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City hears presentation on CPACE program and proposed SRS services agreement; no council vote recorded
Summary
Sustainable Real Estate Solutions presented the CPACE program and sought council authorization for a services agreement to allow CPACE financing in Midway; no final council vote appears in the transcript.
Sustainable Real Estate Solutions (SRS) presented the Commercial Property Assessed Clean Energy (CPACE) financing program and requested that Midway City consider a services agreement (Resolution 2025-13) to authorize SRS to administer CPACE for projects within the city.
Didi Chapelle, identified as a state CPACE director for SRS, explained CPACE as a voluntary, property-based assessment program enabled by Utah statute that allows commercial property owners (including multifamily with five or more units) to obtain long-term, fixed-rate financing for energy efficiency, water conservation, renewable energy, EV chargers and certain seismic upgrades. Chapelle said the program treats the special assessment much like a water or sewer assessment and that owners typically repay a third-party lender who assumes collection and enforcement responsibilities. She said CPACE financing can be combined with other incentives and that SRS — serving as a statewide administrator — provides technical review, documentation and consistency across jurisdictions.
Chapelle detailed that CPACE is performance-based, requires no personal guarantees, and that administrative fees are paid by the owner and typically rolled into financing. She said recent changes have increased lender participation and competition, reducing financing costs compared with the early-bonding model. Examples of closed projects in Utah included hospitality and large commercial retrofits; Chapelle said CPACE can lower a project’s overall weighted cost of capital.
Council members asked questions about eligibility and process steps; staff and the presenter discussed that the jurisdiction’s role is to accept the voluntary assessment and assign it to the lender, and that the lender indemnifies the jurisdiction for collection/enforcement. The meeting record does not include a vote on Resolution 2025-13 or a formal direction to staff; the item remained under consideration at the end of the presentation.
