Free Virtual Roundtable: Introduction to C-PACE for Municipalities
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|Government / Partner Colleagues
Under Illinois law, cities, villages, and incorporated towns (each a “Municipality”) may establish Commercial Property Assessed Clean Energy (“C-PACE”) programs and create related ‘PACE areas’ in order to offer for-profit and non-profit owners of commercial, industrial, and multi-family (of 5 or more units) properties long-term, fixed-rate financing or refinancing for up to 100% of the costs of their respective alternative energy, energy efficiency, renewable energy, resiliency, and water use improvement projects (each an “Energy Project”). As a conduit issuer, the Illinois Finance Authority in its role as the Climate Bank of the State is focused on standardizing the structure of the C-PACE market to facilitate more efficient access to non-recourse capital and lower financing costs for participating Municipalities in Illinois. Pursuant to its Strategic State Support Model, the Authority avails a model local ordinance and form assessment contract to Municipalities seeking to create ‘PACE areas’ in their communities. Municipalities then permissively assign such assessment contracts to the Authority as a body politic and corporate created under the laws of the State in order to utilize its turnkey solution for funding Energy Projects.
Speaker: Brad Fletcher, Vice President, Illinois Finance Authority
There is no cost to attend for IGFOA members.