Lorain approves energy special improvement district
A project to rehabilitate The Broadway Building in Lorain will be eligible for a state energy direct loan, after Council members recently approved the creation of an energy special improvement district (ESID), The Chronicle reports. Developer Ariel on Broadway will be able to obtain a PACE (Property Assessed Clean Energy) loan of $1.6 million for energy improvements, a “crucial piece of financing,” according to Port Authority Director Tom Brown. Brown and attorney Caleb Bell of Bricker & Eckler LLP explained the ESID agreement to members of Council in a Committee of the Whole session. Bell explained that the $8 million project “will not have full financing” without the PACE loan. For more, read the full article.
