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PACE in Arkansas: Fayetteville to create energy improvement district

Submitted by The City Wire Staff on Sun, 10/20/2013 – 8:58pm

Last week the Fayetteville City Council unanimously enacted an ordinance that will create the first energy improvement district as part of the Property Assessed Clean Energy (PACE) financing program (Act 1074), which was enacted by the state legislature earlier this year.

Mayor Lioneld Jordan and council will appoint seven members of a PACE board of directors and plan to formally launch the program after the first of the year, 2014.  One member will be appointed by the mayor and six will be selected by the city council to serve a term of two years.

“I am proud that the city of Fayetteville is creating the first PACE district in Arkansas,” Jordan said. “PACE will provide green jobs that will help build the future of Fayetteville.”

Signed into law by Governor Beebe in April, the Arkansas local-option PACE program authorizes the voluntary creation of energy improvement districts to fund loans for 100% of the cost of energy savings projects by interested property owners. Read more.