Cape invited to join energy development district

A growing clean-energy movement soon could be expanding to include Cape Girardeau if the city council gives final approval later this month to join and participate.

The Missouri Energy Initiative and PACE Equity have requested the city sponsor a new PACE Clean Energy Development District Board, which would help commercial property owners with funding for clean and renewable energy and energy efficiency improvements.

Bel-Nor, Missouri, a northwestern suburban village of St. Louis, passed an ordinance June 15 creating the Show Me PACE district, and the city of Cape Girardeau has been invited to join.

The council had its first reading of the ordinance Monday, at which members were supportive but had several questions about how the district would work.

In 2011, the Missouri General Assembly enacted the Property Assessment Clean Energy Act (PACE), which allows for the funding of clean and renewable energy and energy-efficiency improvements through a property assessment. PACE covers all of the improvements costs, up to 20 percent of a building's value, repaid through a tax assessment on the property for up to 20 years.

Funding comes through private capital sources rather than government funding or taxes and is attached to the property, not the owner, according to Missouri Energy Initiative. Involvement is voluntary.

Joshua Campbell, executive director for the Missouri Energy Initiative, said the projects could vary, from HVAC to lighting or windows. He also said what the district offers its participants differs from some of the incentives offered by utility companies because of the scale of projects it's able to cover.

"Utilities provide incentives and rebates for lower-cost projects. PACE is an opportunity for big-ticket items," he said, noting prices could reach tens of thousands of dollars or possibly higher.

It was pointed out at the city council meeting local property owners with pending projects came to the city and expressed interest in the opportunities PACE provides. The Missouri Energy Initiative is aware of four potential projects in Cape Girardeau.

The council gave the ordinance enabling the city to join the Show Me PACE district initial approval Monday night and the final reading is scheduled for July 20. Councilman Mark Lanzotti asked staff to publicize the opportunity and make businesses aware of the new tool once it is approved.

Mayor Harry Rediger thanked local business and property owners who brought the issue to the city's attention and said many more could take an interest in the future.

"I think it will be beneficial to our citizenry and particularly to our developers," he said.

srinehart@semissourian.com

388-3641

Pertinent address:

Cape Girardeau, Mo.

Bel-Nor, Mo.