CREJ

Page 4 — Property Management Quarterly — July 2021 www.crej.com News Two existing buildings, one in Aurora and one in Fort Collins, are capitalizing on Colorado Property Assessed Clean Energy financing for energy-efficiency projects. The real estate asset management team for BOK Financial engaged the program to support financing of a comprehensive energy-efficiency retrofit for the office property at 3300 S. Parker Road in Aurora. Ener- gy-efficiency upgrades will include a new chiller, cooling tower, air-han- dling unit damper controls, HVAC controls, a bathroom plumbing over- haul, a new roof, a roof-mounted solar photovoltaic system and LED lighting. Integro Strategic Finance and Bold- er Energy Engineers worked with Brad Nelson, senior asset manager for BOK Financial, to obtain $3.1 mil- lion in project financing from Com- munity Banks of Colorado to com- plete the project. “We are excited about addressing the much-needed building improve- ments that will annually reduce greenhouse gas emissions by 835 metric tons,” said Nelson. “To put this in perspective, 835 metric tons are emitted by 182 cars that, on average, drive 2,099,169 miles per year. Over the next 30 years, the improvements will result in a reduc- tion of 25,050 metric tons of green- house gas emissions.” Meanwhile, Palmer Properties used C-PACE financing for the second time this year. For this project, the group is using the financing to fund a roof and HVAC system upgrade on its retail facility located at 111 S. Meldrum St. in Fort Collins. Palmer Properties is a full-service commercial real estate firm head- quartered in Fort Collins. FirstBank provided $85,000 in financing for the project through the C-PACE program. Other news ■ Four Star Realty announced the management contract of The Croft in late May. The 138-unit, six-story multifamily property is located at 7200 E. Evans Ave. in Denver and has an occupancy rate of 94%. The recently renovated, 1974-built com- munity is owned by Willow Creek Partners and features one- and two- bedroom units. Four Star Realty now handles on-site community man- agement for the property. ■ The Colorado General Assembly passed a package of legislation to ensure Colorado reduces greenhouse gas pollution from buildings while also improving indoor air quality, protecting consumers, driving rural economic development and support- ing high-quality jobs, according to Colorado Gov. Jared Polis’ office. “These nation-leading policies came together through months of work by prime bill sponsors and legislators from both parties, utili- ties, environmental advocates, envi- ronmental justice advocates, labor unions and Gov. Polis’ administra- tion, including the Colorado Energy Office. The bills provide a thought- ful, strategic approach to achiev- ing decarbonization of the building sector while protecting consumer interests and allowing plans tailored to the needs of Colorado’s diverse communities,” states a press release from Polis’ office. The state’s Greenhouse Gas Pol- lution Reduction Roadmap identi- fied combustion of fossil fuels in buildings as one of the four largest sources of greenhouse gas pollution and identified near-term actions Colorado could take to reduce pollution, including increasing energy-efficiency investments by gas utilities, implementing energy and emissions benchmarking and performance standards for large commercial and public buildings, requiring electric utilities to support customer-focused beneficial electri- fication, and expanding financing for clean energy and energy-efficiency programs. The passed legislation implements several near-term actions to address emissions from buildings compre- hensively, including enhancing gas demand-side management, ensuring utilities are working with customers to help them switch to high-efficien- cy electric appliances, benchmark- ing and reducing energy use island emissions in large commercial build- ings, and enhancing financing pro- grams for building upgrades. Following are some of the newly adopted bills designed to address pollution: • Senate Bill 21-264 – Adopt Pro- grams Reduce Greenhouse Gas Emissions Utilities • Senate Bill 21-246 – Electric Util- Aurora, Fort Collins buildings tackle energy projects Four Star Realty takes over on-site management of The Croft in Denver, see Other News