1. The Challenge
In January 2012, the Toledo-Lucas Port Authority acquired One Maritime Plaza, a seven
story, 60,000 sq. ft. office building built in 1982. The building had a number of deferred
maintenance concerns and it was not maintaining proper cooling and heating levels.
Tenants complained that office space was uncomfortable and unproductive as the
temperature inside reached 80F in the summer. Moreover, this building had high energy
consumption, consuming 1.43 Megawatts of electrical power and 21,000 ccf of natural
gas annually. A comprehensive building retrofit was essential to retain the tenants and
save energy. The Port Authority identified the following goals for this project:
• Increase tenants comfort
• Improve overall building performance
• Make regular and necessary upgrades
• Replace needed equipment
• Reduce energy costs
Case Study No. 6
Top to bottom retrofit of an office building in Toledo, OH.
The Solution
The Port Authority, a quasi-government entity, is running a successful PACE program
encompassing the cities of Toledo and Oregon. To date, the Port has issued more than
$12 million in taxable revenue development bonds and revolving loan funds to finance
PACE projects. Under Ohio PACE law, municipal, government and non-profit entities are
eligible for PACE financing.
One Maritime Plaza was a perfect project to demonstrate the Port Authority’s leadership
and promote the PACE mechanism by using it on its own building. The Port Authority did
not want to add additional debt to the property. PACE was attractive because it can be
structured as an off-balance sheet financing.
Paul Toth, President and CEO of the Port Authority, noted that “We are incredibly proud
of the impact that this program has already had on the community and anticipate
continued momentum going forward.”
Project Success
A local engineering firm, SSOE, was selected in a competitively bid process as the energy
program advisor. SSOE provided a mechanical energy assessment of the Maritime Plaza
building and proposed a list of energy conservation measures. These measures ranged
from window resealing to a comprehensive controls system overhaul. The Port Authority
underscored the importance of having a building controls expert involved from the very
beginning. Total financing amounted to $1,058,000 and the bond was privately placed
with an insurance company. This project resulted in:
• Estimated annual reduction in electricity use: 48%
• Reduction in natural gas use: 31%
• Total energy use reduction: 43%
• Annual estimated energy savings: 670,000 kWh
• Significant improvement in tenant comfort
• Energy savings provided support for the improvements.
Maritime Plaza currently houses 9 tenants and 110 people, including the Port Authority’s
headquarters. After the top to bottom building retrofit is complete, the Port Authority’s
energy program will move to Maritime Plaza as well.
PACE in Toledo, OH
The Toledo-Lucas Port Au-
thority provides fixed-rate
PACE financing for projects
that focus on conserving en-
ergy and generating savings
through energy efficiency
retrofits to existing facili-
ties.
Contact Information
Toledo-Lucas Port Authority
419.243.8251
contactus@toledoportauthority.org
www.toledoportauthority.org
Project Financing
PACE Assessment: $1.4 million
Term: 15 years
Rate: 4.32% fixed
Building Details
Size: 60,000 sq. ft.
Year Built: 1982
Assessed value: $550,000
Improvements
• Cooling tower upgrade
• Complete lighting retrofit
• Hot water pump upgrade
• Building envelope: roof, win-
dows & front entry
• Direct Digital Controls for
HVAC
• Air hander fan motors re-
placement
• Complete cleaning & main-
tenance of mechanical system
© 2013 PACENow
PACE