Wayne County has emerged as a frontrunner in the realm of Property Assessed Clean Energy (PACE) projects, making significant strides in sustainable economic development and job creation. County Executive Warren Evans proudly announced today that Wayne County, with over $90 million financed and 1,000 jobs created, is spearheading the national charge in embracing PACE initiatives. The County’s commitment to green infrastructure not only fosters environmental responsibility but also fortifies the local community and economy.
“Wayne County is leading the way in sustainable economic development and creating jobs through our commitment to Property Assessed Clean Energy (PACE) projects. With over $90 million financed and 1,000 jobs created, we are showing that investing in green infrastructure not only benefits our environment but also strengthens our community and local economy,” said County Executive Warren Evans.
With 23 closed projects out of the 73 statewide, Wayne County accounts for an impressive 32% of all PACE initiatives in Michigan. Detroit, in particular, has reaped substantial benefits, with 16 closed projects contributing to the city’s green economic development and job growth, resulting in the creation of over 1,000 jobs within Wayne County alone.
The variety of projects funded through PACE in Wayne County reflects the diverse applications of this innovative financing option. From hotels and office spaces to senior living facilities, the County has demonstrated the transformative potential of PACE in enhancing cities and towns. Noteworthy examples of PACE projects include The Whitney Restaurant, Detroit (over $863,100), The Radisson Hotel, Romulus (approximately $2,100,000), and Cambria Hotel, Detroit (more than $13,000,000 and a total of over $20,000,000 since August 2019).
County Executive Evans expressed enthusiasm about the forthcoming PACE guidelines set to take effect in 2024. These new guidelines aim to streamline the PACE financing process, making it even more accessible for Michigan business owners to harness this innovative funding mechanism for sustainable projects.
Recent legislative updates in Lansing have further paved the way for PACE financing, enhancing accessibility for commercial property owners in Michigan. Senate Bill 302 provides greater flexibility, particularly for retrofit rehabilitation projects, while Senate Bill 303 opens avenues for financing Environmental Hazard Projects.
Wayne County, standing as the 16th largest PACE jurisdiction in the nation if considered independently, serves as a shining example of how proactive investment in green infrastructure can lead to tangible economic growth and job creation. As Wayne County continues to set the standard, it undoubtedly inspires other regions to follow suit, fostering a greener, more sustainable future for all.
To explore PACE financing opportunities, interested parties are encouraged to contact 313-444-1474 or email info@leanandgreenmi.com.
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