San Diego, CA (PRWEB) September 17, 2013
A California Superior Court Judge has affirmed the State-wide Judicial Validation of Property Assessed Clean Energy (PACE) provider Figtree Energy Financing, an action that will expedite PACE adoption and job creation in municipalities across the state. Figtree is the first and only commercial PACE provider in California to have earned this status.
“This reinforces Figtree and CEDA’s status as providers of a sound, legally-vetted PACE financing model that cities and counties across the state can adopt with confidence,” stated California Association of Local Economic Development (CALED) CEO Gurbax Sahota.
“This action not only affords cities and their legal counsel a high degree of confidence in the operational integrity of Figtree, it streamlines the city approvals process, saving countless hours of precious staff-time in vetting Figtree’s program structure,” explained Sahota. “State-wide Judicial Validation expedites the ability of elected officials to get down to the business of unlocking the job-creating, property-improving benefits of Figtree in their communities.”
CEDA (the California Enterprise Development Authority) is the joint powers authority of CALED that establishes the assessment districts that enable PACE financing.
Figtree Energy Financing is currently approved and accepting applications in 42 California cities and counties, with more joining the program each month. In the past two months alone, the County of San Diego and the Los Angeles South Bay Council of Governments cities of Lomita, El Segundo and Rancho Palos Verdes have all opted to bring the benefits of Figtree’s brand of PACE financing to their regions, as have the municipalities of Stockton, Turlock, Hawthorne and Butte County’s Town of Paradise.
Figtree can finance projects from $5,000 into the millions of dollars, an important consideration for any town with a thriving small business community. But Figtree also has a track record of financing Class A office property improvements. Many commercial building owners find they can improve operating income and property values with the solar, HVAC, lighting and cool roof enhancements Figtree has successfully financed.
In cities like Fresno and Palm Springs, Figtree helped put contracting crews to work this summer within days of issuing private placement bonds to finance PACE improvements.
Figtree is the only commercial California PACE provider to have funded multiple deals across multiple jurisdictions using no public money. And now, Figtree is the first to earn state-wide Judicial Validation.
“Judicial Validation brings a comfort level to the legal counsel, underwriter and those involved in issuing Figtree’s PACE bonds while assuring attorneys in public agencies across the state that Figtree is in compliance with all legally-binding protocols and notifications,” said Elizabeth Martyn of the law firm Lewis, Brisbois, Bisgaard and Smith, who serves as legal counsel for Figtree’s PACE program. “This validation confirms that the liens issued for Figtree PACE improvements in all California jurisdictions have been properly implemented and are binding under the terms of California PACE law,” added Martyn.
“State-wide Judicial Validation also gives security to investors, which expedites our ability to issue bonds and fund PACE applications faster with lower financing costs,” noted Figtree CEO Mahesh Shah. “Cities and counties who want to join FIGTREE PACE can now have the utmost confidence they are adopting a program that can only serve to do good in their community.”
PACE (Property Assessed Clean Energy) is a new breed of financing that provides commercial property owners with up-front private-sector capital to realize the money-saving benefits of energy efficiency, renewable energy and water conservation upgrades based strictly on property values – up to 10% of an assessed property’s value. Figtree’s unique brand of financing is available for commercial, industrial, office, retail, agricultural and multi-family properties of five or more units.
PACE requires no money down, no minimum FICO score and provides for financing that doesn’t impact a property owner’s credit score or capacity to borrow for other business needs. Simply stated, PACE puts the economic benefits of hundreds of solar, water and energy improvements within reach of most any property owner.
Figtree’s PACE program has been endorsed by the California Building Industry Association, California Business Properties Association, Building Owners and Managers Association (BOMA), Region Builders, Inc., contractors, energy professionals and municipal sustainability and economic development professionals throughout California.
ABOUT FIGTREE PACE: Figtree is a full-service, San Diego-based clean energy finance company providing breakthrough, 100% up-front PACE (Property Assessed Clean Energy) financing to help commercial and residential property owners improve their properties and realize the money-saving benefits of energy efficiency, renewable energy and water conservation upgrades with no money down. Figtree helps cities and counties create jobs, spur economic development and meet their AB 32 goals utilizing no public monies. Figtree is the first company in California to successfully raise private capital for commercial PACE projects via a multi-jurisdictional bond issue. Learn more by calling 1-877-577-7373 or visit us at http://www.Figtreefinancing.com.
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