Contact Your Legislator(s) in Support of Senate Bill 1559 (C-PACE)

Contact Your Legislator(s) in Support of Senate Bill 1559 (C-PACE)
C-PACE is a powerful and innovative financing tool that commercial property owners use to fund a wide variety of improvements for existing and new construction projects. SB 1559 strengthens the statute by expanding the types of improvements that can be financed. Measures related to resiliency provide significant benefits such as increasing property values, mitigating risks of flooding and wind damage, and reducing costs associated with storm water upgrades.

MEMBERS ARE URGED TO CONTACT YOUR LEGISLATOR(S)
REGARDING YOUR SUPPORT OF SENATE BILL 1559

 

Senate Bill 1559 amends the Commercial PACE (C-PACE) statute (Sec. 15.2-958.3), last enacted in 2015, to encompass resiliency in addition to energy efficiency, water efficiency and renewable energy improvements. The bill provides that resiliency improvements include "mitigation of flooding or the impacts of flooding or stormwater management improvements with a preference for natural or nature-based features and living shorelines.”  Because of the non-exclusive nature of the language, we believe these amendments also will allow C-PACE financing for other forms of resiliency improvements, such as wind-resistant measures to building structures.

 

BACKGROUND INFORMATION

C-PACE is a powerful and innovative financing tool that commercial property owners use to fund a wide variety of improvements for existing and new construction projects. These projects increase energy and water efficiency as well as the ability to incorporate energy producing technologies such as solar, biomass, geothermal, and wind. Private capital providers may finance 100% of hard and soft project costs, which are repaid through a special tax assessment levied by the County or City. The benefits to the real estate owner/developer are high-performing buildings with lower operating expenses, greater net cash flow and higher asset value. The benefits to communities include job creation through increased construction activity and a valuable tool that helps businesses and real estate owners - at no cost to local governments or citizens.

 

To take action, click on your representative(s) below to send your message.
Feel free to use the Chamber’s talking points.

Delegate Chris Stolle
(Representing part of Norfolk and Virginia Beach)


Delegate Cliff Hayes
(Representing part of Chesapeake and Suffolk)


Delegate Steve Heretick
(Representing part of Norfolk and Portsmouth)

Delegate Michael Mullin
(Representing part of James City County and York; Newport News and Williamsburg)

 

Print
Latest News
October 15, 2019 - Hampton Roads Economic Development Alliance
October 14, 2019 - Emily Cass
Archive
Youtube Icon
Linkedin Icon
Instagram Icon