Columbus setting the “PACE,” according to Kalvas in Columbus Business First article

Not only is Ohio a Property Assessed Clean Energy (PACE) leader among other U.S. states, but, as of mid-2019, the Columbus region “had the largest total commercial PACE investment of any single metropolitan region in the nation.” According to public finance attorney and PACE advisor Colin Kalvas in his article “Columbus setting the PACE nationally for commercial energy efficiency and sustainability financing,” PACE is a winning option for a variety of stakeholders, including property owners, tenants and lenders.

Economic Development, Energy Efficiency, Financial Incentives, Project Finance, State Updates

Dayton Arcade developer seeking critical state tax credits for next phase

Developer Cross Street Partners of the Dayton Arcade redevelopment says state historic tax incentives are “hugely critical” to the project going forward, the Dayton Daily News reports. The second phase, to rehab the north arcade and create “new housing, offices and a shared-use commercial kitchen,” could be “a $28 million to $30 million investment,” said Dave Williams, Cross Street’s senior director of development. Williams said like the $90-million first phase of the project, historic tax incentives are required for the next phase to be economically feasible, according to the article. Failure to win tax credits in the current round of awards would “likely delay the financing package” by about six months. For more, read the full article.

Economic Development, Financial Incentives, Project Finance, State Updates

Downtown Toledo TIF proactive step to fund improvements

City officials in Toledo are looking at establishing a Tax Increment Financing (TIF) area downtown that “could help pay for infrastructure improvements” in the Central Business, UpTown and Warehouse districts, The Toledo Blade reports. Toledo has implemented TIFs in the past for large development projects, but this TIF would be “the first time that we’re putting it in proactively hoping that it will generate revenue,” according to Brandon Sehlhorst, commissioner of economic and business development. Infrastructure improvements would be prioritized based on the transportation and downtown master plans, and could include sidewalk improvements, planting trees and curb construction, among others. For more, read the full article.

Economic Development, Project Finance

Fairborn joining PACE program to add to economic development toolbox

The city of Fairborn recently “declared its intent to participate in the Property Assessed Clean Energy (PACE) program” as another incentive to attract businesses and jobs, the Dayton Daily News reports. Assistant City Manager Mike Gebhart said there are already “businesses interested in taking advantage” of the loan program that “finances up to 100% of energy efficient construction or remodeling for commercial and industrial property owners,” according to the article. Fairborn has not yet identified a specific project for the program, but once it has, the city will establish an Energy Special Improvement District (ESID) to make PACE financing available. For more, read the full article.  

Economic Development, Energy Efficiency, Project Finance, State Updates

Bricker & Eckler partners with Ohio advancement groups to host economic development seminars

Bricker & Eckler is partnering with APEG, JobsOhio and OEDA, with assistance from Buckeye Hills Regional Council, Ohio Valley Regional Development Commission, Ohio Mid-Eastern Governments Association and Ohio University Voinovich School of Leadership and Public Affairs, to offer two economic development training events: October 25 in Piketon, Ohio, and November 20 in Cambridge, Ohio. These events, titled ED NOW!, will empower participants to guide their communities’ futures with cutting edge economic development insights and strategies. For more information, visit the event page

Economic Development, Energy Efficiency, Project Finance

Bell announced as board member for relaunched PACENation initiative

Caleb Bell, PACE attorney and chair of the firm’s Public Finance practice, was announced as one of nine board members for PACENation, a recently relaunched nonprofit organization that advocates for expanded access to property assessed clean energy (PACE) financing. The elected board is made up of distinguished clean energy finance and policy leaders from around the country.

As part of its relaunch, PACENation publicized that it is now an independent, membership-funded nonprofit organization that will provide public officials, other stakeholders and its members with resources and educational materials related to PACE financing. Some specific initiatives include a commitment to diversity, equity and inclusion, a webinar series for state and local officials, and industry insights and market data. The organization – as well as its newly-elected board members – will continue its mission of helping property owners improve the efficiency and resiliency of their homes and businesses with PACE.

Economic Development, Miscellaneous, Project Finance

Sidney approves city-wide ESID district

Sidney City Council members passed a resolution establishing a city-wide energy special improvement district (ESID), making commercial buildings within the city eligible for the Property Assessed Clean Energy (PACE) program, the Sidney Daily News reports. PACE “is a flexible financing tool to help commercial building owners pay for energy efficient building improvements with no money out of pocket,” the article reports. Michael Katz of Bricker & Eckler LLP answered council members’ questions about PACE, and “outlined the duties, composition and function of the [ESID] board.” Katz noted “the current district would apply to commercial, industrial and multi-family properties,” and that a residential PACE program could “soon be available in Ohio.” For more, read the full article.

Energy Efficiency, Project Finance, State Updates

Parma considering TIF for Midtown Plaza redevelopment

Akron-based LRC Realty is asking Parma City Council to approve a tax increment financing (TIF) agreement to help finance the “transformation of Parma’s Midtown Plaza into the modern-looking Quarry Square,” an $8.5-million project, Cleveland.com reports. LRC is hoping to use the TIF “to borrow money and pay it back to the lender via a property tax assessment,” according to the article. The TIF “is covering $2.5 million in loan payments over 30 years,” but does not include “the $48,204 in property tax Parma City Schools receives annually from Midtown Plaza or Quarry Square going forward.” Parma Mayor Tim DeGeeter said, “[w]e want to invest in our city using this economic development tool that allows us to keep the schools whole.” For more, read the full article.

Economic Development, Financial Incentives, Project Finance

Proposed $30M redevelopment would revive historic Dayton high-rise

Columbus-based developer The Windsor Companies has plans for a $30-million transformation of Grant-Deneau Tower, Dayton’s first modern skyscraper, into luxury apartments, a hotel, office and retail space, Columbus Business First reports. Eric VanZwieten, head of marketing and public relations for Windsor, “said there is no specific timeline for the project, as financing must be secured before it can fully move forward,” according to the article. Grant-Deneau is eligible for federal and state historic credits, and it is located in the downtown Dayton Community Reinvestment Area, making it eligible for a property tax abatement. Securing financing “through these means will likely be critical for the project’s success.” The building resides in an Opportunity Zone (see our April 5, 2019 blog post) as well. For more, read the full article

Economic Development, Financial Incentives, Project Finance, State Updates

Lucas County PACE program benefits homeowners

The Toledo-Lucas County Port Authority’s pilot program to expand Property Assessed Clean Energy (PACE) financing to homeowners has “brokered more than $400,000 in loans to 39 dwellings,” The Toledo Blade reports. Elana Echols used the program to finance a new, energy-efficient furnace, and “said the lower energy bills she paid during the winter offset the higher amount on her property tax,” according to the article. Port authority leaders “are now working to expand the residential PACE program to a statewide initiative.” Columbus, Cleveland, Toledo, Akron and Canton have already signed on to participate. Paul Toth, outgoing president and CEO of the port authority, “said he believes the full program will be up and running by the end of the year.” For more, read the full article.

Energy Efficiency, Project Finance, State Updates
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