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BACKGROUND The State of California has received $226 million in federal American Reinvestment and Recovery Act (ARRA) funds for the State Energy Program (SEP) which is focused on increasing energy efficiency to reduce energy costs and consumption, cut reliance on imported energy and shrink energy impact on the environment. The program is being administered by the California Energy Commission (CEC). As indicated, the two primary components of the program are SEP 1 and SEP 2 which are summarized as follows: SEP 1 This grant program will fund implementation of financing programs for energy efficiency improvements in residential and commercial buildings where building owners contractually agree to repay the financing through property tax assessments (often referred to as AB 811 -style programs). The CEC has indicated that it will prioritize award of these grants to broad regional consortiums of local governments. In response, Alameda County is participating in a joint grant application with 13 other California counties in six regions throughout the state including the Bay Area, Capitol, Central Coast, Central Valley, Mid Coast, and Southern California Regions. The County of Sacramento is the lead applicant. The grant amount requested will be approximately $16.5 million, with approximately $780,000 allocated for the County of Alameda. These funds would be administered by the County, on behalf of all the cities in the county, as no direct monies would pass to the cities. The grant is intended to support the successful launch of the CaliforniaFIRST financing program (Council is being asked to authorize City participation in CaliforniaFIRST in a separate agenda item). The proposal consists of both statewide and countywide components. The statewide component provides a one percent interest rate buy -down on the first $25 million of projects in the CaliforniaFIRST pilot. It is hoped that a lower interest rate will make the program more attractive to property owners in the initial phases of the program. Additionally, the statewide component provides funding to offset the costs to all participating counties and cities for initial program set -up, including legal validation of financing districts and websites for property owners to file their applications. For Pleasanton, this would equate to a savings of up to $20,000. The countywide component will focus on increasing participation in the municipal financing program by providing enhanced customer service to residents and businesses in both cities and unincorporated communities. CaliforniaFIRST's customer service program will provide web -based tools for relatively sophisticated property owners use to secure property- assessed financing. The property owner would need to assess their eligibility against underwriting criteria, arrange for an energy audit, obtain contractor bids, and present a completed project proposal. In order to maximize participation, the countywide component would fund enhanced outreach and customer service, including one -on -one consultations that would be available to those property owners who require more personalized assistance prior to enrolling in the program. Additional information regarding CaliforniaFIRST's is included as Exhibit A to Attachment 1. Page 2 of 3