On Wednesday evening, the Carbon County Commissioners hosted a discussion regarding the consideration and possible approval of the Professional Services Agreement between Carbon County and Sustainable Real Estate Solutions (SRS) for Wellington MicroTech.
C-PACE stands for Commercial Property Assessed Clean Energy Financing and was adopted by the legislature several years ago. C-PACE facilitates and supports energy efficient buildings, upgrades and construction. There are currently 30 lenders within the state of Utah that provide this financing.
Those that wish to qualify for the financing are thoroughly vetted. Through C-PACE, they are able to provide the city, county and owners/lenders with a validated report to show that the improvements meet the legislative requirements. SRS administers programs in a number of states and has been working in Utah since 2018.
This is at no charge to the county; fees are paid only if and when a transaction closes, and there are no costs that the community would bear. That is strictly born by the project. It was also stated that should there be an interest in training in the program, they are happy to provide that.
There are very few limitations, as C-PACE can work with just about any other type of financing or programs available. Shanny Wilson, Carbon County Economic Development and Tourism Director, will be working with C-PACE on this agreement.
Commissioner Tony Martines stated that if it helps Wellington MicroTech get started, then it is a great thing. From there, the agreement was approved by the commissioners.