Vice Mayor Byington explained that this is an ordinance to create a new fund within the City’s accounting records to be known as the Special Improvement District Assessment Fund. It will allow the Finance Department to separately account for special assessments made in connection with projects that receive Property Assessed Clean Energy (“PACE”) financing.

Beginning in 2009, the General Assembly adopted various state laws to authorize and implement PACE financing, which is a mechanism for funding energy-efficient property improvements. The funding comes in the form of a loan which is paid via special assessments against the property. It requires cooperation among three separate entities: the property owner who is interested in making these kinds of improvements; a public or private lender; and a city or township that has statutory authority to levy special assessments.

PACE financing does not involve the use of City funds. In this area, properties pursuing PACE financing petition to become part of the Dayton Regional Energy Special Improvement District (“Dayton Regional ESID”), and loans are made through the Dayton Port Authority. Oakwood’s role in the process is limited to levying the special assessments against the property, and as they are paid, remitting the proceeds to the Dayton Port Authority to pay the loan.

The PACE financing program has been in place for almost a decade, but to date no Oakwood property owners have taken advantage of it. City staff is now aware of at least one property owner who is considering this option in the immediate future, and it is possible that others may wish to do so as well.

The City Manager has recommended that a separate accounting fund be established for these special assessments to ensure that the monies are not commingled with other City assessments. After Council adopts this ordinance, the fund must be approved by the State Auditor before it can be established. To allow time for that to occur and have it in place before the first anticipated PACE project application is received, this ordinance is being introduced as an emergency measure.

Thereupon, it was moved by Vice Mayor Byington and seconded by Mrs. Hilton that the ordinance be passed as an emergency measure, with no second reading required.

Mayor Duncan noted that a four out of five yes vote is required in order to waive the second reading of the ordinance.

Upon call of the roll on the question of the motion, the following vote was recorded:

There being five (5) yea votes and no (0) nay votes thereon, said ordinance was declared duly passed and it was so ordered.

A copy of the resolution, having been placed on the desks of each member of Council prior to introduction, was read by title.

Vice Mayor Byington explained that each tax year, the Montgomery County Budget Commission is required to certify its determination of the millage rates and amounts the City will receive from its existing property tax levies. For 2019 – 2020, the Budget Commission has determined that Oakwood will receive $1,132,012 from inside-millage and $1,521,646 from its outside-millage tax levies. These figures are consistent with the City’s projections.

This is the annual resolution to accept the county’s determination.

Thereupon, it was moved by Vice Mayor Byington and seconded by Mr. Stephens that the resolution be passed.

Upon call of the roll on the question of the motion, the following vote was recorded: