The Sangamon County Board recently approved a new financing incentive through the Illinois Finance Authority – and the Springfield Sangamon Growth Alliance is in full support.
The Illinois Finance Authority PACE program – which is available to all Illinois counties and municipalities – is designed to reduce costs, improve service delivery, and create uniformity in Illinois’ Commercial Property Assessed Clean Energy – or C-PACE – financing market.
C-PACE financing is an economic development tool that allows developers to fund portions of their commercial real estate projects – either new build or renovation – with long-term financing at a fixed interest rate.
The financing of eligible project costs is secured by a special assessment tied to the land – much like property taxes – and can make new business or renovation projects more affordable for developers.
Several municipalities throughout the state have established property-assessed clean energy programs in collaboration with IFA. Sangamon County is, however, the first county in the state to establish the IFA PACE program as the administrator.
SSGA President and CEO Ryan McCrady stated:
“The SSGA will continue to bring the best practices of economic development to our community. Having tools like C-PACE financing available will help spur investment and show developers that we can provide innovative methods to make development both affordable and effective in our community. We appreciate the Sangamon County Board stepping forward as one of the first local governments in Illinois to implement this program.”
For more information about IFA, visit www.IFApace.com.
