Title
AN ORDINANCE OPTING INTO THE GARDEN STATE C-PACE PROGRAM TO FACILITATE THE FINANCING OF C-PACE PROJECTS
body
WHEREAS, the City of Newark has the authority under N.J. Stat. Ann. ? 34:1B-374 et seq. and N.J. Stat. Ann. ? 40:48-2 to adopt ordinances necessary to protect the public health, safety, and welfare, including opting into the Garden State C-PACE Program; and
WHEREAS, facilitating the direct financing of clean energy and resiliency-related improvements ("C-PACE Projects") on commercial and certain other types of property will enable the City of Newark ("Municipality") in the County of Essex ("County") to contribute toward the goals of community sustainability and the reduction of greenhouse gas, carbon emissions, and energy consumption, while also providing a valuable service to the citizens of this community that will create jobs and strengthen the ratable base; and
WHEREAS, the Legislature and the Governor of the State of New Jersey (the "State") have declared it to be the public policy of this State to invest in clean energy and resiliency-related improvements to conserve resources and allay the impact of natural disasters; and
WHEREAS, the Legislature and the Governor of the State have authorized the establishment of the Garden State C-PACE Program, pursuant to L. 2021, c. 201 (N.J. Stat. Ann. ? 34:1B-374 et seq.) (the "Act"); and
WHEREAS, pursuant to the Act, the New Jersey Economic Development Authority (the "Authority") has issued Guidelines for the Garden State C-PACE Program; and
WHEREAS, any capitalized terms used in this Ordinance if not defined herein shall have their meaning as set forth in the Program Guidelines; and
WHEREAS, pursuant to the Act and the Program Guidelines, municipalities may "opt in" to the Garden State C-PACE Program to facilitate the Direct Financing of C-PACE Projects; and
WHEREAS, in order to participate in the Garden State C-PACE Program, a municipality must ...
Click here for full text