PACE Report
Key claim: Huron County’s PACE program lets qualifying property owners finance clean-energy and energy-efficiency upgrades and repay the cost through a special assessment on their property.
Abstract
County document “PACE Report” (48 pp), published on https://www.co.huron.mi.us/board-of-commissioners. Table of Contents PACE (Property Assessed Clean Energy) financing info for website 7 Huron County PACE Program Report_Amended May 14 2024 8 1 PACE PROGRAM REPORT 8 1.1 Within the parameters set forth herein, the Authorized Official will determine to: 12 1.2 i. Finance projects by the issuance of bonds to defray all or part of the cost of the improvements by special assessment upon the Special Assessment Parcel, which the Authorized Official will find is especially benefited in proportion to the costs of … 12 1.3 ii. Authorize one or more commercial lenders to provide financing to defray all or part of the cost of the Project, by special assessment upon the Special Assessment Parcel, which the Authorized Official will find is especially benefited in proportion… 12 1.4 The Special Assessment Roll, attached as SAA Appendix C, will be spread by the Authorized Official, or appropriate official, on behalf of Huron County and without objection by the property owner to allocate one hundred percent (100%) of the PACE speci… 13 1.5 The PACE special assessment, as allocated by the Authorized Official, or appropriate official, on behalf of Huron County without objection by the property owner, will be finally established against the property and the Project to be constructed on the… 13 1.6 If the project is financed with bonds, the Special Assessment Roll shall bear interest at a rate sufficient to pay principal and interest on the bonds. If funds are supplied by commercial lenders, the interest rate for the PACE special assessment wil… 13 2 APPENDIX A 16 3 SPECIAL ASSESSMENT AGREEMENT 16 4 PROPERTY OWNER 16 5 Dated: _____________________ 16 6 ARTICLE I DEFINITIONS 19 6.1 Section 1.01 Definitions. Capitalized terms used in this Agreement and Recitals shall have the meanings stated in the PACE Statute and as stated immediately below, except to the extent the context in which they are used requires otherwise: 19 6.1.1 (a) “Agreement” means this PACE Special Assessment Agreement as same may be amended and/or restated. 19 6.1.2 (b) “Applicable Interest Rate” means the per annum rate of interest specified in the Loan Documents at which the Special Assessment Roll bears interest as calculated by the Lender in accordance with the provisions of Section 4.01 of this Agreement. 19 6.1.3 © “Authorized Official” means the [Authorized Official Title], or his/her designee, who is authorized to exercise the authority of an Authorized Official under the terms of the PACE P
Why this matters
PACE creates a county-administered financing mechanism repaid through property special assessments, making it a distinct revenue and lien instrument alongside standard millages and the general budget. Tracking it matters for understanding how the county facilitates private capital improvements without direct budget outlays while still using its tax-collection machinery.