Council extends Layton’s agreement with SRS to keep commercial PACE financing option available

The council approved a five‑year extension of Layton’s agreement with Sustainable Real Estate Solutions (SRS) to remain a participating jurisdiction in Utah’s Commercial Property Assessed Clean Energy (CPACE) program. City staff said SRS is the state‑recognized consultant that helps administer the program and walks property owners through statutory and administrative requirements.

Why this matters: CPACE offers a long‑term financing mechanism that lets commercial and industrial property owners fund energy‑efficiency and clean‑energy improvements and repay the loan through an assessment on the property. Staff told the council the program has seen limited use locally since the agreement was adopted in 2022 but that a business recently expressed interest in using CPACE, and SRS requested the additional term to keep the option available.

Cost to city and process

• No direct city cost: staff said the agreement places administrative duties largely on SRS and the third‑party lender; the city does not incur program costs if it remains a participating jurisdiction.

• Implementation steps: if a property owner pursues CPACE financing, SRS coordinates statutory paperwork, lender arrangements and the assessment process. Staff said the city’s role is largely to verify statutory compliance and record the assessment on the property as required by law.

Council members asked whether extending five years (rather than three) carried downside risk; staff said SRS requested five years given the slow market uptake over the prior three years and continuing market uncertainty following the pandemic and recent interest‑rate environment. The council approved the extension as part of the consent agenda.