TITLE 67

STATE GOVERNMENT AND STATE AFFAIRS

CHAPTER 38

COMMERCIAL PROPERTY ASSESSED CAPITAL EXPENDITURE ACT

67-3807.  c-pace program requirements. The terms of a program established pursuant to section 67-3806(3), Idaho Code, shall include:

(1)  Appropriate eligibility factors, including certification by the property owner that:

(a)  The property owner requesting to participate in the program:

(i)   Is the legal owner of the benefited property;

(ii)  Is current on mortgage and property tax payments; and

(iii) Is not insolvent or in bankruptcy proceedings; and

(b)  The title of the benefited property is not in dispute;

(2)  A requirement that:

(a)  The total debt secured by the property, including the C-PACE assessment, does not exceed ninety percent (90%) of the fair market value of the property as complete or as stabilized;

(b)  The C-PACE assessment does not exceed:

(i)   In the case of new construction, thirty-five percent (35%) of the fair market value of the property as complete or as stabilized; or

(ii)  In the case of a retrofit of existing property, twenty-five percent (25%) of the fair market value of the property as completed or as stabilized; and

(c)  The determination of fair market value shall be established by a qualified appraisal completed no more than twelve (12) months prior to the time of application;

(3)  A description of the types of qualified projects that may be subject to special assessments;

(4)  A statement identifying the local government official authorized to enter into and execute written contracts on behalf of the local government;

(5)  A statement that the period of the special assessment must not exceed the weighted average of the useful life of the qualified project that is the basis for the assessment;

(6)  A statement explaining the manner in which property will be assessed and how assessments will be collected; and

(7)  The procedures for billing and collecting voluntary special assessments and remedies for enforcement of a delinquent special assessment.

History:

[67-3807, added 2024, ch. 239, sec. 1, p. 854.]