Ordinance 11-21
To: Members of Dublin City Council
From: Dana McDaniel, City Manager
Date: March 2, 2021
Initiated By: Colleen Gilger, CEcD, Director of Economic Development
Sara O’Malley, Economic Development Administrator
Re: Resolutions, Petition, and Ordinances for Property Assessed Clean Energy
(PACE) Special Improvement for 4015-4059 W. Dublin-Granville Road DBA
Stoneridge Investments, LLC
Background
The City of Dublin is focused on setting appropriate conditions to encourage investment and
economic development. City Council continues to support the Economic Development Strategic
Plan to ensure Dublin’s office space remains competitive in the market. One particular tool the
economic development team has brought to existing commercial building owners’ attention is the
use of the Property Assessed Clean Energy (PACE) program, a favorable financing tool for major
energy efficiency improvements. This initiative directly relates to Strategy 1, Action 3 from the
Economic Development Strategic Plan that identifies creating distinctive development nodes with
vibrant physical space and focusing efforts to develop the Dublin Corporate Area/legacy office
parks, as strategic goals.
PACE is a simple and effective way to finance energy efficiency and renewable energy building
improvements. PACE can pay for qualifying improvements for almost any type of property
including commercial, retail, industrial, nonprofit, and multi-family. Property owners across the
United States are using PACE because it not only saves money, but makes these aging properties
more valuable to its owners and communities.
Process
PACE allows qualifying energy improvements to be financed through special assessments on a
property owner’s real estate tax bill. A summary of PACE is provided as an attachment to this
memo. In order to satisfy this request, Dublin City Council must pass a series of two resolutions
and three ordinances:
• The first resolution approves the property owner’s petition to the City to levy the special
assessments.
• The second resolution and two of the ordinances, provide for the steps set forth in the Ohio
Revised Code for levying special assessments.
• The last ordinance approves the transaction documents.
This process, while detailed, follows the requirements of the Ohio Revised Code and the City’s
Charter. The City has no financial obligations with the establishment of a Special Improvement
District or for any PACE project. The City simply serves as a pass-through entity for the project
financing.
Office of the City Manager
5555 Perimeter Drive • Dublin, OH 43017-1090
Phone: 614-410-4400 Memo
Memo re. PACE for 4015-4059 W. Dublin-Granville Road
March 2, 2021
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Project
The building ownership for 4015-4059 W. Dublin-Granville Road is requesting the use of PACE
financing assessments for financing with a principal amount of $965,793.95. This project also
involves a bond issued by the Ohio Air Quality Development Authority (OAQDA) that provides
additional benefits for the landowner over the term of the financing agreement. Specifically, the
OAQDA bond program provides a sales tax exemption for the materials used on the PACE project
(estimated at $23,400) and exempts the tax increases on the property specifically related to the
PACE project for the term of the special assessment (19 years) (estimated at $24,265 annually).
The amount of the limited property tax exemption is ultimately determined by the Franklin County
Auditor, and the property tax collections due to related parties (school district, township, etc.) will
be impacted by their proportional amount of the exempt value determined by the Franklin County
Auditor.
The scope of work includes equipping the building with solar energy solutions, upgraded lighting
systems to LED technology, and high efficiency HVAC systems.
Recommendation
Staff recommends Council approve Resolutions No. 13-21 and 14-21 on March 8, 2021 and
Ordinances No. 09-21, 10-21 and 11-21 on March 22, 2021. Please contact Sara O’Malley with any
questions.
Memo re. PACE for 4015-4059 W. Dublin-Granville Road
March 2, 2021
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