EDGE’s first Commercial Property Assessed Clean Energy and Resiliency (C-PACER) project is a $2.18 million loan for the construction of the future Uptown Studios and Storage to be built on the adjacent lot by the former Schlitz Brewery in the Dixie Greyhound Complex in Memphis. The funds will be used to improve energy efficiency, resiliency, and HVAC operating for the new buildings.
The program allows commercial property owners to obtain long-term financing from private capital providers for energy efficiency and resiliency improvements. This helps lower costs while also reducing development impact, energy consumption, and public infrastructure. Acting as a privately financed economic development tool, C-PACER does not require a reduction of taxes, grants, or other public funding. This program provides incentives for decreases in water and energy consumption, production of clean renewable energy, improvement in safe drinking water, and overall resiliency improvements, all of which have a lasting impact on both the environment and future development. Investing in conservation improvements up front can likely reduce operating expenses over time.
Improvement projects must exceed $1 million and spend at least 25% of costs with City of Memphis Certified Minority/Women-owned Business Enterprises (MWBEs). The project must also meet one of the defining goals of the program such as decreasing energy consumption, producing renewable energy, decreasing water consumption, and improving safe drinking water. Construction can also include overall resiliency improvements in terms of wastewater reduction, flood mitigation and stormwater management, wind resistance, or energy storage. Projects must conform to the International Conservation Code and/or seismic requirements in the International Building Code.
Currently, most C-PACER inquiries at EDGE are for new construction projects, including ground-up apartments, retail centers, industrial parks, or mix-use communities that excel in energy conservation amenities. However nationally, the program has seen a number of adaptive re-use construction projects. For more information on the C-PACER program, contact EDGE at info@EDGEMem.com.