FOR IMMEDIATE RELEASE
CONTACT:
Steve Patterson, A2E2
steve@arkansasadvancedenergy.com
501-658-1215
State’s First PACE District Now Serves Property Owners in Two NWA Cities
The state’s first Property Assessed Clean Energy (PACE) district has doubled in size with the addition of the City of Springdale. The district was originally formed by the City of Fayetteville 18 months ago.
Recent actions by both Fayetteville and Springdale city councils formalized the expansion. The district board will expand from seven to nine members. Two Springdale citizens, Micah Thompson and Steve Miller, were appointed in August and two more will be appointed to serve in place of Fayetteville Board members when their terms expire on Dec. 31, 2016. Beginning in 2017, the positions of Board Chair and Vice-Chair will alternate annually between the two cities.
The current board is comprised of Chairman Frank Mayfield and board members Cameron Baker, Don Bennett, James Bell, Sarah Marsh, Michael Phipps and Matt Pope, all residents of Fayetteville.
“Our city is pleased to be joining the City of Fayetteville in offering our property owners the opportunity to seek low-cost financing for energy improvements,” said Doug Sprouse, Mayor of Springdale. “PACE can be a valuable economic development tool that saves property owners money and makes their buildings more valuable.”
As it was originally designed by the City of Fayetteville in 2014, the ordinance creating Energy Improvement District Number One includes a provision that encourages other jurisdictions to join with composition of the board subject to agreement between the parties.
“With interest in PACE continuing to grow, this is the right time to expand the district to include our neighboring city,” said Mayor Lioneld Jordan, City of Fayetteville. “Now, the cities of Fayetteville and Springdale can work together to save energy costs for our property owners and bring clean energy jobs to the region.”
Signed into law by Governor Beebe in April 2013, the Arkansas local-option PACE program authorizes the voluntary creation of energy improvement districts to fund loans for 100% of the cost of energy savings projects by interested property owners. The loans are repaid via a special assessment on the owner’s property. Loan payments are generally less than the amount of energy savings achieved, so most business owners experience an increase in cash flow. Without access to low-cost financing opportunities, Arkansas property owners must typically bear the upfront costs of energy-saving projects, an obstacle that has stymied many energy-saving projects in Arkansas.
The Fayetteville-Springdale PACE District is administered by Arkansas Advanced Energy Equity (A2E2), which reports that the Springdale Chamber of Commerce has already become that city’s first property owner to apply for PACE financing. A2E2 energy consultants are currently assessing the Chamber’s facility at 202 West Emma Avenue to determine eligible projects and potential savings.
###
Background:
Arkansas Advanced Energy Equity Program (A2E2) is an innovative method for eligible commercial property owners within the Cities of Fayetteville and Springdale to access 100% property-assessed financing for energy efficiency, renewable energy, and water conservation property improvements. The program is administered by A2E2, LLC on behalf of the Cities of Fayetteville and Springdale, AR Energy Improvement District, Frank Mayfield, Chairman. A2E2, LLC was incorporated in Arkansas in 2014 as a joint venture by the Arkansas Advanced Energy Association (AAEA) and Energy Equity Funding (EEF), a company that also administers Set the PACE St. Louis.
A2E2.net is the online portal that customers and contractors can use to explore the benefits of PACE financing and learn whether certain property improvements are eligible. Property owners may use the website to submit preliminary applications for project financing and contractors may register online to participate in the program.
Property owners can learn more about qualifications and eligible projects by visiting this link.
To learn more about benefits for certified contractors in the A2E2 PACE program, visit this link.