Omaha Adopts Nebraska’s First PACE Ordinance
Omaha’s City Council recently passed Nebraska’s first Property Assessed Clean Energy Act (“PACE”) ordinance. The ordinance will allow commercial property owners to finance energy-efficiency and water-conservation improvements through special assessments. Omaha City Council member Aimee Melton led this effort.
To qualify for PACE financing, a property owner must file with the Omaha Planning Department (or a third-party administrator) an application regarding the scope of a project. The application must include the estimated costs, types, and financing terms of energy improvements.
The Nebraska Legislature recently amended the PACE Act to authorize counties to form PACE districts, to clarify a district may include a city as well as its extraterritorial zoning jurisdiction, and to allow lenders to collect annual assessments directly from property owners. A number of other communities are considering establishing PACE districts in 2017.
Please contact us if you have questions about this ordinance or the use of PACE financing. Thank you.