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90's to finance a majority of the public infrastructure that supported the development of <br /> Stoneridge Mall, Hacienda Business Park and other business parks in Pleasanton. <br /> The benefits of participation in the CaliforniaFIRST program for a property owner <br /> include: <br /> Only property owners who choose to participate in the program will have <br /> assessments imposed on their property. <br /> In today's economic environment, there may not be attractive private enterprise <br /> alternatives for property owners to finance renewable energy /energy <br /> efficiency /water efficiency improvements. <br /> Even if there were private enterprise alternatives, most private loans are due on <br /> sale of the benefited property, which makes it difficult for property owners to <br /> match the life of the repayment obligation with the useful life of the financed <br /> improvements. Under the CaliforniaFIRST Program, the assessment lien <br /> transfers with the property upon sale. <br /> The property owner can choose to pay off the assessments at any time, subject <br /> to applicable prepayment penalties. <br /> By virtue of regional aggregation provided by the CaliforniaFIRST Program, small <br /> projects, both residential and commercial, can have access to the municipal bond <br /> market, which may produce a lower borrowing cost. <br /> The benefits of participation in the CaliforniaFIRST program to the City include: <br /> As in conventional assessment financing, the City is not obligated to repay the <br /> bonds issued by CSCDA or to pay the assessments levied on the participating <br /> properties. <br /> CSCDA handles all assessment administration, bond issuance and bond <br /> administration functions. The City can provide financing of renewable energy, <br /> energy efficiency and water efficiency improvements to property owners through <br /> the CaliforniaFIRST Program thereby meeting its political and environmental <br /> goals while committing virtually no staff time to administer the program. <br /> Quantifiable reductions in community energy and water usage and greenhouse <br /> gas emissions. <br /> Increased economic activity as property owners undertake improvements. <br /> NEXT STEPS <br /> In order for the City to participate in CaliforniaFIRST, the City Council must adopt a <br /> resolution authorizing participation (Attachment 1). The proposed resolution: (1) <br /> authorizes CSCDA to accept applications from owners of property within the City for <br /> Page 3 of 4 <br />