FROM: Bryan W. Taberner, AICP, Director
RE: Property Assessed Clean Energy (PACE) Massachusetts
CC: Mark G. Cerel, Town Attorney; Christopher Sandini, Finance Director; Kerri Bertone, Collector/Treasurer; Kevin W. Doyle, Director Of Assessing; Amy Love, Town Planner; Chrissy Whelton, Assistant To The Town Administrator
DATE: JULY 14, 2020
As you know on April 10, 2020 representatives from the Massachusetts Development Finance Agency (MassDevelopment) met with Town of Franklin staff to introduce the Property Assessed Clean Energy (PACE) Massachusetts program, and discuss potential benefits to property owners, and requirements of the Town.
PACE is a tax based financing mechanism that enables low-cost, long-term funding for energy improvements, such as energy-efficiency projects and renewable systems, on existing Commercial and Industrial properties in Massachusetts. To finance the improvements, a property owner agrees to a betterment assessment on their property, enabling property owners to undertake more comprehensive energy upgrades with longer payback periods (up to 20 years). At property sale the lien stays with the property and is transferred to subsequent property owners.
MassDevelopment’s PACE Program Manager Wendy Lee O’Malley will be attending the July 22nd Town Council Meeting remotely to outline the PACE program and its benefits, and answer questions. MassDevelopment acts as the Lead Program Administrator for PACE Massachusetts. In order for the community to participate in PACE Massachusetts it must opt-in through passage of a Town Council Resolution.
Attached for review and consideration is Resolution 20-42, a two page PACE Massachusetts flyer, a short presentation, and a couple examples of PACE projects in other communities.
PACE is an economic development tool for Massachusetts communities that help to create a more competitive environment for attracting and retaining businesses through lower energy costs. DPCD highly recommends the Town participate in this new economic development incentive program. I look forward to discussing PACE at the July 22nd Town Council meeting.
The memo and associated documents can be found at the Town of Franklin page
The full agenda and documents released for the Town Council meeting July 22, 2020 https://www.franklinma.gov/town-council/agenda/july-22-town-council-meeting
|Proposal on Property Assessed Clean Energy (PACE) Massachusetts for Franklin|