U.S. Bank Center and 375 Jackson Street buildings receive energy efficient improvements through innovative tax-based financing tool.
AUSTIN, Texas – June 22, 2016 – PRLog — Having recently closed PACE financing (Property Assessed Clean Energy) for the iconic First National Bank Building, Petros PACE Finance of Austin, Texas announced today that they have funded improvements for two additional Madison Equities properties in downtown St. Paul, Minn.: the U.S. Bank Center and the 375 Jackson Street buildings. These latest two projects reflect a doubling of the firm’s investments for Madison Equities’ properties, which now total more than $10 million.
Petros PACE Finance funded 100% of the $5.2 million required to upgrade the energy management and HVAC systems for the two commercial properties, as well as retrofit the buildings with LED lighting and occupancy sensors. These improvements are expected to reduce energy consumption and related costs by 35-40% for each building.
“With Madison Equities’ vision and the transactional expertise of Petros, we are experiencing an energy efficiency transformation in downtown St. Paul,” said Peter Klein, Vice President of Finance for the Saint Paul Port Authority, which serves as administrator for Minnesota’s PACE program. “This is exactly what the PACE program was created to do, and this is the type of investment that every building owner in Minnesota should be pursuing for their own economic benefit.”