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Council approves petition and assessment framework to enable NOPEC-backed financing for downtown hotel
Summary
Tiffin City Council approved a petition and two related ordinances to let the city participate in an Energy Special Improvement District (ESID) and levy a special assessment to finance the Tiffin Boutique Hotel project, following a NOPEC presentation on PACE financing and community grants.
Tiffin City Council on April 21 approved measures that clear the way for an Energy Special Improvement District (ESID) and a special-assessment financing tool tied to a proposed renovation of the Tiffin Boutique Hotel.
The actions follow a presentation by NOPEC representatives explaining how property-assessed clean energy (PACE) financing and NOPEC grant programs can fill financing gaps for local projects. NOPEC said the organization is “a council of governments organized under the Ohio Revised Code” that offers aggregated energy purchasing, grants and financing products for member communities.
Why it matters: The council voted to approve the petition to create the ESID, to proceed with the public-improvement work in cooperation with the Tiffin Energy Special Improvement District and to levy a special assessment that will repay investor financing over time. Supporters say the combination of PACE financing and NOPEC grants helped close the gap on the boutique hotel project and could be used by other projects inside the district.
NOPEC’s case to…
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