Participation in the Program is voluntary. A property owner can apply to the Program and, based on the qualifying criteria, enter into an agreement with the City to undertake certain energy and water improvements. Once the work is completed, the City places a special charge on the property equal to the cost of the improvements, plus the cost of borrowing and a charge reflecting the administrative costs incurred by the City.
The property owner then pays the special charge on the property tax bill over an agreed term which reflects the useful life of the improvements for a minimum of 5 years to a maximum of 20 years. Through the Program, the payment obligation attaches to the property, not the owner, and is secured by the City’s priority lien status. If a property changes ownership, the new owner would assume the obligation and continue to make payments until the special charge is fully paid.
More details on the Program application process can be found here.