Bricker & Eckler served as bond counsel for the Toledo-Lucas County Port Authority as it issued the first PACE bonds in Ohio. On May 24, the port authority completed the $5.325 million bond transaction by issuing bonds through its Northwest Ohio Bond Fund. The transaction, a cooperative effort of the port authority, the port authority’s BetterBuildings Northwest Ohio program and the city of Toledo, was aimed at improving the energy efficiency and environmental performance of Toledo’s municipal buildings. The city of Toledo anticipates reducing its energy costs with the financed improvements, which include replacing windows, upgrading light fixtures and boilers, installing vacancy sensors, and replacing or insulating hot water tanks.
Property Assessed Clean Energy (PACE) bonds are a financial tool used by property owners to fund energy efficiency improvements on their properties. Property owners who take advantage of PACE funding opportunities may use the money for a variety of projects, including updating existing office buildings or warehouses, or acquiring an alternative energy source, like solar panels or wind turbines.
Bricker & Eckler is Ohio’s leader in PACE financing. Bricker attorneys work with private property owners and governmental entities to create the special improvement district necessary to implement PACE financing, levy assessments and structure the financing arrangements necessary to fund the improvements. For more information, read the full story.