agreement with Martin County provides low-cost financing for residential homeowners that will generate sustainable building practices, clean energy alternatives, home and climate resilience, aging in place, and local green jobs. Financing may be used for a number of home-improvement projects including water quality loans related to septic to sewer conversions.
In a concerted effort to improve water quality and conservation, Martin County has initiated a “Connect to Protect” septic to sewer conversion program replacing septic systems with connection to the County’s wastewater utility system through the installation of grinder sewer system installations.
Accordingly, staff has drafted the First Amendment to the Third Renewal of the Agreement between Martin County and SELF adding specific terms to enable annual adjustment of the interest rate and update the financial scope limits. Each financing under this program will be for $7,000 financed over 120 months at the prevailing interest rate. SELF may provide additional funding to applicants outside of this program, including to cover any remaining costs of connection for the same transaction.
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 risks, and has developed strategies for legal defensibility.
RECOMMENDED ACTION:
RECOMMENDATION
Move that the Board approve the First Amendment to the Third Renewal of the Financial Services Agreement Between Martin County and The Solar and Energy Loan Fund of St. Lucie County Relating to Financing Sustainability and Other Home Improvements for Low to Moderate Income Households to Include Terms Related to Grinder Sewer System Installations.
ALTERNATIVE RECOMMENDATIONS
Pull this item from the Consent Agenda and provide direction to staff for revisions to the proposed Amendment.
FISCAL IMPACT:
RECOMMENDATION
None
ALTERNATIVE RECOMMENDATIONS
None
DOCUMENT(S) REQUIRING ACTION:
☐Budget Transfer / Amendment ☐ Chair Letter ☒Contract / Agreement
☐Grant / Application ☐Notice ☐Ordinance ☐Resolution
☐Other: