At the May 18, 2016 Commission meeting, the City of Miramar approved PACE Programs (Property Assessed Clean Energy) for homeowners and businesses to equip their properties with wind & energy efficiency improvements through innovative financing. PACE programs provide upfront capital to property owners to allow them to make these efficiency improvements on their properties. PACE financing is repaid through a special, non ad-valorem assessment levied on the property and repaid annually on the property owner’s tax bill. PACE financing can be repaid without penalty in advance or in increments of five to twenty-five years at the home or business owners’ consent, depending on the lifespan of the improvements made.
To provide residents with the opportunity to benefit from PACE, a special assessment district and Interlocal agreement has to be established between the PACE programs and the City of Miramar. Once in place, specific improvements related to Hurricane and Wind Protection; Energy and Water Efficiency, and Renewable Energy (Green Corridor PACE District, Florida PACE Funding Agency and The Florida Green Finance Authority) can be made by residents within the City of Miramar. PACE assessments are not inhibitors to selling and buying properties with these accommodations,” stated Eric Silva, Director of Community & Economic Development for the City of Miramar.
The City’s promotional awareness of PACE programs does not assess any additional debt, liability or obligations to the City. Florida law allows the City to enter into these programs to levy non-ad valorem special assessments. It is with important programs like these that the City of Miramar Commission reminds businesses and residents why It’s Right Here in Miramar®!
