THE WEST ADAMS REFERENCE GUIDE
thirdACT Impact PB LLC
325 Sharon Park Drive, Suite 630
Menlo Park, CA 95025
Diane Schrader, Founder & CEO
thirdact.com - general information for the community at large
thirdact.io - information for donors, grantors, and investors
tabbss.com - thirdACT Better Building and Sustainability Standards Program
About thirdACT PBC
thirdACT PBC was founded by Diane Schrader in 2015. The company is a Delaware Public Benefit Corporation. The public benefit statement is to drive resiliency in communities through better buildings.
thirdACT Impact PBLLC was founded on October 30, 2020 as the impact investment arm and a single member LLC of thirdACT PBC. It is also a Delaware Public Benefit LLC. A PBLLC is a for-profit LLC that is intended to produce a public benefit and operate in a manner that balances the financial interests and the specific public benefit(s) set forth in the PBLLC's certificate of formation. We use this entity as the container for thirdACT's impact initiatives, whereby thirdACT PBC acts as a General Partner and advisor. The public benefit statement is to drive resiliency in communities by facilitating improvements of properties and structures, including energy efficiency, clean energy technologies, code compliance, affordable housing and reduced cost of living.
thirdACT PBC and thirdACT Impact PB LLC are women-founded and majority women owned enterprises.
The thirdACT team (formerly of Autodesk, Tesla, ZipRealty, Bank of America, Annenberg Foundation) has deep experience in innovative, high-impact approaches to philanthropy, social responsibility, community program design, real estate technologies & investment, origination, and project management. We also intend to hire three TABBSS associates from the West Adams neighborhood to further connect with the community. An Advisory Board will be developed in Q4, 2020 to include various stakeholders.
Terms & Definitions
Net-Zero Energy: DOE defines a ZE home as “a high-performance home so energy efficient all or most annual energy consumption can be offset with renewable energy.”
Decarbonization: Decarbonization of buildings replaces any natural gas appliances with all-electric, removing dependencies on carbon-based fuels. In the West Adams Edition, this means replacing fuel-burned appliances for cooking, space, and water heating. Roughly 20% of US energy-related greenhouse gas (GHG) emissions stem from heating, cooling, and powering households. It’s thought that at least 80% of current buildings will still be in use in the year 2050. So, electrifying only new construction cannot meet our climate goals. Decarbonization of existing single-family homes is absolutely necessary.
Recoverable Grant: A recoverable grant is a form grant that anticipates repayment. This repayment can be a portion, all, or exceed the original amount of funds granted. Repayment is distributed to grantors, who then redirect this capital to other initiatives.
Transfer Fee: Private Transfer Fee (Transfer Fee) is a type of agreement whereby the sale of property triggers a payment to a third party. Transfer fees have been used in California for decades. There are currently ~188,000 Private Transfer Fees on the titles of properties in the State of California. See the Transfer Fee Laws & Regulations topic link for further details.
TABBSS: TABBSS is a registered trademark for thirdACT Better Building and Sustainability Standards. This is an invite-only program developed to certify the contractors who perform property improvements in conjunction with thirdACT financing. The program also provides a unique identification code for each property, enabling third parties to validate the improvements performed by TABBSS contractors.
The West Adams Edition Project Summary