TITLE 67

STATE GOVERNMENT AND STATE AFFAIRS

CHAPTER 38

COMMERCIAL PROPERTY ASSESSED CAPITAL EXPENDITURE ACT

67-3806.  PROCEDURES TO establish A C-PACE PROGRAM. (1) To establish a C-PACE program pursuant to this chapter, the local government must:

(a)  Adopt a resolution of intent that includes:

(i)   A finding that the financing of qualified projects through special assessments is a valid public purpose;

(ii)  A statement that the local government intends to authorize direct financing between property owners and capital providers as the means to finance qualified projects;

(iii) A statement that the local government intends to authorize special assessments, entered into voluntarily by a property owner with the local government by means of the written assessment contract, to repay the financing for qualified projects available to property owners;

(iv)  A description of the types of projects that may qualify for voluntary special assessments;

(v)   A description of the boundaries of the region;

(vi)  A description of the proposed arrangements for administration of the program according to the provisions of this chapter;

(vii) A statement of the time and place for a public hearing on the proposed program as required in paragraph (b) of this subsection; and

(viii) A statement designating the local official, department, or employee charged with administering the program and executing written agreements with property owners to impose voluntary assessments on a property.

(b)  Hold a hearing for the public to comment on the proposed program as outlined in the resolution of intent; and

(c)  Following such hearing, adopt a resolution establishing the program and its terms.

(2)  Subject to the terms of the resolution establishing the program as provided in subsection (1)(c) of this section, the local government may amend a program by resolution.

(3)  The enactment of a resolution establishing a program and its terms shall allow a local government to place voluntary special assessments on property without any additional action by the local government.

(4)  A local government may:

(a)  Hire and set the compensation of a program administrator and program staff; or

(b)  Delegate or contract for professional or administrative services necessary to administer the program on a nonexclusive basis.

(5)  A local government is authorized to impose service fees to offset the actual and reasonable costs of administering a program. A fee of no more than five hundred dollars ($500) may be charged at the time of a property owner’s application. In addition, a servicing fee for approved applications may be calculated as one percent (1%) of the total amount financed, not to exceed fifty thousand dollars ($50,000).

History:

[67-3806, added 2024, ch. 239, sec. 1, p. 854.]