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Property Assessed Clean Energy

Property Assessed Clean Energy

Published in Real Estate , Technology , Business
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Transcript

  • 1. City of North Little Rock Energy Improvement District April 2014
  • 2.  Property Assessed Clean Energy (PACE).  Authorized by State legislature.  PACE financing provides access to capital for property owner’s energy efficient projects.  PACE financing is repaid through a voluntary “special assessment” on the property tax bill.  Financing is secured by a lien on the property.  Any unpaid special assessment has a priority over other liens.  If a property is sold, the new owner inherits both the repayment obligation and financed improvements. What is PACE?
  • 3.  There is no financial obligation imposed on the City.  PACE financing is secured solely by special assessments.  PACE financing will be funded by property owner or financial institution.  Property owner will pay all reasonable costs to implement the program. PACE financing
  • 4.  City to create PACE District (Ordinance # 8623)  Mayor appoints District Board members  District requests County to levy special assessments  County collects special assessments and transfers them to District  Special assessments are pledged to the principal and interest on PACE financing PACE Legislation Requirements
  • 5.  Local government creates PACE benefit district.  Building owner selects projects and gets consent from mortgage lender.  PACE program arranges financing Assessment added to tax roll. How PACE Works
  • 6.  Provides access to capital for implementation of long-term building energy efficiency improvements.  Low cost – secured by senior lien.  Positive cash flow – by matching payback and financing term.  No holding period bias – assessment stays with the property upon sale. Why PACE for Property Owners?