C-PACER Legislation Signed by Governor Inslee

Over the past two years, BOMA has been part of an extensive stakeholder engagement and advocacy process to gain passage of Commercial PACER financing in Washington State. Our legislation passed both state legislative chambers and the Governor has now signed it into law. 

This legislation allows counties to establish C-PACER programs and cooperate with local lenders on loans secured by the property tax obligation, similar to a local improvement district. The obligation to repay the improvements loan is tied to the property, rather than the owner, which makes longer term financing more attractive because no debt is added onto an owner’s balance sheet. If the building is sold, the loan repayment obligation stays with the property rather than the owner.

C-PACER financing can be used for deeper energy retrofits, resilience measures, such as seismic retrofits, storm water measures, and fire protection, in addition to clean energy and efficiency.

On February 11, 2020, BOMA members successfully kept the C-PACER bill alive by advocating its passage out of a key committee before the midnight deadline.

BOMA members with TJ Wilcox: Ken Rosenfeld (BOMA International), Evan Cole (CBRE), Rita Wells (President of BOMA SPS, Clise Properties), Rep. JT Wilcox, Sam Johnson (Clise Properties) and Chester Baldwin (BOMA’s Lobbyist)