Arundel Mills to Make Energy Efficient Upgrades as Anne Arundel County’s First PACE Loan Recipient
Annapolis, Maryland – (July 26, 2018) – Anne Arundel County Executive Steve Schuh announced today that Arundel Mills is the first commercial property to benefit from the county’s financing partnership called PACE – the Property Assessed Clean Energy Program. PACE facilitates secure financing that allows commercial or industrial property owners to make energy efficient upgrades to their building with no money down.
“PACE financing is an important economic development tool to assist commercial property owners,” said Mr. Schuh. “As the first PACE project in the county, Arundel Mills will be shining example to encourage other commercial owners to invest in energy efficient improvements to their properties.”
PACE financing is repaid as a benefit assessment on the property tax bill over a term of up to 20 years. Anne Arundel County was the first jurisdiction in Maryland to pass PACE legislation in September of 2014. The assessment transfers on sale and can be passed through to tenants.
The Arundel Mills PACE loan was approved for approximately $2,000,000, the largest PACE deal in Maryland to date.
Jessa Coleman, MD-PACE Program Manager says “We’re thrilled to see a local landmark such as Arundel Mills Mall taking advantage of PACE financing. With this first project in Anne Arundel County, we have surpassed $10 million in total C-PACE investment, an important milestone for the state.”
MD-PACE is a statewide partnership between PACE Financial Servicing and the Maryland Clean Energy Center to build a statewide commercial Property Assessed Clean Energy (C-PACE) program. The partnership was launched after Maryland State Government signed legislation in May of 2014 enabling C-PACE financing. It subsequently spread across the state as counties individually set up their local PACE programs. To date, 15 counties in Maryland have passed PACE enabling legislation with over a dozen projects completed.
Property owners interested in PACE should visit the Anne Arundel Economic Development Corporation website, www.aaedc.org, for additional program and application details.