July 8, 2014

Cover Story

CEO of the Year

Utah’s business landscape is rich with professionals who have le...Read More

Featured Articles

Did you go Skiing this winter?

Around Utah

Sections

Spotlight
Martin Plaehn

Spotlight
Karen Sendelback

Legal Briefs
Social Media and Employers: Friends or Enemies?

Money Talk
The Case for HSAs

Economic Insight
Time to Show Up

Lessons Learned
Make a Move

TechKnowledge
In the Lab

EntrepreneurEdge
Rent to Own

Business Trends
Back from the Dead

Executive Living
Artful Inspiration

Features
A Breath of Fresh Air

Features
Worst-Case Scenario

Regional Report
Northern Utah

Focus
Measure Up

Industry Outlook
Travel & Tourism

Players
Players

Article

Celtic Bank Funds California PACE Bond

Press Release

July 8, 2014

Salt Lake City – Celtic Bank recently funded a PACE bond with Los Angeles County in the amount of $6,860,000 for the New Constance Hotel located in Pasadena, Calif. Funds for the hotel will be used to install energy efficient improvements, including new HVAC and controllers, LED lighting, elevator motors and controls, window treatments, water systems and insulation. These improvements are estimated to save 207,488 kilowatt-hours per year in electricity and reduce water consumption by 3.2 million gallons. The closing of the New Constance Hotel PACE bond brings the total amount of PACE funding by Celtic Bank to $14.065 million. 

"Most clean energy programs require taxpayer and government subsidies to make them economically viable,” said Jake Barney, CFO of Celtic Bank. “We are excited to participate in a program like PACE that utilizes private capital to fund clean energy improvements that actually increase the operating cash flow of the entity.” 

PACE (Property Assessed Clean Energy) is a financing vehicle offered by local governments in states with legislation allowing the program. PACE allows property owners to finance 100 percent of the costs to make energy efficient upgrades or renewable energy updates to their buildings. Currently, 31 states and Washington D.C. have adopted PACE enabling legislation. Local governments offer bonds to investors, then loan the proceeds from the bonds to consumers and businesses to make energy efficient upgrades or installations. The loan is then repaid over a specified period of time (up to 20 years) through a property tax assessment.

Utah Business Social
UB Events View All
2014 Fast 50 EventUtah Business Event
Aug 28, 2014
Utah Business magazine along with presenting sponsors Kirton McConkie, CBIZ, MHM, LLC and Newmark...
Community Events View All
The 3 Percent Road Show
Jul 31, 2014
The Mad Men era may be decades behind us, but not much has changed in the advertising industry as...
Day of Hope Car Show
Aug 2, 2014
3rd Annual fundraiser to benefit 1,600 child victims of crime helped by the award winning Childre...

info@utahbusiness.com  |  90 South 400 West, Ste 650 Salt Lake City, Utah 84101   |  (801) 568-0114

Advertise with Utah Business

Submit an Event

* indicates required information
* Event Name:
Price (general):
Website (if applicable):
Coordinator's Name:
Coordinator's Email:
Coordinator's Phone:
Venue Name:
Venue Address:
Venue City:
Venue Zip:
Event Capacity:
Date(s):
to
* Event Description:
  Cancel