Chicago PACE makes it possible for owners and developers of commercial properties to obtain low-cost, long-term financing for energy efficiency, sustainability and renewable energy infrastructure deployed in new or existing buildings. This City of Chicago program is based on legislation that classifies energy efficient and/or renewable upgrades as well as above-code new installations as a public benefit. These “green” infrastructure elements and associated soft costs (permitting, structural support, etc.) can be financed with no money down and then repaid as a benefit assessment on the property tax bill over a term that matches the useful life of improvements (often as long as 20-25 years). The program thus delivers a financial tool that facilitates the City’s sustainability efforts while providing economic development opportunities by reducing developer capital costs and driving down operational expenses for existing properties.
Loop-Counterpointe PACE LLC (“LCP”) serves as the Chicago PACE Program Administrator. LCP is a joint venture between Loop Capital Markets LLC and Counterpointe Energy Solutions LLC. Loop Capital Markets is the Municipal Bond Placement Agent for all Bonds issued under the Program and Counterpointe Energy Services LLC is the assessment contract/Bond Servicer. LCP is responsible for overseeing and implementing the Program, including: providing guidance and information to potential Program participants; receiving, processing and approving applications; marketing and outreach to property owners, contractors and other real estate professionals.
As the principal planning agency for the City of Chicago, the Department of Planning and Development (DPD) promotes the comprehensive growth and sustainability of the City and its neighborhoods. The department also oversees the City’s zoning and land use policies and employs a variety of resources to encourage business and real estate development.