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<br />Page 2 Session Law 2024-44 Senate Bill 802 <br />(3) C-PACE assessment. – A voluntary assessment imposed on a commercial <br />property by a local government under this Article pursuant to an assessment <br />agreement for the total amount of the C-PACE financing. The voluntary <br />C-PACE assessment shall not constitute a tax. <br />(4) C-PACE financing. – Direct financing between capital providers and property <br />owners within the jurisdictional boundaries of a local government <br />participating in the C-PACE Program to finance qualifying improvements. <br />(5) C-PACE lien. – A lien to secure the C-PACE assessment that remains on the <br />qualifying property until paid in full. <br />(6) C-PACE toolkit. – A comprehensive set of documents developed by the <br />statewide administrator in consultation with stakeholders and local <br />governments and subject to approval by the program sponsor that describes <br />the C-PACE Program guidelines, application approval criteria, and forms <br />consistent with the administration of the program as provided for in this <br />Article. <br />(7) Financing agreement. – The contract in which a property owner agrees to <br />repay a capital provider for the C-PACE financing provided, including, but <br />not limited to, any finance charges, fees, debt servicing, accrual of interest and <br />penalties, and any terms relating to the treatment of prepayment and partial <br />payment, and the billing, collection, and enforcement of the C-PACE <br />financing. <br />(8) Local government. – Any county or city. <br />(9) Program sponsor. – The North Carolina Department of Commerce. <br />(10) Project application. – The application submitted to the statewide administrator <br />by the property owner to demonstrate that a proposed project qualifies for <br />C-PACE financing under this Article. <br />(11) Property owner. – The holder of title in fee simple to a qualifying commercial <br />property. <br />(12) Publicly-owned land. – Property that is owned by a State or local <br />governmental entity and that is subject to a leasehold. <br />(13) Qualifying commercial property. – Privately owned commercial, industrial, <br />or agricultural real property or privately owned residential real property <br />consisting of five or more dwelling units. This term includes property owned <br />by nonprofit, charitable, or religious organizations. <br />(14) Qualifying improvement. – A permanently affixed improvement to a building <br />on a qualifying commercial property as part of the construction or renovation <br />of the qualifying property and that includes one or more of the following <br />approved by the program sponsor: <br />a. Energy efficiency measure. – An equipment, physical component, or <br />program change implemented that results in less energy used to <br />perform the same function and that meets or exceeds then-existing <br />State and federal building codes and efficiency standards or <br />conservation codes, including, but not limited to, energy produced <br />from a combined heat and power system that uses nonrenewable <br />energy resources. <br />b. Resiliency measure. – An equipment, physical component, or program <br />change implemented that includes, but is not limited to, storm retrofits, <br />flood mitigation, stormwater management, wind resistance, indoor air <br />quality improvement, electric vehicle charging station, backup energy <br />generators enrolled in an electric public utility demand response <br />program, energy storage, and microgrids and other resilience projects. <br />6