Last week, the Western Reserve Port Authority advanced a plan to provide up to $4 million in Property Assessment Clean Energy (PACE) bonds to help Indianapolis-based Simon Property Group, which owns the Southern Park Mall in Boardman Township, finance "upgrades to the mall's roof and a complete interior lighting retrofit," The Business Journal reports. Through this deal, the property owner would be able to finance "100 percent of the costs of the improvements, with no out-of-pocket costs, and repay the bonds for a term up to the useful life of the improvements," with the port authority receiving a 1.5 percent fee based on the value of the loan. Before the port authority can give final approval, the Boardman Township Board of Trustees must create an Energy Special Improvement District (ESID). Bricker & Eckler is counsel to the Township on this matter. For more, read the full story.
Boardman Township to create special district enabling the Southern Park Mall to receive PACE financing for energy-related upgrades
