The Madison County Board of Supervisors is seeking resident input on an ordinance that would opt 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.
As of earlier this year, 24 localities were participating in the program. Localities have to adopt an ordinance to participate.
County administrator Jonathon Weakley said several local property owners have reached out about the program including the owners of the Criglersville Elementary School and the Inn at Meander.
“This [program] is between the lender and the property holder,” he said. “It’s an economic development tool at your disposal.”
A public hearing on the ordinance will be held Tuesday, March 24 at 6 p.m. at 414 N. Main Street, Madison. Those wishing to submit written comments may do so by email to jweakley@madisonco.virginia.gov by March 19 at 4:30 p.m.
