Financing for energy-efficient upgrades may be easier to get

Home and business owners who want to make their properties more energy-efficient but can't afford the up-front costs may soon have a new resource. The Southeast Missouri Regional Planning and Economic Development Commission is looking into forming a Property Assessed Clean Energy (PACE) board, which could issue bonds to finance approved energy-efficiency and renewable energy projects, said Chauncy Buchheit, executive director.

PACE programs, which are already in place in 22 states, allow people to finance energy-efficiency and renewable energy improvements on their buildings through an additional assessment on their property tax bill. They get the money for energy upgrades up front and repay the loan over the next 20 years.

In its last session the Missouri Legislature approved the bill enabling cities and counties to issue PACE bonds. It was signed by Gov. Jay Nixon in July.

Buchheit said the regional planning commission is considering establishing a PACE board for its seven counties: Bollinger, Cape Girardeau, Iron, Madison, Perry, St. Francois and Ste. Genevieve.

"It's an effort to reduce our energy use and see if we can't avoid the need to build more power plants in the future by reducing the load on the grid," Buchheit said.

While the program is now enabled by law, it may not be practical if mortgage companies like Fannie Mae and Freddie Mac, which are already in trouble, don't agree to allow their mortgage customers to take part, Buchheit said.

PACE liens are treated like property taxes and would have to be paid before the mortgage holder if a home is foreclosed on. It is something mortgage companies don't like, but the repayment guarantee makes the bonds easier for municipalities to sell.

A PACE program, if put into place locally, could create jobs for energy auditors and contractors who specialize in solar power instillations and energy-efficiency upgrades. It could also improve air quality, at a time when many are waiting for the EPA to announce its new ozone standards by Oct. 31.

* Purcell opens Fruitland location: Purcell Tire & Rubber Co., based in Potosi, Mo., has purchased the former Best Tire & Wheel location near the Interstate 55 interchange at 5308 U.S. 61 in Fruitland. The property was listed with an asking price of $1.2 million, according to Tom Kelsey, of Lorimont Place Ltd., who represented the property owner. Purcell Tire will open today in its 27,600 square-foot facility, which sits on a 5.2-acre tract. Its 2155 William St. location in Cape Girardeau will remain open; however, all commercial truck tire service will be moved to the new facility, said general manager John "Junior" Shetley.

* Get inked: Infamous Art, 1335 Old Cape Road in Jackson, owned by Johnny Hitt and Eddie Pinkerton will open today. Hitt has been a tattoo artist since 1997. Infamous Art also offers body piercing and body jewelry.

* Penn Station enters sandwich market: Penn Station East Coast Subs will open in November at 127 Siemers Drive, Suite 102, in Cape Girardeau according to a business license filed with the city. The sandwich shop will be operated by Pennso Inc. of Paducah, Ky. The Penn Station franchise has restaurants in 11 states across the country.

Southeast Missourian business reporter Melissa Miller may be contacted at 388-3646 or mmillersemissourian.com.