Commercial Property Assessed Clean Energy (C-PACE) is an innovative finance solution for building owners and developers. The flexible C-PACE structure overcomes financial challenges by eliminating upfront costs, providing low-cost, long-term financing and making it easy for building owners to transfer payment obligations to new owners in the case of sale.
$9.6 million in C-PACE financing reduces owner equity requirements in senior living project. Minneapolis, Minnesota.
MinnPACE is administered across the state by the Saint Paul Port Authority. It works with Minnesota cities and counties to establish joint powers agreements so MinnPACE may place C-PACE assessments on properties participating in the funding. Commercial properties must be located in a Minnesota city, county or town that has entered into, or will enter into, a MinnPACE Joint Powers Agreement. Property owners may be business entities, farm operations, cooperatives, or any other business paying property taxes. Nonprofit organizations may also leverage the program.
