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Rexburg sets Nov. 6 hearing to consider C-PACE program for private development financing
Summary
The council set a public hearing for Nov. 6 to consider authorizing a local C-PACE program, which lets private lenders finance energy- and resilience-related commercial and multi-unit housing improvements with a city-administered lien process.
Rexburg staff described C-PACE (Commercial Property Assessed Clean Energy) to the City Council as a private-lender financing tool enabled by Idaho code that can lower borrowing costs for qualifying commercial or multi-unit housing projects that install efficiency or resiliency improvements. Staff said the city’s role is administrative: to adopt a resolution enabling C-PACE, process applications, review engineer certifications that improvements meet program criteria and file the associated lien on behalf of the participant.
City staff cautioned the money does not come from the city; private lenders supply the capital and a C-PACE lien can be structured to take priority in certain respects. Staff suggested charging a modest application fee (proposed $500) initially rather than a 1% administrative fee. Staff mentioned a local redevelopment effort at "Horner's Corner" where the program could make projects financially viable. The council voted to set a public hearing for November 6 to consider formally adopting the program.
If the council later adopts C-PACE by resolution, developers meeting eligibility requirements, engineer certification and lender terms could apply for C-PACE financing under the local program.
