Documents and Costs

• Contractor (Vendor) Bids - Applicant must submit the contractor bid(s), including: who is paying for the permit; specifications on all equipment; applicable rebates; and, the Return On Investment (ROI) analysis (if required);

• Rebates - If the Property Owner wants to finance the net amount of the project after the rebate(s) is (are) applied, proof of the rebate(s), relating to the improvement(s) is required before the start of the project;

• Property Mortgage(s) - Copies of the past ninety (90) days of ALL current mortgage statements, transaction histories, or other evidence that all mortgages or any other loans secured by the Property are current.
Information must be valid within forty-five (45) days of submittal and include late charge information and current balances;

• Property Taxes - Last three (3) years of property tax payments or period during new ownership;

• Property Title (Fee Simple) – Two (2) Copies of the property title are due with the Application;

• Property Appraisal – Printed copy of a current (180 days or less) property appraisal report found on St. Lucie County’s property appraisal website (http://www.paslc.org);

• Organizational Documents - Only required if the property owner is not on the title as an individual (i.e., Trust documents showing the ‘powers of the trustee’ to encumber the property). When the property is held as a corporation, applicant(s) must provide copies of the organizational documents to determine who has the legal right to enter into the Agreement with St. Lucie County;

• Client Utility Authorization - Applicant(s) must fill out and sign utility authorization release form for all energy-related projects, which provides energy consumption information for the previous 12 months and allows comparison with subsequent 12 months after Assessment Financing. The client can also provide this information if preferred;

• Energy Audit - If an Energy Audit is required, this cost will be paid for by the Property-owner. Two (2) copies of the report need to be provided to SELF with the Application. If the Application is approved, the client may choose for this cost to be included in the total cost of the Financing Agreement;

• Lender Consent – An original notarized Lender Consent form must be obtained from EACH mortgage holder of all non-residential Properties. Residential properties do not require lender consent;

• Disclosure Statement – Applicant(s) must review and sign Disclosure Regarding Assessment Financing;

• Partial Payments – If approved by the Lender in writing, proceeds of an Advance may be disbursed to the Vendor prior to completion of the Qualifying Improvements. Vendor must provide a maximum guarantee for work performed. In order to make such partial payments to the Vendor, verification by the Program Administrator of partial completion will be required, including an on-site inspection.

• Additional Documentation - SELF staff may request additional information and documentation necessary to prudently administer the PACE program;

• Project Fees – A total one-time administration fee of 7.5% of the total project cost shall apply, including: 1% Origination Fee to the Lender; 2% Processing, Closing and Business Development Fund fee to the Administrator; 2% Project Management Fee to the Administrator; and, 2% Administrative Fee to St. Lucie County;

• Closing Costs – Applicant(s) is (are) responsible for the Recording fee and Title Search fee; and,

• Application Fee – Residential Application fee is $50 and non-residential Application fee is $200.

• Interest Rates - Interest Rates range from 6.5% - 8.50% per annum, depending the term of the Assessment and fluctuate based on U.S. Treasury Bill rates. Interest Rates will be updated at the time of the application.