The Ottawa County PACE Program, approved just weeks ago (June 8, 2021), offers a funding alternative to traditional bank loans so businesses can make these important energy-efficient improvements. Owners of eligible property anywhere in Ottawa County can utilize PACE to become more sustainable. Eligible property includes commercial, industrial, or multi-unit (four or more) residential property, as well as nonprofits, houses of worship, and agricultural enterprises.  

The Quincy Place Senior Living project proposes to construct many aspects of their building above code, including: low flow plumbing; energy-efficient HVAC systems; increased insulation; low U-value windows; and LED lighting.  

With a total investment in excess of $30 million, the project will make 154 independent, assisted, and memory care units available to Ottawa County residents, and is expected to create 50-60 new jobs. 

According to Chris King, spokesperson for the Quincy Place Senior Living project, having PACE available was critical to closing the deal. "PACE financing is a tremendously valuable source of funding that allows us to accomplish our mission in a more cost effective manner," King said.  

Mansoor Ghori, Chief Executive Officer of Petros PACE Finance, said, "Petros greatly appreciates the timely efforts by Ottawa County to enable their PACE program that will facilitate critical infrastructure for the community." 

The PACE program helps business owners secure a loan for up to 25 years to cover renewable energy or energy-efficient improvements by attaching a voluntary special assessment to the property upon which the improvements were made. Because the loan is secured with the assessment - meaning it runs with the land, not the owner - there won't be a balloon payment if the property is sold before the loan matures.  Additionally, energy cost savings generated by the improvements creates positive cash flow. 

According to Lean and Green Michigan (LAGM), which assists Ottawa County with administering the program, virtually any energy efficiency, water efficiency, or renewable energy project can qualify.  

"PACE programs not only enable long-term, secure financing of energy improvements, but other available incentives and rebates - such as those offered by DTE or Consumers Energy - can be layered on the same project," said Todd Williams, President and General Counsel with LAGM. “We are excited to help bring this advantageous program to Ottawa County.” 

PACE, enabled by Public Act 270 of 2010, is one more economic development tool that Ottawa County can offer to its business owners that can also help them be more environmentally conscious. The PACE program is administered through the County’s Planning and Performance Improvement Department. 

For more detailed information on the PACE program, visit  www.miottawa.org/PACE, or email plan@miottawa.org. For more information on eligibility, visit www.leanandgreenmi.com.