At the Chamber Board Meeting on Tuesday, June 5th, Jonathan Mueller presented information about the P.A.C.E. Program with business owners. Mueller has been working as a GreenCorp Intern with the City of Pine City for the last year and will be completing his service in August. As part of his presentation to the Chamber Board, he provided a copy of his Presentation for us to share with members.
So, what is Minnesota PACE Financing?
Property Assessed Clean Energy (PACE) is an economic development engine that has energized local economies from coast to coast. MinnPACE is proud to be a pioneer in this innovative finance program. Minnesota PACE financing makes it possible for owners of commercial, industrial, multi-family, and nonprofit properties to obtain low-cost, long-term financing for energy efficiency and renewable energy projects.
Minnesota state law allows local units of government to enter into joint powers agreements with the Saint Paul Port Authority (aka MinnPACE). Under this innovative arrangement, commercial, industrial, nonprofit and multi-family property owners can take on voluntary special assessments to finance energy efficiency, renewable energy, or electric vehicle infrastructure improvements to their properties.
MinnPACE allows companies the opportunity to realize positive cash flow, while investing in energy upgrades, at no cost to taxpayers. PACE financing can also make it easier for building owners to transfer any outstanding debt to the next owner, upon sale, as repayment resides with the property tax assessment.
The City of Pine City has a joint powers agreement in place for PACE to be available for Commercial Property Owners within Pine City. If you’d like more information on how the program works, please contact Jonathon at City Hall, 320.629.2575.