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HomeMy WebLinkAboutR10-047 Energy Smart Loan Program Administration Plan• Commissioner 4~1 moved adoption of the follord' ng Resolution: BOARD OF COUNTY COMMISSIONERS COUNTY OF EAGLE, STATE OF COLORADO RESOLUTION N0.2010 - ~_ IN THE MATTER OF ADOPTION OF THE ENERGY SMART LOAN PROGRAM AllMINISTRATIVE PLAN, INCLUDING AUTHORIZATION FOR THE EAGLE COUNTY TREASURER TO INVEST FUNDS FOR QUALIFIED ENERGY SMART PROJECTS. WHERE~IS, C.R.S. 30-20-601, et seq., authorizes Colorado counties to create Local Improvement Districts for the purpose of financing capital improvements for energy efficiency retrofits and the installation of renewable energy fixtures as defined by statute; and WHEREAS, The Board of County Commissioners of Eagle County, Colorado ("Board") established the Energy Smart Limited Improvement District pw-suant to Resolution 2009-I 10; and WHEREAS, Eagle County voters approved Referendum 2009-1A to allow Eagle County to incur debt up to ten million dollars ($10,000,000) to provide funding for the Energy Smart Limited Improvement District; and WHEREAS, C.R.S. X30-10-708(1) provides that the Board may authorize the County Treasurer to invest all or any part of the funds and moneys in securities meeting the investment requirements of C.R.S.~~'24-75-601, et seq.; and WHEREAS, C.R.S. §24-75-60I(3)(a) provides that such legal investment requirements of securities do not limit the power of the county to invest any public funds in any security or other investment permitted under any other valid law of the state; and WHEREAS, C.R.S.~~'30-I1-107 specifically provides the Board with power to finance capital improvements for energy efficiency retrofits and the installation of renewable energy fixtures for private residences and commercial property within the county; and WHEREAS, C.R.S. §24-75-601.1.6(I) allows for the Treasurer to invest into securities which mature in excess offive (5) years if so directed by the Board of County Commissioners; and WHEREAS, the Board has determined that the County Treasurer's utilization of one million dollars ($1,000,000) from the existing Engle County investment funds for the purpose of providing loans to Eagle County residents who have received approval under the Energy Smart Loan program is a sound investment for Eagle County given Chat the amount apportioned for investment in the program is less than two percent of the County's investment portfolio; the investment will earn the same or greater returns than it does currently; and that the returns are guaranteed by property tax collection, of which Eagle County successfully collects over 99%; Page 1 of 2 • • NOW, 'THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF THE COUNTY OF EAGLE, STATE OF COLORADO: 'THAT, pursuant to the authority granted by law and for the reasons listed above, the Board of County Commissioners herein adopts this Energy Smart Loan Program Administrative Plan, and authorizes the Eagle County Treasurer to invest up to one million dollars ($1,000,000) in the Energy Smart Loan Program, each individual loan to have a repayment term not to exceed 15 years, as further described in Exhibit `A', attached hereto and as may be amended from time to time. 'THAT, Staff shall provide comprehensive reports to Che Board of County Commissioners regarding the program's participation, type, administration, and associated details prior to each $250,000 benchmarks being reached for investment into the program. THAT, this Resolution is necessary for the public health, safety, and welfare of the County of Eagle, State of Colorado. MOVED, READ AND ADOPTED by the Board of County Commis' Hers of the County of Eagle, State of Colorado, at its regular meeting held the ,~ day of ~ , X010. COUNTY OF EAGLE, STATE OF COLORADO, By and Through Its BOARD OF COUNTY COMMISSIONERS ATTEST: ' ~m.;,~:~ o~ c: B Y: ~ ~. ; ~ -* Teak J. Simont n ~ ~ ~ Clerk to the Board of ~~t®t~r.~ County Commissioners ~~ vney, C Commissioner seconded adoption of the foregoing resolution. The roll having been called, the vote was as follows: Commissioner Sara J. Fisher Commissioner Peter F. Runyon Commissioner Jon Stavney This Resolution passed by County of Eagle, State of Colorado. ~d vote of the Board of County Commissioner of the Page 2 of 2 • • Energy Smart Plan April 28, 2010 In November 2009, the voters of Eagle County approved Referendum lA to develop the Energy Smart Loan Program. This approval allows Eagle County to offer financing for energy efficiency and/or renewable energy improvements, and payments are collected on participating properties through special assessments upon their property taxes. The program is voluntary and only affects property owners choosing to participate. The recommended eligibility, eligible measures, process, special assessment terms, and details are as follows for the Energy Smart program start up through December 31, 2010 as funds are available: Participants must be residential property owners in Eagle County, Colorado. Any property that defaulted on property tax and/or special assessment payments within the past 3 years is not eligible. Contractors shall be registered with the Better Business Bureau. A 3-year minimum warrantee on materials and workmanship is required for participating contractors. This will be clearly stated on the signed contract between the owner and contractor submitted prior to loan initiation. See attached Appendix A for a full list of eli~,ible measures and required yerformance standards. 1. Applicants must complete an online self-audit at http://hes.lbl.gov/, free Holy Cross energy audit, OR an energy audit completed by an accredited professional home energy consultant. 2. A web-based referral process with the Eagle Valley Home Builders Association and/or Mountain to Mesa Home Builders Association will connect interested participants with local contractors to complete their desired scope of work. 3. Owner acquires bids for the work to be completed on the home, and selects contractor to perform the work. .:t7 • • 4. Owner submits an application online or in person which includes a signed contract between owner and contractor, a copy of the energy audit, and proof of homeowners insurance. A I %non-refundable origination fee is paid along with the application. 5. The owner is given a notice to proceed which states. their project is eligible for Energy Smart funding and that payment will be issued to the contractor in the amount identified on the application upon completion. The owner has 90 days to complete this scope of work from the date of the notice to proceed. Extensions will be granted if requested before this deadline is reached. 6. The owner submits a statement of completion and a copy of the final inspection by the relevant local authority, based upon existing building department practices. This statement clearly states that the work is complete and the owner is satisfied with the improvements made by the contractor. For improvements which do not require permitting within the underlying jurisdiction, an inspection will be performed by a representative of the Energy Smart program to ensure that the proposed scope of work has been completed on the subject property. 7. Payment is forwarded directly to the contractor named on the application in the contracted amount. Any changes to the original amount on the application require a new application submittal. 8. The cost of the improvement is attached to the subject property by Eagle County as a special assessment on the property tax bill. The first payment due on the assessment would be on the following year's tax notice. The assessment can be paid in two halves as with the primary property tax amount, in full for the annual amount due, or the entire assessment may be paid off at any time without prepayment penalty. If the property ownership changes, the assessment lies with the land unless the remaining balance is paid off in its entirety. The terms for the program start up include a fixed 6% interest rate interest rate over a 15-year amortization. These terms may change as the program develops and evolves. Each residence will have a minimum limit of $3,000 and a maximum total limit of $30,000. • While the Limited Improvement District has been established in unincorporated Eagle County to participate in the program, Towns within Eagle County wishing to participate must opt-in by passing a town ordinance for property owners within their jurisdiction to participate in the program. • Deed restricted homes can participate but must have a letter from the respective authority prior to participation. • . • Condominium owners are eligible with appropriate authorization from their Home Owners Association, if necessary, for improvement measure(s). • Do-it-yourselfers may participate but only for materials, not time. • The program is eligible for existing homes only; not new construction. • All requirements from the underlying permitting authority shall apply. In any area of conflict, the more stringent shall apply. • Any solar rebates will be allocated to the loan buy down prior to the special assessment being finalized. It is the full responsibility of the owner to complete any paperwork necessary for the issuance of such rebates. In no case will solar rebates be issued directly to the owner or contractor for projects participating in the Energy Smart program. • Any applicable IRS tax credits available to property owners for improvements completed under the Energy Smart program are the full responsibility of the owner and are not addressed by the program. • .Energy use of participating properties would be monitored by local utility districts to demonstrate general energy use trends before and after participation in the program. No personal use information would be shared without express written consent of the property owner or representative. • All eligible measures are subject to all applicable existing regulations and permitting processes of the applicable permitting authority of the subject property. • The listing of eligible measures does not constitute a warranty of any kind. While the eligible measures are expected to have positive returns on investment and generate positive cash flow within the term of the special assessment, the Energy Smart Loan Program can not guarantee energy or cost savings associated with these measures. • C~ .. Air Sealin .• measures should result in final ACH of .35 Air Sealing Duct Sealing mastic only Whole House Fan Must have controls (thermostat or timer, multi-speed). Fan opening must be ro erl insulated and sealed in winter. Ventilation Attic Fan Must have controls (thermostat or timer, multi-speed). Fan opening must be ro erl insulated and sealed in winter. May be solar-powered. Heat Recovery Ventilator Must meet Ener Star criteria, no inte ral electric resistance heater. Attic R-49 minimum re uired in o en attic; cathedral ceilin swill vary. Wall R-22 minimum l l i l Floor R-38 minimum or nsu at Ducts R-8 minimum Perimeter R-10 minimum Crawlspace Sealed seam and ed a va or barrier. R-10 minimum wall insulation High Efficiency Furnace AFUE >= 95 % Boiler AFUE >= 93 % Heating Ground Source Heat Pump Closed loop only. Must meet Energy Star: EER >14.1, COP >=3.3. Installer must be IGSPHA certified. Programmable Thermostats installed er manufacturer's s ecifications Coolin Evaporative Cooling installed per manufacturer's s ecifications .Water Heatin On-Demand/Tankless Energy Factor of 0.82 or hi her (Ener Star listed) Fixtures/ballasts Hard wired electronic ballasts onl .'.lighting Timers & Sensors Must be hardwired to electrical service Home Energy Monitor Must be hardwired to electrical service Window Repair Reglazing and repair of historic, old growth windows, does not include coatings o finishes. Wi d D a d Exterior windows and glass doors Re lacements . U .32 maximum n ows, oors, n Skyli h Storm windows Weatherstri in re uired. Total window assembl of U<0.30 g ts Window Film Must meet Ener Star criteria Insulating shutters or blinds R-5 minimum for shutters, R-3 for blinds, ro er installation re uired Insulating exterior doors U-.32 minimum Solar Hot Water Skylights Replacements only. U .32 minimum Must be rated by the Solar Rating and Certification Corportation. R-4 minimum for insulation on collector pipes. NABCEP/COSEIA certified installer. Solar Photovoltaics NABCEP/COSEIA certified installer. Small Wind Pellet Stoves/Boilers Minimum 75% efficiency, 2 rams/hr or less articulate ratin Pellet Stoves/Boilers All eligible measures are subject to all applicable existing regulations and permitting processes. Payment will be made to the contractor upon final inspection by the relevant local authority, based upon exisitng building department practices. Contractors in compliance with relevant professional regulations are eligible to provide services in the Energy Smart Loan Program. The listing of eligible members does not constitute a warranty of any kind, nor does the Energy Smart Loan Program guarantee energy or cost savings associated with these measures.