Committee OKs measure to let St. Louis join Missouri Clean Energy District for CPACE financing
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Summary
The committee voted 6-0 to give Board Bill 80 a due-pass recommendation, authorizing St. Louis to join the Missouri Clean Energy District (MCED) and thereby allow property owners access to an additional administrator for Property Assessed Clean Energy (CPACE) financing; sponsors said the program is voluntary and uses no city tax dollars.
St. Louis — The Housing, Urban Development and Zoning Committee recommended passage of Board Bill 80, an ordinance to enable St. Louis City to join the Missouri Clean Energy District (MCED) so property owners may obtain Property Assessed Clean Energy (CPACE) financing through an additional authorized administrator. The committee voted 6-0 in favor.
Sponsor Charmaine Clark Hubbard summarized the bill as a no-cost authorization that would not spend city tax dollars or replace existing city programs. The measure would allow property owners, lenders and developers in St. Louis to choose among qualified CPACE administrators, the sponsor and witnesses said.
Marty McCabe, vice president of relationship development for Bank of Springfield (BOS Bank), described experience financing CPACE projects statewide through MCED and urged the committee to allow multiple qualified administrators, saying competition lowers cost and accelerates projects. "Their process is predictable, professional, and timely," McCabe said of MCED, and he added that delivering multiple administrators increases market reliability for lenders and borrowers.
The sponsor said MCED is a statewide public authority that serves more than 300 Missouri communities, is affiliated with the Missouri Green Bank, and is already a partner on federal clean energy grants with the city's sustainability office. Committee members asked no substantive questions at length and supported the bill.
A motion to pass Board Bill 80 with a due-pass recommendation carried on roll call. Recorded "aye" votes included Alderman Schweitzer; Alderman Keyes; Vice Chair Saulnier; Alderman Browning; Alderman Aldridge; and Chair Charmaine Clark Hubbard.
The bill advances to the full Board of Aldermen.