Putnam County commissioners have finalized an agreement to participate in the C-PACER program, an initiative aimed at encouraging businesses to invest in clean energy and efficiency improvements.
Commissioners formally approved the program and authorized County Mayor Randy Porter to enter into an agreement with program administrator Midwest PACE Services. Attorney Jeff Jones said both he and Porter have conducted due diligence in selecting Midwest PACE Services for the partnership.
“Midwest PACE Services is a division of Bricker Graydon,” Jones said. “Bricker Graydon is a multi-state law firm with 300 and something attorneys, a national law firm. So they are well healed.”
Jones said the program allows for long-term private financing of qualified improvements such as energy efficiency and renewable energy projects. He called it a valuable tool for developers seeking flexible funding options. He added that another key advantage is that the program comes at no cost to the county.
“All of the fees will come from the financing companies that will be working with the developers,” Jones said. “That’s how the administrator gets paid. So, no money from the county.”
Under the program, developers will pay associated fees to the administrator, which will be collected through the trustee’s office. Jones clarified that the county will not receive compensation for handling those payments.
Jones noted the county previously chose not to participate in the program several years ago due to administrative challenges, but said growing interest from developers has shifted that outlook.
“It’s going to be hotels, it’s going to be shopping centers and we’re seeing all that stuff right now here being developed,” Jones said. “To be able to give you any kind of specific examples, I’m not sure that I can. I just know that right now, I mentioned earlier when Commissioner Bennett was asking about it, that Shelby County was kind of leading off. But now Davidson County’s done this. Rutherford County’s done this. I think Montgomery County’s done it. The city of Franklin’s doing it. So I mean, this is really happening all over the place.”
The commission previously approved its intent to participate in the program last month. Jones said the county followed that step by holding a public hearing earlier this month.