Post Falls to explore finance program

The Post Falls City Council unanimously voted last week to explore the C-PACE financial program. 

Coeur d’Alene was the first city in the state to adopt the program, which facilitates long-term loans of 20 or 30 years for new construction projects to incorporate energy-efficient designs or upgrades like new roofing or HVAC improvements to existing commercial buildings.

The program would allow developers in Post Falls to have a tax lien on the property to finance a project supporting accessible renewable energy and energy conservation.  

City administrator Shelly Enderud said C-PACE financing poses no liability to the city.

“All the capital funds come from the lender, and the city’s going to get paid an application fee,” Mayor Ron Jacobson said. “The benefit to the city is more environmentally friendly buildings, potentially safer buildings.” 

As part of the program, Post Falls would receive a 1% service fee, and local developers would be able to make improvements or create new buildings with a longer-term loan. 

An improvement that could fall into the program scope for a C-PACE loan is constructing a new roof for Buck Knives. 

“If you set it up correctly, they’re going to make the payments directly to the bank,” Enderud said. 

Councilor Joe Malloy asked if city leadership could make decisions on whether projects are approved on a case-by-case basis or if council needs to set standards now.

"Say somebody had an idea for a really environmentally friendly strip club and we don’t think that’s really the best thing for the city. Would it have to be a policy ahead of time that we’re not going to allow this sort of use?" Malloy asked.

City attorney Field Herrington said the review mostly comes from the new state statute. Enderud said they will look into the language for more clarification on what can and can’t be restricted.

“It sounds like a pretty good deal. We get to spur economic development and maybe reduce the load on our aquifer,” Councilor Randy Westlund said.  

Councilor Samantha Steigleder expressed concern over multi-family residences and condos being included as commercial properties and asked that they be removed. 

“I appreciate that it sounds good from every angle that makes me automatically slightly nervous, so I just have other questions,” Steigleder said.