Henderson Partners is renovating their 4400 N. High St. property in Clintonville, OH. This renovation will significantly improve HVAC and Lighting systems. PACE financing is being utilized from Franklin County Finance Authority. GB Solutions has implemented our Incentive Service to pair the PACE financing with State of Ohio Tax Exemptions in a first ever combination of these programs.
Speer Energy Service’s Duane Dickey introduced GBS to the project. After careful evaluation of the energy efficient upgrades and lending mechanism GBS determined that the tax exemption program would be a value add to the project’s short and long term cash flow. The evaluation modeled the buildings energy usage to estimate a 35% savings over existing systems in the building.
Taking this information GBS began working to prepare the application to the State of Ohio for Tax Exemptions (Sales & Use Tax and Property Tax). During the application process GBS also coordinated the legal teams from the State and the Lending institution to marry the terms of each program together.
Energy savings of this project fit within the goals of the State of Ohio’s program. The blending of these programs is a first of it’s kind and GBS is proud to be involved in making this option a reality. This incentive will save roughly $22k per year in property taxes over the lifetime of the PACE financing. This public/private collaborations provides Clintonville with an upgraded property that will continue to attract tenants to the area.