Designed specifically with small and mid-sized business needs in mind, PACE Express offers a simplified and affordable pathway to fund clean energy investments and energy efficiency upgrades to existing commercial buildings.  PACE Express was developed for “smaller” PACE projects with budgets between $100,000 and $800,000.  By standardizing the PACE application process, smaller Set The PACE St. Louis projects can expedite the application process while minimizing financing expenses.

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To learn more about the PACE Express program, complete and submit the PACE Express Interest Form.

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PACE Express Projects

Qualifying properties must be existing commercial or industrial buildings in the City of St. Louis, including multi-family residential property and government facilities.       

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The Missouri PACE Act requires that PACE projects must show a net benefit to the building owner resulting from the clean energy investment. For this reason, we require a baseline energy analysis to be conducted for the property and/or proposed upgrade and investment. An ASHRAE Level II audit or an analysis conducted by a qualified energy professional is acceptable.  Our PACE Express Lender can assist qualified applicants in securing the necessary energy study, which must be submitted with the project application.

 

The Set The PACE St. Louis staff will conduct a review of the proposed project as part of the application process, to ensure compliance with the above requirements and determine the total benefit to be derived from the project over the term of the project.  

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The term of assessment shall not exceed the lesser of the weighted average useful life of the energy project paid for by the assessment or 20 years. Projects that consist of multiple energy efficiency improvements or renewable energy systems with varying lengths of useful life may average the lengths to determine an overall assessment term.   Written consent from the mortgage holder or senior lender is required if the property is subject to a mortgage.   

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Property Owners with project budgets under $800,000 may choose to utilize one of two methods to proceed to a closing and the creation of the special assessment: 

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• Standard PACE: Property Owners may elect to follow the standard PACE route and fully negotiate unique set of documents for the creation of the special assessment, including the required Assessment Contract executed by the Property Owner, lender, and local jurisdiction. 

• PACE Express: Property Owners may choose to follow the PACE Express route. This route includes a pre-negotiated set of documents, which Set The PACE St. Louis and participating PACE Express lenders have agreed to. The standardized PACE Express Assessment Contract shall not be modified nor abridged except for the addition of defined project specific data.    Terms contained within the PACE Express Assessment Contract will not be negotiated or modified in any manner. These projects will be subject to reduced closing fees which will be due at closing.

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PACE Express Application Process

The PACE Express Application Process is similar to the traditional PACE process. The Property Owner submits the necessary documents, with the aid of a PACE contractor and PACE lender. Set The PACE St. Louis staff is available to assist the Property Owner at all stages of the process and will assist in identifying contractors and participating lenders. 

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The Property Owner will complete and submit the PACE Express Interest Form.  The interest form will be forwarded to the pre-approved PACE Express lender(s).  The PACE Express lender will work with the Property Owner to complete the Set The PACE St. Louis project application.  The PACE Express lender may require additional information to complete the application and verify eligibility for the program, such as the following:

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• Property Deed or Mortgage Documents

• Most Recent Mortgage Statement

• Articles of Incorporation (LLC) or Articles of Organization (Corp.)

• Operating Agreement (LLC) or Code of Regulations (Corp.)

• Certificate of Good Standing for Ownership Entity (issued in the current year)

• Documents and Information Relating to Recent or Expected Real Estate Transactions or Project Financings

• Recent Appraisal (dated within last 12 MOS)

• Recent Environmental Reports - Phase I (dated within last 12mos)

• Recent Property Tax Bill (reflecting taxes paid current)

• Property Legal Description

• Property Tax Returns – 3 years (if requested)

• Property Financial Reports - 3 years and YTD (Inc/Exp Operating Statements, Balance Sheet)

• Current Year Budget

• Recent Rent Roll

• Smith Travel Report (STR) if hospitality property

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The PACE Express Lender will assist the Property Owner in the submission of the Set The PACE St. Louis project application.  The application does require the submission of supporting documentation, including:  

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• Energy Analysis with calculation of energy savings, equipment EUL, avoided cost of capital, O&M savings and other benefits and assumptions.  

• Senior Lender Consent and, if applicable ROFR from FDIC-insured Missouri institution.

• Estimated cost of project from contractor

• Completed PACE Express Assessment Contract

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Set The PACE St. Louis will coordinate the execution of documents and will record the fully executed Assessment Contract with the appropriate County Recorder of Deeds office.

To learn more about PACE Express, contact Set The PACE St. Louis at PACE@moenergy.org.