BILL SUMMARY DETAILS

Florida League of Cities

Financing Improvements to Real Property (Monitor)

SB 810 (Gruters) amends Section 163.08, Florida Statutes, relating to Property Assessed Clean Energy (PACE) programs and financing. It expands the purpose of the program to include resiliency-qualifying improvements to commercial or residential property. It defines commercial property to include multifamily, commercial, industrial, agricultural, nonprofit, long-term care facilities or government-commercial property. Government-commercial property is defined as real property owned by a local government and leased to a nongovernmental lessee. The bill amends the current law definition of "qualifying improvement" to include any other improvements necessary to achieve a sustainable building rating or compliance with a national model green building code. It provides that a non-ad valorem assessment on a commercial property securing financing for a qualifying improvement is subject to a maximum annual fee of 1% of the annual assessment collected or $5,000, whichever is less. It specifies that a delinquent assessment pursuant to a financing agreement with a nongovernmental lessee must be enforced in the manner provided by law for taxes and assessments on property owned by nongovernmental lessees of government commercial property. The bill specifies conditions for entering financing agreements with commercial properties and governmental-commercial properties, as well as residential properties. It clarifies the changes made by the bill are prospective and do not affect or amend any existing non-ad valorem assessment or any existing interlocal agreement between local governments. (O'Hara)