CATSKILL — The Greene County Legislature on Wednesday gave the green light to a green energy financing program that will allow investors to obtain loans for the renovation of environmentally friendly buildings.
The Legislature on Wednesday unanimously approved Local Law Number 2 of 2022 to establish the Energize NY Open C-PACE fundraising program in the county.
Under the program, private lenders are encouraged to provide loans that will be used for energy efficiency projects.
“There are developers we have in the county who want to invest a lot of money,” Greene County Legislative Speaker Patrick Linger said after Wednesday’s meeting. “This is an avenue of financing that will essentially put the lenders of this financing ahead of everyone else who will get a guaranteed payment. They offer a reduced rate and tax benefits. Right now we have an investment company that is ready to invest $25 million in the county and they had asked us to pass that, so it was available.
Local law notes that it is state and county policy to advance renewable energy improvements and reduce greenhouse gas emissions.
“The municipality believes it can implement this policy by providing property-assessed clean energy financing to qualified homeowners for the installation of renewable energy systems and energy efficiency measures,” according to the statement. law.
The C-PACE program allows lenders to hold a lien on a property that is preferable to the terms of a lien held by a mortgagee. The borrower would then repay the loan to the private lender through a special appraisal process.
“The county has to give approval, but beyond that we don’t really have a function,” Linger said. “We just have to give approval to have this type of loan in the county.”
The County will be a third-party beneficiary of C-PACE agreements between Qualified Owners and Financiers, with no financial risk or administrative costs to the County.
In May, developers of the new Wylder Windham resort appeared before the Legislature to ask the county to approve the C-PACE program.
Alex Libin of Wylder Hotels said if the hotel was able to secure projected C-PACE funding of $4 million, the county would receive 1.25% of revenue from the project, totaling $50,000 for the county.
The $27 million renovation project at the former Thompson House Resort by Wylder Hotel is set to pay off this summer, as the new 110-room Wylder Windham resort is set to open on July 13.
Wylder Windham is hosting an open house for potential new staff members Saturday from noon to 5 p.m. at the resort site at 19 Route 296 in Windham.