NOPEC grants fund Painesville Township energy efficiency improvements

Energy improvements including new air conditioners, furnaces, ceiling insulation and LED lighting in Painesville Township administrative and departmental buildings might not have been possible without Northeast Ohio Public Energy Council (NOPEC) grants, Township Administrator Michael Manary said in a recent News-Herald article. The township has received NOPEC grants, which “can be used strictly for energy improvements,” in 2018, 2019, and 2020, according to the article. Manary noted that two of Painesville’s three fire station were built in the 1960s and “have not had any significant investments in energy improvements” before the grant-funded projects; as a result of the improvements, utility bills have been decreasing over the past few years. For more, read the full article.

Energy Efficiency, Project Finance, State Updates

Lower Price Hill mixed-use project wins federal tax credits and loans for construction

A mixed-use development project that will bring “47 units of affordable housing and renovated commercial space” to Cincinnati’s Lower Price Hill has landed approximately $846,000 in federal Low Income Housing Tax Credits administered by the Ohio Housing Finance Authority (OHFA), CityBeat reports. Lower Price Hill nonprofit Community Matters “is partnering with Over-the-Rhine Community Housing (OTRCH) on the project,” called LPH Thrives, according to the article. The tax credits “can be used to attract investors to finance construction”; in return, the property owner must “keep the residential units affordable and reserved for low and moderate income households.” OHFA also approved federal loans to help finance project costs. For more, read the full article.

Economic Development, Financial Incentives, Project Finance, State Updates

With $30M investment, Cuyahoga County could double solar power generation in five years

A $13-million “green bank” could allow Cuyahoga County to “double the amount of solar power generated” in five years, according to a study partly financed by the county government, reports. That $13-million investment fund would allow developers to “borrow up to $17 million from conventional lenders and enable them to install solar panels on small businesses” and then sell the generated electricity to the businesses at fixed rates, according to the article. The study reports “smaller-scale solar developers struggle to finance such projects in the county because of tight profit margins and solar energy being more expensive than energy generated by coal and natural gas.” For more, read the full article

Project Finance, Renewable Energy, State Updates

Dayton manufacturer’s $3M expansion includes PACE financing

Tomco Machining, a producer of tubular assemblies for commercial and military clients, is “on track to finalize a nearly $3 million project by mid-May,” which will enable them to expand their workforce, the Dayton Business Journal reports. The company’s new 24,000 square-foot building “will be about 70% larger” than its existing facility, which had no space to add new equipment, owner Jim Tomasiak said in the article. The Dayton-Montgomery County Port Authority authorized “a little under $1 million” in Property Assessed Clean Energy (PACE) financing for the project, which “incorporates several energy-efficient design elements, including high-efficiency insulation, HVAC, efficient lighting and solar panels.” For more, read the full article.

Energy Efficiency, Project Finance

What 2020 could look like for C-PACE financing

After Commercial Property Assessed Clean Energy (C-PACE) financing had “its best year ever” in 2019 with approximately $677 million in investments, this year “was shaping up to be the strongest yet” for the program before the COVID-19 pandemic, reports. Cliff Kellogg, executive director of C-PACE Alliance, “a network of C-PACE industry stakeholders,” said in the article it’s “too difficult to predict how the volume will compare to last year.” Two of the largest C-PACE lenders, Petros PACE Finance and Greenworks Lending, agree. Mansoor Ghori, co-founder and CEO of Petros, noted, “banks may pull back a little bit on lending and create more space in the capital stack for C-PACE to fill in some of the gaps.” Kellogg also noted that C-PACE investments will increase because “more states are approving enabling legislation.” Ohio has had the second highest amount of C-PACE financing activity, with a total of about $224.5 million. For more, read the full article.

Economic Development, Energy Efficiency, Project Finance, State Updates

ESID will allow $30M Traditions of Lebanon facility to use PACE financing

Lebanon City Council and the Warren County Port Authority established an energy special improvement district (ESID) that will allow a retirement community developer to use Property Assessed Clean Energy (PACE) financing, the Journal-News reports. Leo Brown Group is expected to use nearly $7.9 million of PACE financing through Petros PACE Finance Trust to fund construction of the Traditions of Lebanon 170,000-square-foot senior living community, according to the article. Energy savings “are anticipated from HVAC improvements, LED lighting, energy-efficient windows and doors and the ‘building envelope.’” For more, read the full article.

Economic Development, Energy Efficiency, Project Finance, State Updates

Cincinnati firm awarded $6M in state financing for nursing facility construction

The Ohio Air Quality Development Authority approved Blue Ash-based Clermont Health Realty for up to $6 million in bond financing for construction of a skilled nursing facility, the Cincinnati Business Courier reports. Clermont Health Realty “plans to build a 113-bed skilled nursing facility” that “will include LED lighting, energy efficient windows, a white reflective roof, a variable refrigerant flow HVAC system,” solar panels and other energy-saving features. The facility, which will include rehabilitation and assisted living spaces, will have 150 full-time positions. For more, read the full article.

Economic Development, Energy Efficiency, Project Finance, Renewable Energy, State Updates

UPDATE: Montgomery County spring ED/GE grants suspended

Update: After initially extending the deadline for the Spring 2020 Economic Development/Government Equity (ED/GE) grants, Montgomery County has suspended this round of grants due to the COVID-19 pandemic, the Dayton Business Journal reports. According to the article, “The Board of County Commissioners anticipates the ED/GE program will resume for the Fall 2020 funding cycle as scheduled.” For more, read the full article.

Original post: The application deadline for Montgomery County’s Spring 2020 Economic Development/Government Equity (ED/GE) grants has been extended to June 1, the Dayton Daily News reports. The competitive program, “designed to help create and retain local jobs,” distributes grant twice each year to “help finance permanent improvement projects” such as renovations, new building construction and power upgrades, according to the article. Businesses should work with their local city, township or village jurisdictions to determine whether their project qualifies to apply for an ED/GE grant. For more, read the full article.

Economic Development, Financial Incentives, Project Finance, State Updates

New partnership of UC, JobsOhio and hospital could create $3B annual economic impact

Ohio Governor Mike DeWine recently announced a public-private initiative “designed to make the Cincinnati Innovation District a national business draw, creating some 20,000 new jobs” and an annual economic impact of $3 billion, reports. An “up to $100 million investment by JobsOhio” will boost development in the district “anchored by the University of Cincinnati [UC] and Cincinnati Children’s Hospital Medical Center,” according to the article. UC and Cincinnati Children’s “will contribute more than $450 million” in research annually. DeWine said by creating the innovation district, the partnership is “investing in opportunities for students and incumbent workers to build a successful career in Ohio, while unleashing the research and innovation happening on our university campuses and hospitals to help drive job creation.” For more, read the full article.

Economic Development, Project Finance, State Updates

Ohio returns to funding spec-based commercial & industrial development

In 2020, Ohio’s development officials are again awarding large amounts of grant funding to commercial and industrial development projects that don’t have known end users. JobsOhio is now in the midst of launching a $50 million per year grant and loan program for spec-based opportunities. Such projects often originate from local communities or developers eager to prepare sites for future business use. These types of projects lack a business prospect waiting in the wings. They are pursued from a “if we build it, they will come” mindset. For more, read the full article.

Economic Development, Financial Incentives, Project Finance, State Updates
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