More PACE firsts to celebrate (projects, local bank PACE financing, and events)!

IMPROVING PROPERTIES. INCREASING CAPITAL.

AMARILLO’S FIRST PACE PROJECT: HISTORIC 1926 BARFIELD OFFICE BUILDING TO BECOME MARRIOTT AUTOGRAPH HOTEL, $6.4 MILLION

On December 28, 2018 the City of Amarillo’s first PACE project enabled $6.4 million in PACE financing to update a vacant building into a luxury hotel. The project includes HVAC, LED lighting, improved water efficiency, and building envelope, including windows.

Annual savings include:

Electrical - 1.7 million kWh
Natural gas - 3,180 mmBTU
Water – 4.2 million gallons

The property also qualified for $11.4 million in historic tax credits. RAHILL Capital served as the property owner's PACE project consultant. Twain Financial Partners provided the PACE capital.

BASTROP COUNTY'S FIRST PACE PROJECT:

ELGIN GENERAL STORE, $120,000

On December 26, 2018, Bastrop County’s first PACE project enabled a $120,000 solar PV project that will generate 94,081 kWh annually for Elgin General Store . This project demonstrates the benefit TX-PACE has for rural communities and small businesses. Elgin General Store also received a $69,000 USDA REAP grant for the projec t which was developed by Self Reliant Solar.

Frontier Bank of Texas , which also granted lender consent, is the first Texas bank to finance a TX-PACE project.

FRONTIER BANK OF TEXAS IS THE

FIRST TEXAS BANK TO FINANCE A PACE PROJECT

On December 26, Frontier Bank became the first bank to fund a Texas PACE project. Frontier granted lender consent and funded the Elgin General Store PACE project. Frontier demonstrates that PACE financing provides a new product that can serve existing customers and attract new business, filling a niche in PACE financing for small businesses and rural communities.

“We are happy to join PACE,” states CEO Patrick Johnson. “Our lenders will look for opportunities in our markets where we already have a priority lien, and if another bank will allow us to finance ahead of them through PACE, we will also look at those opportunities in the 4 counties we serve.”

Click here for more information regarding Texas community bank PACE financing.

TRAINING OPPORTUNITY

TRAINING IN VALLEY

JANUARY 24TH

Join the Lower Rio Grande Valley Development Council and Texas PACE Authority for an interactive workshop in Weslaco on January 24.

This workshop is a unique opportunity to learn about the PACE financing mechanism and how it can benefit your business or property.

A panel of subject matter experts will discuss the details of the TX-PACE program including requirements and application process.
Learn how to use the program to finance energy efficiency, water conservation, resiliency, and distributed generation improvements.
A panel of capital providers will make presentations and engage in Q&A’s
Get an update on the current “PACE in a Box” market and discuss in-depth current case studies.

Click Here To Register

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Texas PACE Authority is a nonprofit organization that advances Property Assessed Clean Energy (PACE) projects in Texas by administering a uniform commercial and industrial PACE program on behalf of local governments. This model approach ensures local governments can establish an effective TX-PACE program quickly and economically, providing a tool for property owners to invest in more efficient infrastructure.

Texas PACE Authority is committed to expand this vibrant program to every region in Texas, working with all parties – property owners, contractors, lenders, and local governments to bring energy and water improvements that are both economically sound and environmentally friendly. To date, 23 local governments have established TX-PACE programs, enabling Texas PACE Authority to serve 43% of the Texas population.