CHICAGO — Ann Arbor in on track to become the first city in Michigan to launch a bond-backed energy efficiency program authorized in state legislation adopted last year.

The City Council last week passed the first of two resolutions needed to launch the state’s first property assessed clean energy, or PACE, program. It allows the city to issue revenue bonds and use the proceeds for loans to commercial property owners who use them to pay for efficiency improvements. The loans are repaid over 20 years through a special assessment.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.