Mike DiPerna, a financial adviser to the trustees, said the rebuilding itself is valued at some $63 million, with the demolition of the earlier structure and other expenses adding to the overall cost of the project.
“This is a great Dayton story,” said Joseph Geraghty, executive director of the Port Authority.
“This is a great illustration of a cloud with a silver lining,” added Jerry Brunswick, an adviser to the Port Authority.
In a PACE project, the cost of new energy equipment can be repaid for up to 20 years via an assessment added to a property’s tax bill.
In this project, once the PACE bonds are closed, the bond proceeds will be available to be drawn for reimbursement of eligible expenses.
Specifically, this financing over a 15-year term will go toward new LED lighting, lighting controls and improvements to the company’s heating, air conditioning and ventilation system.
PACE is a tool the Port Authority has offered Dayton property owners in the past, including the cluster of Front Street buildings in 2017 and for the Beth Abraham Synagogue in Oakwood.