Toledo Port Authority s Advanced Energy Utility

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1 Toledo Port Authority s Advanced Energy Utility August 14, pm Eastern Moderators: Joel Rogers, Center on Wisconsin Strategy (COWS) James Irwin, Center on Wisconsin Strategy (COWS)

2 Agenda Welcome Presenter Kevin P. Moyer, Executive Director, TLCPA Energy Efficiency & Alternative Energy Questions and discussion Close

3 Energy Special Improvement Districts ESID & Property Assessed Clean Energy Financing PACE Efficiency Cities Network Webinar August 14, 2012 Kevin P. Moyer, Executive Director TLCPA Energy Efficiency & Alternative Energy

4 Toledo-Lucas County Port Authority NW Ohio Economic Development National Reputation: for innovative business financing, assisting close to 300 economic development projects representing a total investment of more than $1 billion while helping to create and retain more than 15,000 jobs. Governed by ORC Section 4582 Transportation & Logistics - Expertise & Management Provider of Financing for Buildings & Equipment Energy Efficiency & Alternative Energy Financing - BetterBuildings Northwest Ohio Northwest Ohio Bond Fund SBA 504 & Ohio 166 Loans Community Economic Development Brownfield Re-Development 4

5 Regional Profile Northwest Ohio 27 counties Population: 2,000,000 11,821 square miles Toledo metro area Major manufacturing, strategic transportation, & agriculture centers, also solar cluster. Toledo

6 Energy Goals: Improve building energy efficiency 50% by Reduce energy consumption of manufactured goods across targeted product life-cycles by 50% or more. Reduce federal energy demand 30% 2015/GHG 28% by Improve cars fuel economy > than 60 mpg by Create batteries ½ the cost of what they are today by Make solar energy competitive with other energy sources through the SunShot Initiative. Enable wind energy to contribute 20% of US electricity use by

7 Ohio 21 st Century Energy Policy 10 Key Pillars / Jobs Top Priority Shale natural gas development. Power generation capacity & new tech. Electricity transmission & distribution. Cogeneration & waste heat recovery. Workforce training. CNG / Alternative Fuels. Energy Efficiency. Regulatory reform. New Coal Opportunities. Renewable Energy Resources for a Balanced Energy Portfolio. 7

8 Energy Strategy Drives Actions Mayor establishes Toledo Energy Policy Committee. Comprised of local business, government and non-profit leaders. Challenged with developing energy strategy and policy. Recommendations for Toledo as generator, consumer and regulator of energy. Identify opportunities. Plan Components: Reduce energy consumption 20%, increase clean energy use, promote citizen opportunities to benefit from new energy economy. Establish Energy Special Improvement District. Conduct energy audits and efficiency retrofits for City Building Portfolio. Incorporate Alternative Energy per state RPS. 8

9 Government s Roles Business Extension Sustainable Business Models Leadership and Policy Making Remove Barriers Filling Market Gaps Facilitator Providers of Services Economic Development & Job Creation 9

10 Roles for ESID Formation Roles for ESID Formation Leadership Legislation Assessor Could come from city, county or non-profit corporation. Usually the municipality. Usually the county. Funder City, county, non-profit, economic development group, ESCO s, 3 rd party, revolving loan funds, bonds or combination. Management Generally the non-profit corporation; could use existing economic development group.

11 Our Approach Port Authority leadership, organization support and financing capability augmented with DOE startup funding - June 2010: $15M (50% Bond Reserves, 20% Revolving Loan Fund, 30% Program Launch and Support). Leverage partners/advisors to structure, support & market. Create financing and service offerings that promote flexibility and turn key approach. Cross functional project teams facilities management, finance / accounting, legal, procurement, construction management, engineering / design. Create sustainable organization and business model focused on energy efficiency at attractive costs.

12 BetterBuildings NW Ohio Start-up group within the Toledo-Lucas County Port Authority backed by DOE seed funding. Contract Staffing includes Director/Program Management & Development, Transaction Manager, Administrator / Marketing, Construction Manager & Engineering Intern. Supported by Port Business Development Manager, Administrator in Economic Development, Construction Management / Procurement, HR, Legal, Communications, Accounting invoice and check processing. Contracted advisors group includes legal, technical (engineering / CEM, financial and accounting / tax. Start-up people are hands on and wear many hats.

13 Simplified Process Forming ESID Identify a project (or projects) with owners to request formation of the ESID. Draft Petition for SID creation; initial plan for district & articles of incorporation for SID. Property owner (or designated representative) signs Petition & submits to township or municipality. Also, provide legislation needed to approve Petition a Resolution of Necessity. Municipality or Township has up to 60 days to approve or deny Petition. After legislative approval, file Articles of Incorporation with Secretary of State, (attaching Petition, Plan, copy of approving Resolution).

14 Simplified Process Forming ESID Send notice of initial meeting of non-profit Corporation, formed to oversee SID, to property owners who are members. Hold initial meeting of the Corporation to elect Board of Directors, adopt by-laws, and approve any actions taken by incorporator. City Council will still need to approve an Ordinance to Proceed, and ultimately an Assessment Ordinance finalizing special assessments. City Council will certify the special assessments levied to the County Auditor for placement on property tax roles. Note: Could use existing non-profit Corporation and amend by-laws to include ESID activities.

15 Documentation List Initial Creation Legislative Package a. Petition for special assessment for energy improvement projects. b. Articles of incorporation. c. Initial Plan for the District. d. Resolution of Necessity. Formation Documents. a. Notice of Initial Meeting b. By-Laws c. EIN Application d. Application for Membership e. Non-Profit

16 Documentation List Assessment Legislation a. Ordinance to Proceed b. Ordinance to Levy Assessment Other Documents The Financing Entity will need documents that integrate with these documents & processes with administrative ease & are customer friendly. a. Loan & Security Agreement b. Agreement to be Assessed which the building owner signs which enables the ESID to take care of all of the documents and paperwork on their behalf. Assessment provides security for the financing activity.

17 Assessment Calculation & Energy Efficiency Project There is no mystery. it simply reflects all of the cost to complete the energy efficiency project along with financing rate, expressed as a periodic payment; the equivalent or better than a loan. Process complexity or simplicity dictated by customer needs and the building itself. Upfront: Energy assessment or audit, design /build, feasibility studies, scope, procurement, vendor specific proposals, turnkey. Installation: Equipment, material and labor costs, construction & project management. Financing: Interest rate over the term, fees, legal, borrower reserves, capitalized interest.

18 Toledo Ohio Advanced Energy Improvement Corporation ORC 1710 (SID) & ORC 727 (Assessments) The Nonprofit formed to manage ESID and improvement projects along with financing activity / commercial PACE, loan agreements and PPA. Adopted code of regulations includes ability to contract and borrow to make improvements. 5 Board of Directors myself / chair, 2 Port - CFO & COO, 1 City Council and 1 City designee. Port works in close Partnership with the City.

19 Energy Project Financing Features Energy efficiency Revolving Loan Fund $3M Generates income & integrates with Bond Fund to assist in aggregation. Investment grade bond financing NW Ohio Bond Fund - $40M +. Ability to aggregate smaller transactions and multiple agreements; loans, energy special assessments on property, PPAs, ESAs and securitize with bond financing. Support with QECB allocation designated Green Community program.

20 Energy Project Financing Features Offers fixed rates for up to 15 years. One stop construction and term financing. Customer signs Loan & Security Agreement & Agreement to be Assessed. Public/Private Partnerships; (for larger transactions that have investment tax credits available). Toledo Ohio Advanced Energy Improvement Corporation is the borrower backed by revenues from the various agreements.

21 Consider New Technologies Some prices have fallen rapidly LED Lighting Solar, Wind, Biomass Geothermal CHP, Cogeneration & Waste Heat Recovery Micro Biodigesters 21

22 Energy Program Benefits Solves market gap problem of financing availability. Provides investment grade debt to small unrated companies. Government to government cooperation & transparency Trust Aggregation & economies of scale. Sets the stage for intensive ongoing focus on energy efficiency. Create demand, fill construction pipelines and significantly reduce and change energy consumption profile. Opportunity to inform and educate. 22

23 Marketing & Partnering Organizational Outreach Regional Chambers of Commerce NWO Economic & Community Development Organizations Professional Service Organizations Business & Financial Referrals Advisors, Contractors, Government, Area Leaders Contractors, Architects, Engineering, Energy Services Companies & Equipment Vendors are Key Residential Partnership

24 Program Results Project pipeline continues to grow! RETROFITS COMPLETED 8 ACTIVE CONSTRUCTION 50 AUDITS COMPLETED 84 AUDITS IN PROCESS 15 PROSPECTS 21 As of 6/30/12

25 Case Studies Examples Port One Maritime Plaza Energy savings 40% City of Toledo over 40 buildings Energy savings 25% Commercial Office Buildings 2 Energy savings 35% Auto Dealerships 2 Energy savings 80% Parking Garages 3 Energy savings 43%

26 Customer Benefits - Fix Our Building! Lead community in energy efficiency Increased employee comfort & productivity Energy & maintenance cost savings - $$$$$$ Preserve capital Restore building systems Avoid future energy costs Reduce energy & CO2 with clean technology Create positive business impact & jobs

27 BetterBuildings Challenge Toledo-Lucas County Port Authority & City of Toledo as joint partners. Improve energy efficiency 20% by million square feet in over 100 public & private buildings. $50 million of projects. 27

28 Conclusion 1. Projects: PACE is financing tool and you need identified projects to make this worthwhile; driven by strategy and policy is even better. 2. Financing: There must be an identified source of funding that provides access to capital at reasonable rates; especially for property owners that may not have access. 3. Local Government Support / Leadership: At a minimum you need the local legislative authority and the non-profit Corporation. 28

29 Contact Information for ECN Administrator - ecn@efficiencycities.org Listserv - ecnmembers@efficiencycities.org Website - To Join -

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