Bill > PR26-0478

This resolution declares an emergency to remove the bond issuance cap for the District of Columbia's Commercial Property Assessed Clean Energy (C-PACE) Program, which currently limits bond issuance to $250 million. The resolution explains that the DC Green Bank, which administers the C-PACE Program, has identified a significant opportunity to issue $470 million in bonds to finance energy efficiency improvements at The Geneva, a major residential conversion project, but is constrained by the existing statutory bond cap. Currently, $184 million of the $250 million cap has been utilized, leaving only $66 million in financing capacity. The resolution notes that after reviewing peer jurisdictions, the DC Green Bank found that statutory bond caps are uncommon, and the program's market demand exceeds its current financing capacity. The emergency legislation is necessary to enable the DC Green Bank to proceed with larger energy efficiency and renewable energy improvement projects, including potential developments at the RFK site, by removing the principal bond amount limitation established in the original 2010 Energy Efficiency Financing Act.

https://lims.dccouncil.gov/Legislation/PR26-0478