Members of the Lake Oconee Area Development Authority (LOADA) spent much of their meeting last Thursday at the Farmers & Merchants Bank on Lake Oconee Parkway discussing whether to recommend adoption of a new statewide financing tool designed to spur economic development without using public dollars.
The tool, known as C-PACE (Commercial Property Assessed Clean Energy), was authorized by the Georgia General Assembly in 2024 under House Bill 206.
Joel Wiggins, managing partner of the Southern Group of Georgia and a representative of the C-PACE Alliance, told the authority the program is intended to provide local governments with “another tool in the toolbox” to attract commercial and industrial projects.
“This is private capital, private lending, with zero public dollars and no impact to the tax digest whatsoever,” Wiggins assured about two-dozen attendees, including developers, investors, and public officials. “That’s what makes it attractive. It allows communities to encourage development without the traditional incentives that rely on public funding.”
Wiggins explained that C-PACE financing is available only for commercial, industrial, and certain multifamily projects and can be used to pay for energy efficiency, water conservation, and resiliency improvements such as HVAC systems, windows, building envelopes, and plumbing. Because the financing is structured as a bond secured by a special property assessment, projects can access long-term, fixed-rate funding, often at significantly lower interest rates than traditional loans.
Melody Echols, program administrator with Peach State C-PACE, outlined how the program would work locally. Because LOADA is a statutory joint development authority for Greene and Putnam counties, it is the only eligible body in the two-county area that could administer the program if both county commissions opt in.
“The authority would be the bond issuer and would have final approval authority on each project,” Echols explained. “But the day-to-day operations, underwriting coordination, compliance review, and energy audits would be handled by Peach State C-PACE as program administrator. The goal is that there is very little additional burden on authority members or staff.”
Echols repeatedly emphasized that the program carries no financial risk for either county or the authority. All costs are paid by the developer and wrapped into financing. The program administration fee is capped at 1 percent of the loan amount, with a $100,000 maximum, to be paid at closing. A portion of that fee can be shared with LOADA to offset staff time or administrative costs, she added.
“This is not taxpayer-backed debt,” Echols said in response to questions about potential defaults. “If a project were to fail, the risk sits entirely with the private lender. It behaves like any other special assessment. If there were a tax sale, the obligation runs with the property and transfers to the new owner.”
Several LOADA members stressed the importance of avoiding exposure to Greene or Putnam counties, particularly given past experiences with failed development deals. Wiggins said the legislation was crafted over two years specifically to protect local governments, with similar programs now existing in nearly 40 states.
“This was not rushed,” he said. “It’s been heavily vetted by legislators, attorneys, lenders, and development professionals across the country.”
Discussions also touched on whether the program could support mixed-use developments, infrastructure projects, or retroactive financing. Echols said mixed-use developments qualify as long as they include at least five residential units. She added that completed projects may also be able to refinance eligible improvements made within the past three years.
As the meeting closed, authority members reviewed a draft letter signaling their intent to recommend that Greene and Putnam county commissioners opt into C-PACE. While no final vote on adoption occurred, sentiment around the table leaned toward moving forward.
“It’s a tool, not a mandate,” one LOADA member said. “But if it helps bring jobs, housing, and tax base without costing the counties anything, it’s hard to argue against giving ourselves the option.”
The Lake Oconee Area Development Authority is expected to continue discussions and provide education for board members before formally approaching both county commissions for approval.