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Economic Development director outlines proposal for Lancaster ESID and PACE financing
Summary
Economic Development Director Stephanie Bosco presented a plan to create a Lancaster Economic Service Improvement District (ESID) and described how Property Assessed Clean Energy (PACE) financing could let downtown property owners access funds for property improvements; companion ordinances and a temporary resolution were listed on the Dec. 1 agenda.
Economic Development Director Stephanie Bosco told the Finance Committee on Dec. 1 that city staff are pursuing creation of a Lancaster Economic Service Improvement District (ESID) and are examining how PACE financing could enable downtown property owners to fund building improvements. The presentation accompanied Temp Res #101-25 and companion Temp Ord #72-25 and #73-25, which are listed on the committee agenda.
Bosco outlined the basic mechanics of an ESID as recorded in the minutes, explaining it as a district-level tool to coordinate improvements and potential financing for downtown property owners. She said PACE financing was being considered as a mechanism to allow property owners to access repayable, assessment-based financing for eligible energy and property improvements. The minutes do not record a vote or a final decision; the listed ordinance items are at the committee/reading stage.
Why it matters: an ESID paired with PACE could lower upfront costs for renovations and energy upgrades in the downtown core, potentially accelerating private investment. The minutes do not include details on geographic boundaries, assessment rates, program eligibility, or any formal approval timeline; those items remain to be specified in future committee packets.
Next steps noted in the minutes: the ESID and companion ordinances remain on the committee/reading schedule (Temp Res #101-25; Temp Ord #72-25 and #73-25). The record does not show votes, public hearings, or finalized program rules; staff follow-up was implied but not documented in these minutes.
