<body><div><figure><img src="https://img.particlenews.com/image.php?type=thumbnail_580x000&amp;url=2ZncMQ_1CpTdVJW00" alt="https://img.particlenews.com/image.php?url=2ZncMQ_1CpTdVJW00" width="1920" height="1440" ><figcaption>Exterior of a building at Seasons at Meridian. Photo: Sydney Kidd/BoiseDev</figcaption></figure>A new program in Meridian could provide a pathway for property owners to finance projects that reduce energy use, increase the energy efficiency of their properties, and other projects. The Meridian City Council approved the creation of a Commercial Property Assessment for Capital Expenditures (C-PACE) program in May. The program allows eligible property owners to finance energy efficiency, renewable energy, water conservation, and resiliency improvements using loans secured from private providers, making use of a first and last prior lien on the property, according to the guide created by the city about the program. The loan can be paid back over time, the guide said. The move comes following a piece of legislation passed by the Idaho Legislature in 2024, allowing local governments to create C-PACE programs, the guide said. In addition to allowing developers to make buildings more efficient and resilient, it allows local governments to “impose a voluntary assessment to repay financing for the improvements,” the guide said. Meridian’s program follows the approval of a program in several Idaho cities and local governments, including Boise, Rexburg, Coeur d’Alene, and Blaine County, as BoiseDev reported. Following the council’s approval of the program in May, Meridian Mayor Robert Simison said, “I hope we can find some people to take advantage of this to do better projects in our community.” <h2>What kinds of projects could use C-PACE?</h2>Meridian Economic Development Administrator Curtis Calder said at the March council meeting that the city anticipates that the program can be used by any eligible commercial property. While state statute permits the use of C-PACE for any commercial project, including industrial or agricultural uses, he said he anticipates property owners seeking it mostly for multi-family projects and general commercial in Meridian. Calder said that in developing the potential program, he consulted with other local governments in Idaho that created them. In Rexburg, a multi-family development was the first project to close on C-PACE funding in the state, Calder said. The developer told Calder that if the project had not been able to access C-PACE funding, its second phase could not have moved forward, in part due to challenging interest costs. “And so that brought an additional 200+ units of multi-family housing to Rexburg, which is under construction right now,” Calder said. <h2>In-house administration, to start</h2>While the program gives developers a way to access funding that they otherwise could not, Calder said members of the Meridian City Council expressed an interest in ensuring that administering the program would not create any additional costs for taxpayers. We need your support.BoiseDev provides fact-based reporting to our community free. It's only possible with support from readers.Make a donation of any size hereOr become a member for great benefits.According to the city’s guide on the program, Calder will be responsible for reviewing project applications and could designate another city employee or a third party to act as the administrator for a given proposal. The mayor has the authority to execute the assessment agreement and lien documents on behalf of the city, and Calder will work with the Ada County Recorder’s Office to record the notice of assessment interest and the lien. Simison said that in discussions with Calder, they felt it made sense to see what development applications came in and if Calder was able to fold the administration of the program into his normal obligations. “And then (Calder) can value proposition after if we get any, and he does one, whether we need to look to outsource that to somebody,” Simison said. Council Member Doug Taylor said he wanted to ensure that developers are paying the administrative cost of the program. “We don’t know how much time is going to be used, and there is probably some value in (Calder) spending time ensuring that the program is set up as it should be,” as opposed to contracting out the work, Taylor said. “As long as the fees are the time for (Calder) to do that, I am ok with them; it probably makes sense to keep it in-house.” Council Member Liz Strader encouraged Calder to keep track of how much time and effort he spends on any applications. </div></body>

Block Source: boisedev.com

Misinformation

Clickbait

Old or repetitive news

Explicit content

Location not relevant

A new program in Meridian could provide a pathway for property owners to finance projects that reduce energy use, increase the energy efficiency of their properties, and other projects. The Meridian City Council approved the creation of a Commercial Property Assessment for Capital Expenditures (C-PACE) program in May. The program...

Program gives new financing option to commercial developers for Meridian projects

NewsBreak

A new program in Meridian could provide a pathway for property owners to finance projects that reduce energy use, increase the energy efficiency of their p

Program gives new financing option to commercial developers for Meridian projects

Comments