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5 <br /> <br />EDPNC will: <br />● Accept C-PACE Project Applications from property owners and capital providers, with <br />application fee <br />● Review Project Applications to determine compliance with the C-PACE Act <br />● Communicate to applicants the approval, conditional approval, or disapproval or their <br />Project Application <br />● If a Project Application is approved, submit relevant closing documents to the local <br />government for execution <br />● Record the Assessment Agreement and Notice of Assignment of C-PACE Lien, or <br />delegate recording to the property owner and their capital provider <br />● Collect a processing fee and administration fee at closing of the C-PACE financing <br />● Submit an annual report to the North Carolina Department of Commerce <br /> <br />3. Program Fees <br />To offset the actual and reasonable costs of administering the C-PACE Program, as required by <br />the C-PACE Act, EDPNC will collect a $750 application fee with each Project Application. For <br />each approved Project Application, EDPNC will collect at closing of the C-PACE financing: <br />1. A processing fee equal to 1% of the total amount financed, not to exceed $25,000 <br />(N.C.G.S. §160A-239.14(2b)). <br />2. A $500 administration fee to reimburse local governments for costs associated with their <br />duties under the C-PACE Act (N.C.G.S. §160A-239.15a(5)). <br />These fees will be included in the C-PACE assessment and financing, to be paid by the property <br />owner. <br />4. Government Has No Liability or Financial Responsibility <br />Neither the State nor any participating local government, its officers, or employees shall be <br />personally liable for any actions taken pursuant to the C-PACE Act. Per the Act, the State nor any <br />local government may use public funds to finance or repay C-PACE assessments, and all <br />financing is obtained by commercial property owners from private-sector capital providers, <br />including costs for program administration. A local government shall not be financially or legally <br />liable or responsible for any assessment and lien imposed within its jurisdiction under the <br />program. Neither the State nor any local government shall use public funds to fund or repay any <br />C-PACE assessment. A local government shall not pledge, offer, or encumber its full faith and <br />credit for any lien amount through a C-PACE Program. <br /> <br />5. Project Eligibility <br />This section outlines the roles and responsibilities of a C-PACE transaction and includes <br />descriptions of project and participant eligibility requirements: <br /> <br />Capital providers may be any private entity, including its designee, successor, and assigns, that <br />makes or funds C-PACE financing, including refinancing. Capital providers may submit their <br />information to EDPNC to be listed as a prospective lender for C-PACE projects on the program <br />website. <br /> <br />Property owner means the holder of title in fee simple to qualifying commercial property. The title <br />to the qualifying commercial property may not be in dispute. The property owner must be current <br />on all mortgage and property tax payments and cannot be insolvent or in bankruptcy proceedings. <br />These requirements will be verified using the Checklist and Property Owner Certification (Exhibit <br />E) <br />23