Pulaski County Commercial PACE Financing

Pulaski County PACE financing

Pulaski PACE financing is a program of Pulaski County designed to offer the community, commercial property owners and capital providers a multitude of options for investing in community improvements that protect the environment and help people save both energy and money. The indirect goal of the program is to create more jobs in the community and to boost the local economy. Pulaski PACE is a public/private partnership, administered by Jrdan Inc. DBA Property Assessed Clean Energy (PACE)– Arkansas .

Commercial properties that receive a property tax bill within Pulaski County and within the boundaries of a participating city (Little Rock and North Little Rock) are eligible.

Initial Application

Thank you for your interest in Pulaski Commercial  PACE program. The purpose of this initial application is to provide pre-approval for PACE financing. Many owners find pre-approval useful to ensure their property and proposed project qualify for PACE financing prior to the investment of substantial funds and resources for project development.
A PACE administrator will review your Initial Application and determine if Program eligibility requirements are met. This review process will take 3-10 business days. If approved, the applicant will be issued a conditional reservation for participation in the program and next steps. Application fee is $25 and can be paid by check or money order.

  • Property is located within Pulaski County
  • Property does not have any involuntary liens
  • Property taxes and assessments are current and have not been delinquent for 5 years or since property purchase
  • Property owners are not in bankruptcy and have not declared bankruptcy within the last 10 years
  • Property owner is current on their mortgage or has no mortgage

Participating cities

  • Little Rock
  • North little Rock

Final Application

This final application form is the second step of a two-step application process for property owners to apply and receive approval for financing through the Pulaski County Commercial PACE program for qualified energy efficiency, energy generation, and/or water conservation property improvements. Applicants are required to complete the first application step by submitting the Initial Application and receive a conditional reservation before proceeding to this second step. Upon review and approval of this Final Application, the Program will issue a Final Reservation for participation in the Program to the applicant.

In order to complete this final application, applicants should have or get:

  • An initial approval issued from the Program in response to submission of an Initial Application
  • A detailed project scope
  • Contractor bids/estimates
  • Appropriate energy and/or water audits
  • Estimates of eligible rebates and incentives for each measure
  • An eligible project lender (see Program Handbook for details) that will act as the project investor and will supply the capital for the financing of the project
  • Existing mortgage holder acknowledgment for participation

For more details about the application process, please see the Program Handbook. If you have not done so already, send all required program documents to MUNKO@PACEAR.COM

PACE Final Application Supporting Documentation

Below is list of the supporting documentation required to complete your PACE Final Application. Contact the Pulaski PACE administrator team at (501) 507-0996 or William@paceAR.com if you have questions.

Document Name Applicant Instructions
Executable Contractor Contract(s) to Implement the Project * Each contractor involved in the project must submit an executable copy of the contract which includes details about equipment to be installed, materials, labor and other costs. The submitted copy may contain text indicating that execution is contingent on closing of funding.
Energy Audit * The property owner must commission a professional energy and/or water audit of the Authorized Improvements on which the cost and savings projections form the basis of the PACE financing. The Program recommends that the audit meet ASHRAE Level 2 standards, or be an energy analysis comparable in technical rigor (i.e., development of projected energy savings, cost savings, and project costs). The energy audit must be conducted on the property within twelve (12) months prior to submission of the Final Application. Audits and auditors must meet the standards outlined in the Program Handbook.
Mortgage Lender Notification Only required if there is a mortgage on the property. The Mortgage Lender Consent Form must be signed by an authorized representative of the mortgage lender to show written consent of the PACE lien.
Investor Commitment and Term Sheet* This lays out the investor terms, demonstrates financing has been secured, and sets forth the closing conditions of the Transaction Documents.
Draft Amortization Schedule * Created by the investor, this shows level payments over the term of the PACE financing.
Title Report * Submit no earlier than 90 days before the date on which the Final Application is submitted.
Power of Attorney, Corporate Resolution and/or Articles of Incorporation (if applicable) You must submit a document clearly states who the legal owner of the property is. If the property owner requires it, you must also submit an executed Power of Attorney form.
Final Application Review Fee * The Pulaski County PACE Financing Program Final Application Fee Cover Sheet must be completed and submitted along with a check or money order for $25 payable to PACE-Arkansas and mailed to the following address:
Pulaski County Commercial PACE Program
c/o PACE – Arkansas
1 Allied Dr. Building-1, #1110
Little Rock, AR 72202 

In the memo portion of the check quote: “Pulaski PACE App”.

Eligibility

Any non-publicly owned commercial, industrial or multi-family properties that can receive a property tax bill within a participating city in Pulaski County are eligible.
Properties must meet the following criteria in order to be eligible for PACE financing

  • Consent of all property owners on title
  • Mortgage holder(s) written notification of property’s Pulaski PACE participation
  • The combined lien-to-property value (CLTV) cannot exceed the property value
  • Property must not have been delinquent on property taxes for the past five years, or since the date of the most recent transfer if less than five years
  • Property will be subject to the appropriate jurisdiction’s permitting inspections and all other applicable federal, state, and local codes and regulations
  • Property owner must not be in bankruptcy and must not have declared bankruptcy within the last 5 years

Eligible properties include:

  • Multi-family properties
  • Commercial offices
  • Hotels
  • Retail/restaurants
  • Schools
  • Hospitals
  • Faith-based buildings and Nonprofits
  • Off-site clean Energy production facilities
  • High-efficiency lighting fixtures and lamps
  • Occupancy and day-lighting sensors
  • Industrial manufacturing equipment
  • Solar PV or fuel cells to generate electricity

Eligible upgrades:

Any upgrade permanently fixed to the property that is proven to save energy, water or produce clean energy will be considered.

  • Heating, ventilation, and air conditioning
  • Building automation systems
  • Elevator modernization
  • Building Envelopes (roof, window)