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Abatement on the November 2, 2010 General Election ballot. He reviewed the information <br />contained in his PowerPoint Presentation (copy on file), to illustrate how the program can be an <br />important tool for existing businesses, as well as an attraction for new businesses. He explained <br />how tax abatement would increase the County's commercial tax base and tax revenues, and <br />emphasized that during the abatement period, the County's General Fund is the only tax that is <br />frozen. Commissioner O'Bryan emphasized that the proposed Tax Abatement Ordinance does <br />not give tax dollars away, nor does it waive or eliminate impact fees or alter Land Development <br />Regulations. Concluding his presentation, he provided details on the criteria required for <br />businesses to qualify for the Tax Abatement Program, and appealed to business and community <br />leaders to help educate the Public about the benefits of the Tax Abatement Program. <br />6. PACE (PROPERTY ASSESSED CLEAN ENERGY) — PETER D. O'BRYAN, <br />CHAIRMAN OF INDIAN RIVER COUNTY COMMISSIONERS <br />Commissioner O'Bryan reviewed his PowerPoint Presentation (copy on file) to provide <br />an overview of the P.A.C.E. (Property Assessed Clean Energy) Financing District Program. He <br />explained that the purpose of P.A.C.E. was to provide financing, through municipal or County - <br />issued bonds, to encourage residential and commercial property owners to install renewable <br />energy systems. He conveyed that the P.A.C.E. Bonds would be tied to the property as a tax lien <br />(not the current owner) - to be repaid via annual assessments on the property's tax bill, which <br />would be assumed by any subsequent owners. He outlined the benefits of the P.A.C.E. <br />Program, which included job creation; helping owners recoup their initial costs; and a 30% <br />Federal Income Tax Credit. Commissioner O'Bryan briefly reviewed the background of the <br />program, which began when California approved an Energy Finance District in Berkeley, <br />California, and talked about the success of Boulder, Colorado's ClimateSmart Program, which <br />he would like to base the County's model on. He discussed the need for the community to show <br />support for this item, so the State Legislature would pass legislation enabling the P.A.C.E. <br />Districts, which would then go to voter referendum for approval. <br />6 <br />February 18, 2010 <br />Economic/Goal Summit II <br />