The Commercial PACE Program of Fairview Heights, Illinois
The purpose of the Program is for commercial property owners (“Property Owners”) to improve their properties by installing and/or upgrading their properties with certain Energy Conservation Measures, Renewable Energy Improvements, Water Use Improvements, and Resiliency Improvements. The Property Owners can receive funding for the Energy Conservation Measures from private financing companies (“Capital Providers”) through bonds issued on behalf of the Program. These bonds would be secured and repaid through special voluntary property tax assessments placed on the Property through the authority of the Program.
This innovative financing tool provides low-cost, long term financing for energy efficiency, alternative energy, renewable energy and water conservation/resiliency improvements that ultimately provide an economic benefit to the Property. The Program can help Property Owners overcome financial barriers that may prevent the implementation of such improvements. PACE financing can allow Property Owners to implement these improvements with no up-front, out of pocket costs on new or existing buildings and have the potential of being cash flow positive. Financing through the Program is available for commercial, institutional, industrial, agricultural, and multi-family buildings with five or more units.