US Olympic and Paralympic Museum
The U.S. Olympic and Paralympic Museum Uses $8.4 Million in Retroactive C-PACE Financing
The Challenge
U.S. Olympic & Paralympic Museum (USOPM), a Colorado non-profit organization needed funding to help support their new 64,000 sq. ft. museum dedicated to America’s greatest athletes and their compelling stories.
Crystal LaTier, Economic Development Executive Director for El Paso County, said, “The New York Times listed Colorado Springs as one of the ‘Places to Go in 2020,’ and this new museum is one of the reasons why.” The Museum was selected as the country’s Best New Attraction in 2020 by USA TODAY’s 10 Best Readers’ Choice Awards.
“Adding C-PACE financing to our capital stack helped us make these investments and realize our goals. It's a tool we hope to use again in the future.”
—Tim Welland, Partner and Director of Finance & Development, Palisade Partners
The Solution
USOPM worked with Pace Equity, a national C-PACE lender established in 2014, to secure $8.4 million in retroactive C-PACE financing for the museum. Beau Engman, President of PACE Equity, said, “We were thrilled to work with the U.S. Olympic & Paralympic Museum team to help them create this beautiful new facility. PACE Equity financing can help developers build efficient and sustainable facilities with a low cost of capital which is especially important in today’s economic environment.”
The Impact
The museum’s design features a high efficiency chiller and boiler plant, high efficiency heat pump systems, high-performance windows, and LED lighting. Pam Shockley-Zalabak, acting CEO for the USOPM, said, “The museum is designed to inspire and reinforce Olympic and Paralympic hopes and dreams – both today’s and future ones — through physical, digital, and virtual experiences that are engaging, relevant, and authentic for every visitor from nearby, across the nation, and around the world. C-PACE financing helped us construct this amazing facility to document and share the history of the United States’ Olympic and Paralympic achievements in a museum that’s both energy efficient and environmentally responsible.”
Samantha Bailey, Sustainability Coordinator for Colorado Springs, said, “Colorado Springs is expected to be the largest city in Colorado by land and population by 2050. Without careful and intentional planning, the City’s predicted population growth, coupled with changing climate conditions, will increase pressure on its natural resources, public health, and almost every other aspect of life in Colorado Springs. CPACE financing will play an integral role as a tool to help building owners and developers reduce their greenhouse gas emissions and contribute to our City’s sustainability goals.”
About Colorado C-PACE
Colorado C-PACE provides financing for energy efficiency, renewable energy and water efficiency improvements, including new heating/cooling systems, lighting, water pumps, insulation, and renewable energy projects for commercial properties. C-PACE offers long-term financing that covers 100 percent of the project cost and is repaid over a period of up to 25 years as a line item on the existing property tax bill. Because the loan runs with the property, if the building is sold, the repayment obligation cantransfer to the new owner, who enjoys the ongoing utility cost savings associated with the project.
By the Numbers
Project Type:
New Construction
Building Type:
Public Assembly
Building Size:
72,310 square feet
C-PACE Project Cost:
$8,494,303
Percent Financed:
15.5%
Finance Term:
25 Years
Reduction in Energy Use: