NORFOLK - The Norfolk City Council approved a new loan program to help developers who need some extra assistance with projects.
During Monday night’s meeting, the council members heard a presentation on the Property Assessed Clean Energy (PACE) Act.
Chris Peterson, a Lincoln businessman requested Norfolk create a PACE district and said the loans are long term, fixed rate, non-recourse loans secured by assessments on the property with priority equal to property tax.
Peterson says PACE provides commercial real estate financing for a number of things including energy efficiency.
"HVAC systems, lighting, those are some of the obvious ones. But again, anything that touches energy efficiency could be looked at as a qualifying energy conservation measure, but also water conservation, low flow toilets, for example, low flow fixtures could qualify and renewable energy systems. So if somebody wanted to use solar panels on their building or geothermal system, for example those could qualify as well."
City Administrator Andy Colvin said this is something developers would take advantage of as it has been brought up in the past.
The council voted unanimously to approve the new loan program.