Aurora Economic Development Council Partners with Greenworks Lending, Promoting C-PACE Projects to
Drive Commercial Building Energy Efficiency and Sustainability Upgrades
The Aurora Economic Development Council is excited to announce a new partnership with Greenworks Lending to promote the Commercial Property Assessed Clean Energy program (C-PACE) for economic development projects in the City of Aurora, and Adams and Arapahoe Counties. The partnership creates added value for primary employers that locate and expand within these jurisdictions.
C-PACE is an innovative public-private funding mechanism that allows investment in commercial building upgrades and energy efficient new construction elements with no up-front cost. Building owners pay for the improvements through a special assessment charge on their property tax bill. Greenworks Lending, a private capital provider, offers up to 100 percent financing for projects that meet PACE requirements. Once installed, utility bill savings cover C-PACE payments and increase the building’s value.
“We appreciate Greenworks Lending’s nationwide leadership in the implementation of this important program. C-PACE is a win-win for commercial building owners that helps achieve sustainability and environmental goals while also delivering a pragmatic option for utility savings and building improvements,” says Yuriy Gorlov, Vice President at the Aurora Economic Development Council. Gorlov added, “With the combination of extensive renewable and energy efficiency programs offered by our local utilities, commercial property owners have significant incentive to make building improvements and increase sustainability. Greenworks Lending’s financing options make potential projects more viable. All of these offerings are part of our economic development toolkit that competitively differentiate Aurora to make the city more attractive to companies, which in turn means we can create more primary jobs to drive the local economy.”
“We are very pleased to deliver financing for energy efficiency and renewable energy upgrades so these projects make clear business sense,” stated Genevieve Sherman, Head of New Markets and Partnerships for Greenworks Lending. “Our partnership with the Aurora Economic Development Council will support our efforts to grow the program across property types and all stages of commercial real estate development from retrofits and historic restorations to new construction.”
Aurora Mayor Bob LeGare added, “This is another reason Aurora is on the world stage as the place to do business. We offer a breadth and depth of value to companies, including supporting sustainability and efficiency goals while understanding that the bottom line is just as important. The Aurora Economic Development Council does a great job of partnering with a variety of stakeholders to find opportunities to add value at every turn, and this is a factor in their success in attracting and retaining primary employers.”
C-PACE is relatively new in Colorado, and Adams and Arapahoe Counties are two of the twenty counties participating in the state. With benefits for property owners and developers alike, projects are expected to continue to grow.