Texas PACE Authority Announces first Texas PACE Deal

The Simon Property Group, Inc. will use Travis County's PACE program to finance $1.5 million in water conservation, mechanical and lighting retrofits at Barton Creek Square, an enclosed mall in southwest Austin built in 1980. The retrofits will conserve water and lower utility costs with the savings used to pay for the financing costs. The savings, according to the Texas program rules, must be greater than the financing costs. Construction will start in the first quarter of 2016.

The Barton Creek project is part of Simon's $500 million commitment to use PACE to finance improvements to its malls throughout the country.  

The Texas PACE Authority made the announcement on December 22, 2015.