PACE Equity Expands in Milwaukee, Eyes Projects Nationally
A good overview of Property Assisted Clean Energy (PACE) financing in general and how it is progressing in Wisconsin was posted at the Milwaukee Journal-Sentinel. PACE financing – which enables projects to be financed via an assessment on property tax bills – is being used in Milwaukee by the University Club, the Commerce building – which is being converted into a Marriott hotel – and the Mackie Building. Those projects are being pushed forward by PACE Equity, which is planning to move to other areas of Wisconsin and other states.
The overall Mackie building project will cost $13.1 million. The PACE financing – $1.7 million, which will be administered by the city — closed this month. The plan is to install variable refrigerant flow heating and cooling, low flow water fixtures and upgrade the hot water system and elevators. The story says that PACE Equity is expanding and has $200 million in financing ready for projects around the country.
Last week, the Florida Supreme Court dismissed a challenge that claimed PACE-financed loans would be paid before mortgages and therefore shouldn’t be allowed. The court said that the Florida Bankers Association, which brought the suit, doesn’t have standing.
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