• Posted: December 20, 2022
• Anna Maria Kowalik, C-PACE, Commercial Property Assessed Clean Energy, IECA, Illinois Energy Conservation Authority, James McHugh Construction Company, Jennifer Gee, JMS Electric, Power of Better series, Ramova Theater, Renewable Energy, Robert Atkinson, Tyler Nevius

 

The second episode of The Power of Better, Powering Chicago’s new YouTube series, explores how the electrical construction industry is using renewable energy initiatives and funding programs to power new projects, like restoring iconic community landmarks.

The second segment of episode two highlights the restoration of the Bridgeport neighborhood’s previously abandoned Ramova Theater, using funding from C-PACE, an innovative tool that helps property owners finance projects geared toward clean energy improvements.

Restoring the Ramova Theater

First opened in 1929, the Ramova Theater was once a cornerstone of the Bridgeport neighborhood. Since its closure in 1986, the 1,500-person venue has been abandoned; until, a group led by Tyler Nevius purchased the building in 2021.

The owners are working to revitalize the space into a contemporary and sustainable 2,000-person live music venue, club, grill, and brewery with hopes to open by summer of 2023.

“We wanted to remember and celebrate what the Ramova looked like in the past,” says Nevius. “But, we also wanted to do that in a way that really prepared for the future —with as small a footprint as possible.”

In order to do this, Ramova Theater owners relied on funding from C-PACE, a specialized financing tool that ensures energy efficient projects receive the necessary capital to succeed.

C-PACE programs fund the clean energy future

Commercial Property Assessed Clean Energy (C-PACE) programs have been in existence for 11 years and since have funded over 2,700 projects nationwide.

The Illinois Energy Conservation Authority NFP (IECA), an Illinois nonprofit corporation created for niche financing for clean energy projects, has been at the forefront of developing C-PACE programs in 14 Illinois counties and counting.

However, according to the senior vice president of the IECA, Anna Maria Kowalik, more could be done to educate developers, owners and contractors about what C-PACE is, how it works, and how beneficial the program can be.

“It can finance up to 100% of any clean energy project, including energy efficiencies, renewable energies, water conservation, and resiliency type projects,” says Kowalik.

In fact, C-PACE helped fund about one-third of the multimillion dollar Ramova Theater renovation project.

Throughout the episode, details about C-PACE and the Ramova Theater construction project are shared by:

• Tyler Nevius, owner of the Ramova Theater
• Anna Maria Kowalik, senior vice president – Illinois Energy Conservation Authority
• Jennifer Gee, James McHugh Construction Company project manager 
• Robert Atkinson, JMS Electric project manager 
• Dan O’Riley, Ramova project architect

To learn more about sustainable electrical industry projects in Chicago and Cook County, watch the second episode on Powering Chicago’s YouTube channel.