Agenda 10-07-2025; 8-h - Adoption of a Resolution of Intent for Orange County to Participate in the North Carolina Commercial Property Assessed Capital Expenditure (C-PACE) Program

Browse Search

9 The Program has adopted the following form documents which shall be part of the closing of any C-PACE transaction. A property owner and capital provider may adapt the forms to the needs of their particular transaction but must not modify or omit any material substantive terms contained in the forms, unless as otherwise approved by EDPNC. ● Assessment Agreement (Exhibit G) ● Notice of C-PACE Assessment and Lien (Exhibit H) ● Assignment of C-PACE Lien and Assessment Agreement (Exhibit I) After a local government has joined the North Carolina C-PACE Program, a property owner begins the process of obtaining financing by connecting with a capital provider. The capital provider will work with the property owner to collect several diligence items. Once all the items have been received, reviewed, and approved by the capital provider, the parties will settle on the assessment terms and begin the application and closing process. This process will generally take the following steps: (1) The capital provider works with the property owner to prepare the Project Application documents including the Checklist and Property Owner Certification, Certificate of Qualifying Improvements, and Lienholder Consent. Applicants should review the Checklist and Property Owner Certification to ensure the types of information that the administrator will rely upon to verify compliance with the C-PACE Act are present in the completed Project Application. (2) EDPNC will have 15 (fifteen) business days to review and approve the Project Application. ● If the Project Application is approved, the approval will be communicated in writing to the applicant, capital provider, and local government. The Project Application may be conditionally approved if Lienholder Consent is not yet available, but all other requirements have been satisfied. Conditional approval will be treated the same as an approval, with exceptions noted below. EDPNC’s application review process is confined to confirming that the Project Application conforms to these guidelines. Approval does not constitute endorsement of any representations that may be made with regard to the operation and any savings associated with the Qualifying Improvements. ● Incomplete Project Applications will be returned to the applicant with notice about which items were not provided or are insufficient or inaccurate on their face. (3) Upon receipt of approval, the capital provider will finalize drafts of the closing documents, including the Assessment Agreement, Notice of C-PACE Assessment, and Assignment of C-PACE Lien. At or before closing, the applicant’s designated and authorized official may execute closing documents. If the Project Application received conditional approval, the closing documents executed by EDPNC and the local government may not be released from escrow unless and until all lender consents have been received and executed in accordance with the C-PACE Act. (4) At closing and upon execution by the local government, EDPNC or the capital provider will record the Assessment Agreement, Notice of C-PACE Assessment, and the Assignment of C-PACE Lien in the office of the register of deeds in the county in which the property is located. Upon confirmation of recordation, the capital provider will disburse funds in accordance with the Financing Agreement. (5) Per the Assessment Agreement and in accordance with the Financing Agreement, the property owner makes payments over the assessment term. 27