Monthly Archives: September 2013

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FOR IMMEDIATE RELEASE

CONTACT: Ryan Ahearn, Figtree  Financing
rahearn@figtreefinancing.com
Direct: (858) 771-0896

Legal Vetting of Figtree’s Financing Model Validates Risk-Free Nature of PACE Program While Bringing New Comfort Level to Legal Counsel of Municipalities Interested In Making PACE Financing Available to Commercial Property Owners

(San Diego, CA: September 17, 2013) – A California Superior Court Judge has affirmed the State-wide Judicial Validation of Property Assessed Clean Energy (PACE) provider Figtree Energy Financing, an action that will expedite PACE adoption and job creation in municipalities across the state.  Figtree is the first and only commercial PACE provider in California to have earned this status.

“This reinforces Figtree and CEDA’s status as providers of a sound, legally-vetted PACE financing model that cities and counties across the state can adopt with confidence,” stated California Association of Local Economic Development (CALED) CEO Gurbax Sahota.

“This action not only affords cities and their legal counsel a high degree of confidence in the operational integrity of Figtree, it streamlines the city approvals process, saving countless hours of precious staff-time in vetting Figtree’s Program structure,” explained Sahota. “State-wide Judicial Validation expedites the ability of elected officials to get down to the business of unlocking the job-creating, property-improving benefits of Figtree in their communities.”

CEDA (the California Enterprise Development Authority) is the joint powers authority of CALED that establishes the assessment districts that enable PACE financing.

Figtree Energy Financing is currently approved and accepting applications in 42 California cities and counties, with more joining the program each month.  In the past two months alone, the County of San Diego and the Los Angeles South Bay Council of Governments cities of Lomita, El Segundo and Rancho Palos Verdes have all opted to bring the benefits of Figtree’s brand of PACE financing to their regions, as have the municipalities of Stockton, Turlock, Hawthorne and Butte County’s Town of Paradise.

Figtree can finance projects from $5,000 into the millions of dollars, an important consideration for any town with a thriving small business community.  But Figtree also has a track record of financing Class A office property improvements. Many commercial building owners find they can improve operating income and property values with the solar, HVAC, lighting and cool roof enhancements Figtree has successfully financed.

In cities like Fresno and Palm Springs, Figtree helped put contracting crews to work this summer within days of issuing private placement bonds to finance PACE improvements.