Privately Funded Commercial Financing Program Approved

by SC Reporter Emilie Alfino

City Council authorized a privately funded commercial financing program to operate on Sanibel. It is the Florida Development Finance Corporation (FDFC) Commercial Property Assessed Clean Energy (C-PACE) Program.

It creates a mechanism for local governments to provide for the financing of specific qualifying improvements to real property.

“This is an alternate type of funding with private investment,” explained Vice Mayor Holly Smith. City Manager Dana Souza said a local business approached the city to bring this to the Council.

Monies financed through this program must be paid back with annual, not monthly, payments. Numerous jurisdictions throughout Florida have already opted into this program, including the cities of Fort Myers, Cape Coral, Bonita Springs, and the Village of Estero.