PACE WISCONSIN FUNDS ENERGY EFFICIENCY UPGRADES FOR HOTEL RETLAW RENOVATION
Statewide program to finance $2.3 million in improvements
MADISON, Wis. (February 19, 2018) – The historic Hotel Retlaw in downtown Fond du Lac, Wisconsin, is the second energy efficiency improvement project funded by financing available through PACE Wisconsin. A total of $2.3 million in PACE financing was approved to support the project, which will yield nearly $5 million in energy savings over the effective useful life of the upgrades.
Approved energy efficiency improvements to the hotel include updated lighting in guest rooms and common areas, as well as a new air handler, chiller, complete HVAC system, and windows. The energy upgrades financed by PACE Wisconsin are just part of the property’s $20.9 million dollar makeover to restore the property to its former status of a luxury hotel—which developers say will be dramatic and impactful to the community.
"PACE financing is helping us include energy efficiency updates to the property, which will only help us operate more profitably over time,” said Dennis Doucette of Legendary Hotels.
The revived Hotel Retlaw is anticipated to be a focal point of Fond Du Lac’s downtown area. Once renovated, the hotel will feature 126 rooms, a farm-to-table restaurant, coffee shop, spa and fitness center, and retail space. Re-opening the hotel is expected to give the entire downtown a boost. PACE Equity, based in Milwaukee, Wisconsin, provided the PACE financing component of the project capital budget.
“Redevelopment of the Hotel Retlaw is central to the revitalization of downtown Fond du Lac, and is a priority for both the city and county,” said Allen Buechel, Fond du Lac County Executive and Chair of the Wisconsin PACE Commission. “PACE financing was a critical component of the financing package that helped our community move closer to achieving this important economic development goal.”
PACE Wisconsin works with communities across the state to empower building owners to save energy and money, communities to create new jobs, and local economies to flourish—all without any taxpayer assistance.
Jon Hochkammer of the Wisconsin Counties Association (WCA) is pleased to be an active participant in promoting PACE Wisconsin throughout the State. “It is very gratifying to see commercial property owners utilizing PACE financing to meet their sustainability goals, improve the profitability of their businesses, and spur economic development in our local communities,” he said.
Property Assessed Clean Energy (PACE) is an innovative program that enables property owners to obtain low-cost, long-term loans for energy efficiency, renewable energy, and water conservation improvements. Projects financed using PACE can generate positive cash flow upon completion with no up-front, out-of-pocket cost to property owners. This eliminates the financial barriers that typically prevent investment in revitalizing aging properties.
“PACE Wisconsin is excited to be part of the economic development solution in Fond du Lac County, Wisconsin. Redevelopment of the Hotel Retlaw is a good example of how PACE financing can help promote reinvestment in Wisconsin communities,” stated Jason Stringer, Program Administrator, PACE Wisconsin.
Twenty-seven counties in Wisconsin have already approved an ordinance to participate in PACE Wisconsin—meaning property owners in those counties are now eligible to receive PACE financing. For more information on PACE Wisconsin and how it helps property owners, local governments, and contractors, visit pacewi.org.
About PACE Wisconsin
PACE (Property Assessed Clean Energy) drives economic development by authorizing municipalities and counties to work with private sector lenders to provide upfront financing—usually for 100 percent of the cost of energy-saving improvements—to property owners for qualified projects.
PACE Wisconsin offers an open-market solution for building owners in participating Wisconsin communities. To offer PACE Wisconsin, counties must pass a resolution authorizing execution of the Joint Exercise of Powers Agreement (JPA), and pass the Model PACE Ordinance through the county board of supervisors. Interested communities should contact the administrator at email@example.com or view more information at www.pacewi.org.
About Energy Finance Solutions (EFS)
WECC’s EFS specializes in financing program consultation, design, and delivery services in support of energy efficiency and renewable energy improvements. Through partnerships with utilities, contractors, and other agencies, EFS offers customers simple, affordable ways to finance energy improvements. EFS is the financing services division of WECC.
About PACE Equity
PACE Equity is the leading project developer and funder of CPACE projects. By utilizing PACE Equity’s turnkey approach to PACE projects, building owners and developers across the country work with PACE Equity on renovation, redevelopment and new construction projects. PACE Equity has a local presence in 20 PACE markets nationally and committed capital for projects.
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