The Madison County Board of Supervisors has approved an ordinance opting the county into the C-PACE program.
Administered by the Virginia PACE Authority (VPA), C-PACE is a method of private financing for energy, reliance, stormwater, environmental remediation and other eligible improvements for commercial properties. The program allows owners to receive 100% financing at a competitive rate with flexible financing and payment options. It can be used for new construction or retrofitting an existing building. It’s an economic development tool, but doesn’t utilize local funding and administration is handled through VPA.
“There’s no liability for the county,” Madison County Administrator Jonathon Weakley said. “It’s a tool in the toolbox for economic development.”
Weakley said the funding is a way to help approved projects get off the ground.
“It’s about helping local business owners, but also expanding the tax base,” he said.
Several local property owners have reached out about the program including the owners of the Criglersville Elementary School, the Maya Vita Resort and Spa near Leon and the Meander Inn.
“As we struggle with ways to be creative, our opinion is this [program], at no cost to the county, would allow business owners to have this available to help them get their project off the ground.”
As of earlier this year, 24 localities were participating in the program. Localities have to adopt an ordinance to participate and are notified when a property enters into the C-PACE program.
Supervisors approved the ordinance 5-0, along with a resolution opting the county into the program.
No one spoke during a public hearing on the matter.
