This specialized tool gives property owners access to additional financing for qualifying energy efficient and renewable energy building improvements by levying a special tax assessment against their property in cooperation with the City of Cincinnati Energy Special Improvement District (“ESID”) — managed by the Port of Greater Cincinnati Development Authority. Property owners petition the City to levy the special assessment against their property. Revenues generated by the special assessment are used to back bonds that will help finance the qualifying energy efficient and renewable energy improvements being made to the property.

 

The Department of Community and Economic Development ("DCED") is responsible for reviewing the materials submitted by applicants and advancing legislation for PACE assessments to City Council. The City considers this to be the more “traditional” PACE pathway.​

Property owners interested in this financing tool can also utilize PACE in conjunction with the Ohio Air Quality Development Authority’s (“OAQDA”) Clean Air Improvement Program (“CAIP”). This pathway for utilizing PACE is similar to the more “traditional” PACE pathway but does not require that petitioners work with the City of Cincinnati ESID. Petitioners will instead work directly with OAQDA, who will engage with DCED on their behalf. DCED will still be responsible for reviewing the materials submitted by OAQDA on behalf of the petitioner, and for advancing legislation for the PACE assessments to City Council.

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Goal​

 

​The goal of PACE is to encourage and incentivize clean energy property investments by businesses and developers.

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Who Can Apply?

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• Business Owners

• Developers

• Sustainable/Green-Building Developers 

• Non-Profit Developers

• Community Development Corporations

 

Overview of Process

 

There are two PACE pathways potential applicants can navigate: 

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• Petitioners interested in the “traditional” PACE pathway should complete an Initial Eligibility Form with Ohio PACE (as outlined in the OHPACE Brochure at the link below) to determine whether their property and “energy project” are eligible. If eligible, the petitioner works with an Ohio PACE–registered contractor to identify and quantify qualifying energy improvements, completing an Energy Project Summary Form followed by an Energy Project Application, both submitted to Ohio PACE. Ohio PACE prepares the required legal documentation, which DCED helps review. DCED also collects a PACE Project Intake Form from the petitioner. After final approval from relevant City departments, legislation is drafted and sent to City Council. Once passed, the City of Cincinnati Energy Special Improvement Board ("ESID") votes to add the property, after which financing typically closes. The special assessment is added to the property’s tax bill, project finance funding is made available, thus installation of eligible improvements can begin.

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• ​Petitioners interested in the OAQDA PACE pathway should engage directly with OAQDA. Information on the CAIP is available at the link below. After completing the CAIP review process, relevant PACE documents are sent by OAQDA to DCED for review. Following final approval by DCED, the Law Department, and other relevant departments, legislation is drafted (or finalized if drafts are provided) and sent to City Council. Once approved, all relevant PACE agreements are executed. OAQDA’s board then authorizes the issuance of green bonds, a financial closing occurs, the special assessment is added to the property’s tax bill, and bond proceeds are made available to finance the energy project.