New Amadore Apartments is First Building in Saginaw to Take Advantage of PACE Financing Program

New Amadore Apartments is First Building in Saginaw to Take Advantage of PACE Financing Program

SAGINAW, MI - A ribbon cutting ceremony hosted by the Saginaw County Chamber of Commerce and Saginaw Future will highlight The Energy Alliance Group of Michigan’s latest PACE project, New Amadore Apartments.

Originally constructed in the 1920’s, the event will showcase the recent energy efficiency renovation of this historical building. The renovations are expected to save more than $600,000 in utility and maintenance costs over the 20 year life of the financing.

The apartment complex is Saginaw county’s first property to take advantage of Property Assessed Clean Energy (PACE), an innovative energy efficiency financing mechanism. The County joined the Lean & Green Michigan statewide PACE program in September 2013 through a vote by the Saginaw County Board of Commissioners.

The goal of the Lean & Green Michigan PACE financing program, administered by Levin Energy Partners, is to make it easier for owners of commercial, industrial and multi-family properties to reduce wasted energy and upgrade to energy efficient technologies and renewable sources of energy.

“The PACE model is an innovative mechanism for financing energy efficiency and renewable energy improvements on private property”, said JoAnn Crary, President of Saginaw Future. “We were pleased to be part of the New Amadore Apartment project and look forward to working with other companies considering this type of financing.”

Petros PACE Finance funded the upgrades to the property owned by Marookeh Nahikian. The financing paid for the replacement of all 281 original single pane windows installed when the building was first constructed in 1929. Replacement parts for the deteriorating window seals and operating mechanisms were no longer available.

According to Carl Nerio, a long time resident of New Amadore, “During the winter, no matter how warm it was inside the building you wouldn’t sit anywhere near the windows because of the drafts and ice build up.” In addition to the overall improvement in the appearance of the building Nerio noted “the new windows don’t let in any drafts and the tinted glass really cuts down on the heat build up when the sun is shining.”

Supplied and installed by Lawrence Smith Window and Door, the replacement windows are highly energy efficient, maintain the historical look of the building, and won approval from the Historical Society of Saginaw County.

The ribbon cutting ceremony will take place on June 7th, 2017 at 3:00 p.m. at the main entryway of the New Amadore Apartments. Tours of the facility will be available immediately following the ribbon cutting.

The ceremony was planned to coincide with the popular Jazz on Jefferson Festival.

Source: New Amadore Apartments / #Multifamily #Apartments

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