FINANCIAL_SERVICESAPPROVED

Town of Needham Select Board Agenda September 9 2025

Needham Approves PACE Clean Energy Finance Agreement with MassDevelopment

Town of NeedhamMASSACHUSETTS DEVELOPMENT FINANCE AGENCYSeptember 9, 2025

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Description

The Town of Needham approved participation in the Massachusetts Property Assessed Clean Energy Program and authorized a municipal agreement with the Massachusetts Development Finance Agency to implement PACE financing for commercial energy improvements. The Town will assign betterment assessments and liens for qualifying PACE projects, enabling property owners to obtain private capital for clean energy upgrades.

Contract Details

Vendor

MASSACHUSETTS DEVELOPMENT FINANCE AGENCY

Agency

Town of Needham, MA

Contract Type

FINANCIAL_SERVICES

Document Date

September 9, 2025

Contract Term

Term beginning upon execution and continuing until municipality elects to terminate and all PACE betterment assessments have been paid in full or are not outstanding

Renewal Info

The agreement remains in effect until the Town elects to terminate and all outstanding betterment assessments have been paid. Early termination is permitted with written notice, but obligations continue for active assessments. Amendments require written mutual consent.

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