Illinois General Assembly - Bill Status for HB2831

Creates the Property Assessed Clean Energy Act. Provides that a local unit of government may establish a property assessed clean energy program. Provides that, to finance or refinance one or more energy projects on the property covered by the program, a local unit of government may impose an assessment pursuant to the terms of an assessment contract with the record owner of the property to be assessed. Provides that a local unit of government may issue bonds to finance energy projects under a property assessed clean energy program. Contains other provisions. Effective immediately.

Replaces everything after the enacting clause. Reinserts the provisions of the introduced bill with changes. Provides that the assessment contract must be a voluntary written contract. Provides that districts created under the introduced bill shall be referred to as "PACE areas". Provides that "local unit of government" means only a county, city, or village (in the introduced bill, a county or municipality). Provides that the ordinance or resolution creating the program shall include a description of the territory within the PACE area. Provides that the term "person" also includes limited liability companies and other entities. Provides that the term of a project that includes multiple improvements shall have a term that is no greater than the length of the useful life of the improvement with the longest useful life. Makes technical corrections. Provides that the term "energy project" also includes alternative energy improvements related to motor vehicles powered by electricity and water use improvements. Provides that a program administrator or its affiliates, consultants, or advisors (in the introduced bill, the administrator or its affiliates) must have done business as a program administrator or capital provider for at least 18 months (in the introduced bill, the administrator must have done business in Illinois in any capacity for a minimum of 5 years). Makes other changes. Effective immediately.

Makes the following changes to provisions creating the Property Assessed Clean Energy Act: (1) provides that the term "property" means privately-owned commercial, industrial, non-residential agricultural, or multi-family real property (in the introduced bill, privately-owned commercial, industrial, agricultural, or multi-family real property); and (2) provides that the local unit of government may allow projects that consist of multiple improvements with varying lengths of useful life to have a term that is no greater than the improvement with the longest useful life (in the bill as amended by Senate Amendment 1, projects that contain multiple improvements shall have a term that is no greater than the useful life of the improvement with the longest useful life).

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