Eaton County Treasurer Bob Robinson announced the redevelopment of the former Lansing State Journal facility through PACE financing. He emphasized that “the PACE energy efficiency financing program has proven its value for promoting economic growth in Eaton County”.
Continuum Services
Continuum Services is a trusted, full-service provider for facilities interior and exterior facility operations. With multi-disciplinary expertise under one roof, Continuum delivers exceptional value and customer satisfaction. Consequently, business owners outsource with a single vendor for all of their facility service needs. Their proven experience positions them as the right choice for this project.
ProVisions, LLC
ProVisions, LLC redeveloped a 93,000 sq. ft. former Lansing State Journal facility in Delta Twp., near the I-96/I-69 interchange. Renamed the ‘Delta Business Center,’ the site is now available for commercial and industrial use. Moreover, they expect many new jobs will be created in the near term.
In addition, they replaced outdated 1980s HVAC and lighting systems with modern, energy-efficient upgrades using digital controls. Jim Newman of Newman Consulting Group stated, “Thanks to ProVisions’ forward-thinking policies, we’re projecting significant energy savings as required by the PACE financing program.
ProVisions, LLC is a leading real estate firm serving the public and private sector throughout the United States and abroad.
What is Pace?
Property Assessed Clean Energy (PACE) is a financing tool that offers low-cost, long-term funding for energy efficiency, renewable energy, and water conservation upgrades. Repayment is made through a property’s tax bill, similar to traditional public benefit assessments like sidewalks or sewers. In Michigan, PACE is available for commercial, nonprofit, and multi-unit residential properties.
How Does It Work?
A national initiative, PACE programs are instituted locally and tailored to meet regional market needs. Michigan lawmakers have passed legislation that authorizes municipalities to establish PACE programs. Every PACE program starts with the same parameters.
- Can cover 100% of a project’s hard and soft costs for study and implementation of Energy Conservation Measures
- Long-term, low-cost financing up to 20 years
- Can be combined with utility, local, and federal incentive programs
- Guaranteed ‘cash flow positive’ results
- Voluntary for all parties involved
Why is Pace so Popular?
Property owners love PACE because they can fund capital-intensive energy improvements with no out-of-pocket costs. Additionally, financing terms of up to 20+ years enable deep retrofits with major energy savings and strong bottom-line impact.
PACE projects guarantee energy savings exceed payments, ensuring property owners are immediately cash-flow positive with long-term financial benefits. Subsequently, there are increased dollars that can be spent on other capital projects, expenses, or expansion.
Local governments support PACE as an economic development tool that lowers business costs, attracts investment, creates local jobs, and improves air quality.
Project Stats:
- PACE District: Eaton County
- Property Owner: Delta Business Center, LLC
- Project Developer: Newman Consulting Group
- PACE Market: Lean & Green Michigan™
- Construction Manager: Continuum Services
- Amount Financed: $718,035
- Energy Conservation Measures: HVAC systems, LED lighting, fans
- Each year, the project will eliminate 503,954 kWh of traditional electricity and 2,800 MCF of natural gas.
- Greenhouse Gas Reduction: 507 metric tons annually
- That’s like taking more than 105 cars off the road!
- Cost savings over 20 years: $1,822,313
Newman Consulting Group, LLC
Headquartered in Farmington Hills, Michigan, the Newman Consulting Group, LLC is a globally recognized authority in energy efficient buildings.
Optimized Building Solutions
OBS delivers certified efficiency solutions with expert teams, furthermore ensuring verified ROI for building projects. OBS is by a division of the Newman Consulting Group.
In fact, The OBS team helps commercial, industrial and multi-family property owners all over the U.S. implement energy efficiency projects (including renewable energy such as solar, wind, geothermal), eliminate waste, and save money through innovative financing solutions.
Lean & Green Michigan,™
Levin Energy Partners administers Lean and Green MI™, which is free for all local governments. Significantly, 29 jurisdictions participate, representing 62% of Michigan’s population.
Petros PACE Finance
Petros PACE lender has played a leadership role in helping develop the Lean & Green Michigan market. Moreover, with investment commitments of over $1 billion, Petros can fund virtually any qualifying PACE project.
