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Committee backs moving forward on Illinois Finance Authority PACE ordinance, asks staff for more implementation details
Summary
LaSalle’s Economic Development Committee recommended preparing an ordinance to enable Illinois Finance Authority (IFA) PACE financing in the city and asked staff to gather operational examples and clarify administrative and lender-consent issues before City Council consideration.
The LaSalle Economic Development Committee voted to recommend that staff prepare an ordinance enabling participation in the Illinois Finance Authority Property Assessed Clean Energy (PACE) program and present it to the City Council, while requesting additional information about local administration and real-world use.
Committee members described the PACE (Property Assessed Clean Energy) program as a state-enabled financing tool that allows property owners to secure long-term loans for energy- and water-efficiency projects that attach as voluntary assessments to the property. The committee’s action directs staff to work with the IFA representative on a draft ordinance and to gather examples of municipalities that have implemented the program and whether they encountered administrative or…
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