The Springfield Sangamon Growth Alliance (SSGA) is celebrating a new initiative approved by the Sangamon County Board, allowing a financing incentive through the Illinois Finance Authority (IFA). The initiative aims to reduce total development costs for new and existing commercial real estate projects in the area.
The IFA PACE program, open to all Illinois counties and municipalities, seeks to streamline the Commercial Property Assessed Clean Energy (C-PACE) financing market. C-PACE enables developers to secure long-term financing at a fixed interest rate, backed by a special assessment tied to the land.
"This program showcases our commitment to innovative economic development," said SSGA President and CEO Ryan McCrady. The financing incentive will attract more investors, making development more affordable and effective for our community."
Sangamon County is the first county in Illinois to implement the IFA PACE program as the administrator, facilitating the process for developers and investors. Abby Powell, SSGA's Director of Business Development, emphasized that C-PACE financing can be used for energy efficiency, renewable energy, and water use improvements, such as solar panels, electric vehicle charging stations, and more.
The incentive is available for commercial projects, including office buildings, hotels, and industrial facilities. Sangamon County Board Chairman Andy Van Meter said, “This will be an additional benefit we can utilize to help grow our county and continue bringing in new industry.”