PROPERTY ASSESSED CLEAN ENERGY (PACE) PROGRAM
The Property Assessed Clean Energy (PACE) program is an innovative financing tool that enables owners of commercial, industrial and multi-family residential properties to obtain low-cost, long-term loans for water conservation, energy-efficiency and renewable retrofits to their facilities. The Texas PACE statute, Chapter 399, Local Government Code, authorizes cities and counties to create a local PACE program and work with private sector lenders and property owners to finance qualified improvements using contractual property assessment. This program has been found to increase property values, encourage business retention and expansion, update aging building stock and increase the environmental efficiency of facilities in the community.
The City of Farmers Branch approved a resolution of intent to establish a PACE program on Tuesday, November 28, 2017. A public hearing has been scheduled for December 12, 2017 to receive comments on the PACE program report and the establishment of the program.
The Farmers Branch PACE Report is included below and available for public review.