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Council discussion flags legal risk, but city attorney sees protections if CPACE loan added to Trenton Mill financing
Summary
At the consent-agenda discussion, staff outlined a proposed Commercial PACE (CPACE) loan for a downtown mill rehabilitation. City attorneys said the CPACE statute may not subordinate the city's existing lien; staff and attorneys described scenarios and protections if the CPACE loan is added.
During consent-agenda questions, council members asked for clarification of a proposed CPACE (Commercial Property Assessed Clean Energy) loan that would finance energy and efficiency improvements for the Trenton Mill redevelopment. The project includes an existing city loan of $495,000 owed to the city and a first mortgage of about $6.3 million; the developer proposed a $5.6 million CPACE loan.
City staff and the city attorney explained the legal structure and risk. Under CPACE statutes discussed at the meeting, a CPACE loan is structured so that its lien position and enforcement differ from…
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