Memphis is the first city in Tennessee to finalize the Commercial Property Assessed Clean Energy and Resiliency (C-PACER) incentive.
The federal incentive program, which provides financing for any eco-friendly projects, was unanimously approved by the Memphis and Shelby County Economic Development Growth Engine board on Wednesday, Sept. 21.
The Tennessee General Assembly approved the program in 2021, and the Memphis City Council approved it in June. The program is only available within the City of Memphis.
EDGE expected to approve eco-friendly, federal incentive this month
Shelby County has not approved the program.
EDGE will serve as the governing body for the incentive. Applications and inquiries will go through the Economic Development Growth Engine.
Qualifying projects must meet a $1 million threshold in permanent improvements. Those investments must be in one of four categories: water conservation and improvement, resiliency, energy efficiency and renewable energy.
All applicants must also meet a 25% Minority and Women-Owned Business Enterprise participation requirement.
A 1% application surcharge will be applied to all pending projects. That 1% surcharge cannot exceed $50,000. And 50% of that charge will be returned to the City of Memphis and the remaining 50% going back to EDGE.
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