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Oswego adopts PACE program with Illinois Finance Authority as administrator
Summary
Trustees adopted an ordinance establishing a Property-Assessed Clean Energy (PACE) area and designated the Illinois Finance Authority to administer CPACE financing; staff emphasized participation is voluntary and village retains final sign-off on assessments.
The Village of Oswego board adopted an ordinance creating a local PACE area and designating the Illinois Finance Authority (IFA) as the program administrator for commercial/property-assessed clean energy financing.
Kevin (staff) and Brad Fletcher of the Illinois Finance Authority explained that CPACE (C-PACE) provides long-term financing for qualifying energy- and water-efficiency improvements and is voluntary for property owners; the village retains the right to refuse to sign assessment paperwork even after an application proceeds through IFA. Fletcher emphasized that the IFA will manage the program to reduce local administrative burden and that the mechanism is intended to help projects close by filling financing gaps.
Trustees voted to adopt the ordinance by roll call. Staff noted the program requires no taxpayer funding and that commercial and multifamily properties including hotels and apartments commonly use CPACE tools.
