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Aurora committee approves ordinance to enable IFA commercial PACE financing
Summary
The Rules Administration Procedure Committee on Jan. 6 approved an ordinance enabling the Illinois Finance Authority's commercial PACE (CPACE) program across Aurora; the program would allow property owners to finance energy, water and resiliency upgrades with no direct city liability and a $150 per-project administrative fee.
The Aurora Rules Administration Procedure Committee voted Jan. 6 to approve an ordinance enabling the Illinois Finance Authority's commercial property-assessed clean energy (CPACE) program within city limits, allowing eligible property owners to access third-party financing for energy efficiency, renewable energy, water conservation and certain resiliency projects.
Lisonbee Lindberg, director of sustainability for the City of Aurora, told the committee the ordinance would "allow eligible property owners within city limits to access this financing" and emphasized "there's no cost, debt, or financial liability to the city at all." Brad Fletcher of the Illinois Finance Authority described the agency as a state conduit issuer that works with private capital providers to underwrite…
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