Our special guest on the Economic Development Secrets podcast this month is Courtney Pogue, Director of Economic Development for the City of Dallas, Texas. He shares information on the City’s Property Assessed Clean Energy (PACE) program, which recently won the Silver Excellence in Economic Development Award by the International Economic Development Council, as well as several other awards.
The Property Assessed Clean Energy program, which just won four awards over the past few years, basically takes the energy savings and finances or monetizes those savings which are then utilized to repay a loan. Then, our capital providers throughout the country and that basically becomes a mezzanine capital stack, mezzanine loan to the capital stack, to kind of help more or less finance various projects throughout the City.
Just last month we received an award from the International Economic Development Council for the PACE program for the rehab of the Butler Brothers Building here in Dallas. We also received three other local awards for the same project, so it’s a very successful project and we actually just did one of our largest projects here in Dallas, the rehab of the Drever Building, 1401 Elm here in Dallas. They are utilizing the PACE program to help do that project. The overall total project cost is 430 million dollars for the Drever Building.
Use the player below to listen to the full podcast episode: