Douglas County Approves C-PACE Program
On March 9, 2021, the Douglas County, CO, Board of County Commissioners approved a resolution that authorizes the C-PACE program in the County, a decision Miller’s Landing, a new mixed-used development in Castle Rock, believes is the right move for the County to make. It is a win for citizens, businesses and our economy.
C-PACE is a state-sponsored program that encourages energy efficient buildings and technology, water conservation measures and renewable energy generation. C-PACE provides developers and building owners with access to attractive private-sector financing to pay for the projects.
Colorado is one of more than 30 states that have created C-PACE programs. The Colorado Energy Office and its New Energy Improvement District, or NEID, oversee the program.
C-PACE’s goals are to lower energy and water costs, increase renewable energy deployment, reduce greenhouse gas emissions and create local jobs. The program offers up to 20 percent financing for qualifying new construction projects with terms of up to 25 years. Financing is provided through participating banks, credit unions and private capital firms.
Reducing the Demand for Water
The C-PACE program allows businesses in commercial and industrial real estate, agriculture, health care and the public sector to invest in projects that conserve water and energy, attract additional investment dollars to the region, and allow the market to determine winners and losers. We believe it’s a true win-win for everyone.
Property owners and developers that participate in water conservation projects through C-PACE will reduce their demand for water, thereby increasing the amount of water available to the surrounding community. This program has created the financial ability for developers and existing property owners to add major water conservation design elements to their projects across the country.
Financing for Capital-Intensive Projects
With C-PACE financing, building owners can pursue capital-intensive, comprehensive energy and water efficiency enhancements. These can include:
- Electric vehicle charging equipment
- Green roofs
- Renewable energy technology
- Insulation for roofs, walls, foundations, floors and HVAC systems
- Storm windows and doors
- Multi-glazed, heat-absorbing or heat-reflective glazed windows and doors
- Automatic energy control systems
- Energy recovery systems
- Ground-source heat pumps
- Daylighting, such as skylights, controls and light shelves
- Combined heat and power (CHP) and waste-to-power projects
- Water conservation features, both indoor and outdoor
- Construction labor and equipment costs
- Renewable energy feasibility studies
- Engineering and design expenses
Payment is collected through a voluntary special purpose assessment, which is similar to a sewer assessment. C-PACE can help meet energy performance goals and reduce operating costs, improve a building’s value and market competitiveness, and increase net operating income. C-PACE reports that well-designed projects often result in a positive cash flow, with savings on energy costs outweighing payments.
Committed to Sustainability
Environmental sustainability is important to Colorado’s residents and workforce. Participation in the C-PACE program is one more way Miller’s Landing will help enhance Castle Rock’s well-earned ranking as one of the best places to live and start a business in Colorado.
Miller’s Landing is creating a sustainable commercial development that will attract well-educated professionals who value working for companies that are committed to ensuring a clean environment today and in the future.
About Miller’s Landing
At Miller’s Landing we’re transforming what was once a blighted section of abandoned property in Castle Rock into a dynamic, sustainable mixed-use commercial development. When completed, Miller’s Landing will offer an exciting, dynamic town center that mixes businesses with vibrant retail, entertainment, hospitality and outdoor recreation opportunities.
Our commitment to responsible, sustainable development is just one more reason to come to Miller’s Landing. Miller’s Landing combines career and community in a modern, mixed-use development. From world-class resort hospitality, vibrant retail, entertainment and recreation opportunities to community gatherings and individual adventures, Miller’s Landing is the place to build your future.
About Castle Rock
Castle Rock is a growing community on the I-25 corridor in the south Denver metropolitan area. It offers easy access to nearby Denver to the north and Colorado Springs to the south.
While there are many great reasons to start or locate a business in Castle Rock, one of the strongest is the pool of well-educated residents who call the town home. Castle Rock’s small-town atmosphere, access to big city amenities and abundant recreation opportunities make it a desirable home town for highly educated, well-trained professionals. For more than 20 years, Castle Rock has rated as one of the best places to live and start a business in Colorado.
A Path to Opportunities
Miller’s Landing is Colorado’s most exciting place to build the future and make lasting memories. Join us. Let’s build the future together!