By Conrad Dudderar
A tool used to finance “clean energy” improvements on commercial property will be used for a new development just south of Yukon.
The U.S. Department of Energy’s Commercial Property Assessed Clean Energy (C-PACE) program makes it possible for commercial property owners and developers to obtain low-cost, long-term financing for energy efficiency, water conservation and renewable energy projects.
Canadian County officials have approved a C-PACE assessment contract for The Stacks development at 12700, 12708 and 12724 N.W. 10th.
The site – south of 10th Street between Cemetery and Czech Hall Roads – has a Yukon address but is in Oklahoma City limits.
The C-PACE financing portion of phase-one development is $4.2 million, according to Oklahoma C-PACE Program Administrator Nancy Graham.
“The monies are completely private-sector capital,” Graham explained. “It is capital investments coming into your county from a capital private investor.
“The private property owner has been working with a private capital investor together with their senior lender.”
A developer recently announced an official ground-breaking for The Stacks, a 34,000 square-foot mixed-use center expected to open during the first half of 2024.
Confirmed tenants include Cava, Pickleman’s and Oklahoma-based The Surf Bar, according to The Medallion Group.
Other medical offices and retail shops will be announced later.
The Stacks will be north of Trinity Baptist Church and east of Joe Cooper Ford’s future Chrysler Dodge Jeep dealership set to open this fall.
Graham recommended Canadian County commissioners enter into the C-PACE agreement with the property owner and commercial capital provider for The Stacks. Commissioners voted 3-0 to approve.
This allows the property owner to levy an assessment for clean-energy improvements that will be part of this “new construction development,” Graham said.
The C-PACE program was initiated in Oklahoma in July 2021.
“These are big capital investments,” Graham noted. “It’s an opportunity for any county that’s in this program, any developer, any property owner, to look at a different way to finance those clean-energy improvements.
“This is the 13th project in the state – the first outside Oklahoma County and Tulsa County so far.”
The program works by offering low-interest loans to property owners who want to make energy efficiency improvements or install renewable energy systems on their properties.
The loan is repaid through the property assessment on the property owner’s tax bill.
Canadian County will reap the benefits of The Stacks development through ad-valorem tax revenues.
“It’s a separate assessment,” Canadian County Assessor Matt Wehmuller said of the C-PACE contract. “The county doesn’t have any liability in this. It runs with the property.
“The county doesn’t incur any costs associated with this. It will grow the tax base like a TIF (tax-increment financing) district in the sense that we’ll benefit from these improvements.”
SOUTH OF 10TH STREET
All development south of N.W. 10th generates sales tax revenue for the City of Oklahoma City, not Yukon.
This includes the entire Market at Czech Hall development east of The Stacks.
The Market at Czech Hall already features Crest, Burlington, Longhorn Steakhouse, Old Navy, Swig, Hooters, Taco Casa, Academy Sports, Huntington Jewelers, Marshalls, Mo Bettah’s, Qdoba, Five Below, Ross, Slim Chickens, Wing Stop, Cheddar’s, among other tax-generating retailers.
Pub W and Neighborhood Jam will occupy outparcels now being developed just west of N Czech Hall Road.