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Commissioners approve CPACE assessment agreement for Home2 Suites project on East Trout Road
Summary
The board approved a statement of levy and lien enabling CPACE financing for a new Home2 Suites hotel; eligible project costs estimated at $1.6 million of a roughly $20 million development.
Centre County commissioners voted to approve the statement of levy and lien assessment agreement that clears the way for CPACE (Commercial Property Assessed Clean Energy) financing on the Home2 Suites hotel project on East Trout Road in State College.
Sustainable Energy Fund representative Elaine Evasovic Lozada and Scott DeStef of SCF briefed commissioners on the program and the specific project. The hotel is new construction with 115 guest rooms and roughly 65,000 square feet; total development cost was described as about $20,000,000. CPACE-eligible measures—described as above-code building envelope, electrical and lighting, HVAC and plumbing—were estimated at roughly $1,600,000. The capital provider named in the presentation was PACE Equity; final interest rates will be set close to closing.
Speakers described CPACE as a private-capital financing mechanism that becomes a voluntary special assessment and lien on the parcel, collected alongside property taxes. Commissioners and staff noted the county’s role is limited to approving eligible projects and recording the assessment in the tax/assessment process; county staff said implementation crosses multiple offices including treasurer, assessment and tax claim. The board approved the statement of levy and lien by voice vote.
No amendments to the agreement were reported during the meeting. The motion recorded in the minutes was ‘‘approve the statement of levy and lien assessment agreement with Home2 State College Hotel.’’
