Posting Language
Title
Authorize an amendment to a contract for continuation of the Better Building Energy Efficiency Lending Program for Austin Energy with Velocity Credit Union, to increase the amount by $5,000,000 and to extend the term by five years for a revised total contract amount not to exceed $14,400,000. Funding: $600,000 is available in the Operating Budget of Austin Energy.
Body
Lead Department
Financial Services Department.
Client Department(s)
Austin Energy.
Fiscal Note
Funding in the amount of $600,000 is available in the Fiscal Year 2024-2025 Operating Budget of Austin Energy.
Funding for the remaining contract term is contingent upon available funding in future budgets.
Purchasing Language:
Contract Amendment.
MBE/WBE:
This contract was awarded in compliance with Chapter 2-9C of the City Code (Minority-Owned and Women-Owned Business Enterprise Procurement Program). No subcontracting opportunities were identified; therefore, no goals were established for this contract.
Prior Council Action:
April 7, 2011 - Council approved a contract for the energy efficiency lending program with Velocity Credit Union.
For More Information:
Direct questions regarding this Recommendation for Council Action to the Financial Services Department - Central Procurement at FSDCentralProcurementRCAs@austintexas.gov or 512-974-2500.
Council Committee, Boards and Commission Action:
May 12, 2025 - Recommended by the Electric Utility Commission on a 9-0 vote with Commissioners Blackburn and Rhodes absent.
May 20, 2025 - Recommended by the Resource Management Commission on an 8-0-1 vote, with Commissioner Zigon abstaining, Commissioner Luecke absent, and one vacancy.
Additional Backup Information:
This contract amendment will support Austin Energy's (AE) Better Building Energy Efficient Lending Program. Currently, through this program, AE offers loans with low interest rates and a flexible credit score threshold for customers to invest in energy efficiency upgrad...
Click here for full text