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Payson City adopts Utah commercial PACE program to expand financing options for local hotel project
Summary
Council adopted the Utah commercial Property Assessed Clean Energy (C-PACE) program to make additional financing available to a hotel developer; staff said the city would have no obligation under the program and the city attorney reviewed the resolution.
Payson City Council voted June 4 to adopt the Utah commercial Property Assessed Clean Energy (C-PACE) program, a financing mechanism that allows qualifying commercial property owners to access long-term, assessment-based capital for energy and water efficiency projects.
City staff said adoption makes the program available to local developers but does not obligate Payson City to provide financing or take on program liabilities. Robert (city staff) told the council the program “provides some reduced financing rates” and specifically mentioned a hotel project adjacent to Walmart whose developer may use the mechanism. Staff said the city would not have responsibility for the program itself.
Staff also said the city attorney had reviewed the program documents; council members asked whether the attorney had examined liabilities and were told the attorney had reviewed the materials. The owner referenced by staff, Gary Patel, was described as supportive of the program because it could benefit the hotel’s efficiency upgrades.
A motion to adopt the program passed on a roll-call vote; the council recorded affirmative votes and the motion carried.
Ending
With the adoption, the C-PACE option becomes available to qualifying commercial property owners in Payson. City staff said they would provide further information to the council if developers seek to use the program.
