At its Jan. 9, 2012 meeting, the Ann Arbor city council set fees associated with the property assessed clean energy (PACE) program: (1) the review fee for Phase I will be $300; (2) the title search fee will be the actual cost as billed by the title search company, estimated to be $230; (3) the fee for recording the assessment with the county clerk’s office will be $23 – $14 for the first page and $3 for each subsequent page of a four-page document; and (4) the administrative fee will be $13.45 for paper ($0.10), envelope ($0.25), postage ($0.42) assessment set-up ($11.72) and payment receipting ($0.96).
Through its PACE program, the city of Ann Arbor will help commercial property owners finance energy improvements through voluntary special assessments. By establishing a loan loss pool, the city can reduce interest rates for participating property owners by covering a portion of delinquent or defaulted payments. [Some previous Chronicle coverage of PACE: "Special District Might Fund Energy Program"]
At its March 7, 2011 meeting, the council had voted to set up a $432,800 loan loss reserve fund to support the city’s planned PACE program. The money for the fund comes from an Energy Efficiency and Conservation Block Grant (EECBG) awarded to the city by the U.S. Department of Energy.
This brief was filed from the city council’s chambers on the second floor of city hall, located at 301 E. Huron. A more detailed report will follow: [link]