School Signs Yorktown’s First C-PACE Deal
The Shrub Oak International School has signed Yorktown’s first Commercial Property Assessed Clean Energy agreement that will permit $7 million in borrowing for energy efficiency upgrades.
The C-PACE financing through Greenworks Lending will finance multiple energy efficiency measures including lighting, HVAC and building envelope. The energy upgrades will save the property owner an estimated $62,662 in the first year.
Unlike other project financing, the school will repay the borrowed money over time via a voluntary tax property assessment. The Town Board approved the use of C-PACE financing last year.
“The C-PACE tax assessment financing is yet another tool our government has embraced to help our businesses and non-profit institutions shrink their carbon footprint and reduce their energy costs,” said Supervisor Matt Slater. “I urge other commercial enterprises to consider the benefits of this new borrowing opportunity.”
Including New York, more than 30 states have adopted C-PACE enabling legislation because of the opportunities for investment in local businesses, energy and cost savings, and job creation.
“My experience with a critically important financing accomplished with Greenworks has been a wonderful, positive and professionally managed effort. We are a growing institution serving a residential community of children with autism,” said Michael Koffler, CEO of K3 Learning Inc., which operates the school. “For energy efficiency, ecological considerations and economic reasons, I would work with Greenworks in the future, and depend on them.”
The Shrub Oak International School is a private, coeducational, therapeutic day and boarding school for students ages 8-30 on the autism spectrum. Located on 127 acres of rolling, wooded hills approximately 30 minutes north of New York City, the Jesuit religious order built the facility in 1950s as a seminary.
"Greenworks Lending was thrilled to be able to provide financing for the Shrub Oak International School’s energy savings measures in collaboration with Yorktown and NY EIC," said Dana White, Business Development Director at Greenworks. "Our 'next generation' C-PACE financing funds capital improvements to commercial buildings that increase health, safety and occupancy satisfaction; improve asset valuation preservation; and drive energy efficiency and reduce operating costs. It’s exciting to be a part of the incredible transformation of the property into a world class school for special needs children and young adults that are impacted by autism."
