New York State has a Big Choice - Monday

NY can set the PACE or fall behind ever further - Are we the Empire State or the Empire of Dysfunction?

Hundreds of millions of dollars are hanging in the balance right now - money that will create jobs and savings for every New Yorker.

Yesterday, the New York State Assembly and Senate held a special session to deal with several critical issues. One is the passage of an important bill (#202) that would enable cities in NY to issue a new kind of bond - the PACE bond. Did they pass it and help NY? Of course not. They punted it till Monday.

PACE bonds will create many jobs in the state and save home and building owners significant amounts on their utility bills. If we pass this bill Monday, New York State will be eligible for millions of federal dollars to launch energy and efficiency programs.

PACE stands for Property Assessed Clean Energy bonds and 14 states in the last year have already passed PACE bond legislation. California, of course, was first. Will there every be a time when NY will lead? Why is NY always the laggard?

For a full list check out www.pacenow.org.

This bond is an opt-in bond and will takes no money from the state treasury. Those building owners who wish to take a PACE loan to retrofit for efficiency and renewables will pay a surcharge over 15 to 20 years in their property tax to pay back the loan and interest.

Those building owners that do not take a loan pay nothing extra.

Congressman Steve Israel (D-NY) has done a great job of shepherding this through the State offices. Governor Patterson as well as the leaders of the Assembly and Senate have in principle agreed to the bill.

At the last minute, the IBEW union is asking for all kinds of changes - will they end up scuttling a bill that will create thousands of jobs for New Yokers?

Let's see if our dysfunctional state system can pass a bill that helps us all or whether we are doomed to be left behind as the rest of the country benefits from the new economy.

 

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Comments

[jhNY]

"while the rest of the country benefits from the new economy"-- good one!