TITLE 67

STATE GOVERNMENT AND STATE AFFAIRS

CHAPTER 38

COMMERCIAL PROPERTY ASSESSED CAPITAL EXPENDITURE ACT

67-3803.  definitions. As used in this chapter:

(1)  "Capital provider" means a private third-party entity, including its designee, successor, and assigns, that provides or funds C-PACE financing, including refinancing, pursuant to this chapter.

(2)(a)  "Commercial property" means:

(i)   Privately owned commercial, industrial, or agricultural real property; or

(ii)  Privately owned residential real property consisting of five (5) or more dwelling units.

(b)  "Commercial property" includes:

(i)   property owned by nonprofit, charitable, or religious organizations; or

(ii)  One (1) or more owner-occupied or rental condominium units affiliated with a hotel.

(3)  "C-PACE program" or "program" means a commercial property assessed capital expenditure program established pursuant to the provisions of this chapter.

(4)  "Financing" means financing and refinancing for qualified projects pursuant to this chapter.

(5)  "Financing agreement" means a contract under which a property owner agrees to repay a capital provider for the C-PACE financing, including but not limited to details of finance charges, fees, debt servicing, accrual of interest and penalties, and terms relating to treatment of prepayment and partial payment, billing, collection, and enforcement of the C-PACE financing.

(6)  "Local government" means a county, municipality, or other political subdivision of this state.

(7)  "Program administrator" means a local government department or individual designated to administer a C-PACE program or a private independent third party designated by the local government to administer a program in conformance with the administration procedures provided in this chapter.

(8)  "Program guidebook" means a comprehensive document created by a local government that illustrates the applicable program and establishes appropriate guidelines, specifications, underwriting and approval criteria, and standard application forms consistent with the administration of a program pursuant to this chapter, including:

(a)  A form for an assessment contract between the local government and the property owner for specifying the terms of assessment under the program, financing provided by a third party, and remedies for default or foreclosure;

(b)  A form for a local government notice of assessment and C-PACE lien; and

(c)  A form for a notice of assignment of assessment and C-PACE lien between a local government and a capital provider.

(9)  "Project application" means an application submitted to a program to demonstrate that a proposed project qualifies for C-PACE financing and for a C-PACE assessment and lien.

(10) "Property owner" means the owner or owners on the title, duly recorded, or the owner of an estate for years created pursuant to a written lease agreement or similar agreement, of a commercial property;

(11) "Qualified improvement" means a permanent improvement installed and affixed to commercial property and intended to:

(a)  Decrease energy consumption or demand through the use of efficiency technologies, products, or activities that reduce or support the reduction of energy consumption;

(b)  Support the production of renewable energy, including through the use of a product, device, or interacting group of products or devices on the customer’s side of the meter that provides thermal energy or regulates temperature;

(c)  Decrease water consumption or demand, increase water conservation and storage, and address safe drinking water through the use of efficiency technologies, products, or activities that reduce or support the reduction of water consumption or increase the storage of water;

(d)  Allow for the reduction or elimination of lead from water that may be used for drinking or cooking; or

(e)  Increase water or wastewater resilience, including through storm retrofits, flood mitigation, and stormwater management, or increase wind resistance, energy storage, microgrids, or structures, measures, or other improvements that reduce land use impact, and other resilience projects approved by the local government.

(12) "Qualified project" means a project approved by the program administrator, involving the installation or modification of a qualified improvement, including new construction or the adaptive reuse of eligible property with a qualified improvement. Qualified improvements installed and operational no more than three (3) years prior to the date of application are eligible as qualified projects.

(13) "Region" means a geographical area eligible for a C-PACE program as determined by a local government pursuant to section 67-3805, Idaho Code.

(14) "Special assessment" means a voluntary assessment imposed by a local government on real property located within the boundaries of a C-PACE program.

History:

[67-3803, added 2024, ch. 239, sec. 1, p. 851.]