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Cumberland County Commissioners Approve QECB Resolution

Cumberland County Commissioners Approve QECB Resolution
Program aimed at encouraging energy conservation and investment
 

Carlisle, PA – At a workshop meeting today, the Cumberland County Commissioners approved a Resolution authorizing a Qualified Energy Conservation Bond (QECB) initiative in accordance with the American Recovery and Reinvestment Act. Under the initiative, the County will create a “green community program”  that will allow businesses to finance retrofits of existing facilities for heating, cooling, lighting or other efficiency measures at reduced interest rates. The program can also be used to finance alternative and renewable energy projects and energy efficiency projects in governmental facilities that reduce energy consumption by at least 20%.  As with other conduit financing programs of the Cumberland County Industrial Development Authority (CCIDA), applicants must secure a loan commitment from a bank of their choosing. Under the QECB rules, the borrower pays the bank a commercial rate of interest, but is reimbursed approximately 70% of the interest paid on the loan.  For example, for loan commitments executed on June 13, 2011, the Treasury will reimburse up to 3.05% of the interest rate of the loan for up to 16 years. Cumberland County is authorized to approve up to $2,379,493 of QECB projects; however in the case of private alternative and renewable energy projects, only 30% of the County’s allocation can be used for such purposes.  The initiative will be administered on behalf of the County by the CCIDA and will be marketed by Cumberland County Economic Development (CCED).  Since August 2005, CCED has helped attract approximately $87,500,000 of private sector investment into Cumberland County’s economy.

 Interested applicants are encouraged to contact Omar Shute, CCED Executive Director at 717-240-7182 or by email to omar@cumberlandbusiness.com

The mission of CCED is to be a catalyst for job creation; entrepreneurship; business attraction, retention, and expansion on behalf of the citizens of Cumberland County and South Central Pennsylvania.

 

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