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7 <br /> GENERAL ASSEMBLY OF NORTH CAROLINA <br /> SESSION 2023 <br /> SESSION LAW 2024-44 <br /> SENATE BILL 802 <br /> AN ACT TO ADVANCE BUILDING RESILIENCY AND UTILITY EFFICIENCY IN <br /> NORTH CAROLINA BY AUTHORIZING A STATEWIDE PROGRAM TO UTILIZE <br /> ASSESSMENTS TO REPAY NONPUBLIC FINANCING OF COMMERCIAL <br /> BUILDING IMPROVEMENTS THAT WILL PROMOTE ECONOMIC DEVELOPMENT, <br /> REDUCE UTILITY BILL COSTS, AND HARDEN COMMERCIAL BUILDINGS <br /> AGAINST STORM AND FLOOD DAMAGE AND TO AMEND ARTICLE 8 OF <br /> CHAPTER 143 OF THE GENERAL STATUTES TO MODIFY THE REQUIREMENTS <br /> TO BE CERTIFIED AS A MINORITY BUSINESS OR HISTORICALLY <br /> UNDERUTILIZED BUSINESS. <br /> The General Assembly of North Carolina enacts: <br /> SECTION 1. Chapter 160A of the General Statutes is amended by adding a new <br /> Article to read: <br /> "Article IOB. <br /> "Commercial Property Assessed Capital Expenditure (C-PACE.)Act. <br /> "§ 160A-239.11. Purpose; findings. <br /> This Article shall be known and may be cited as the "Commercial Property Assessed Capital <br /> Expenditure (C-PACE) Act." This Article authorizes the establishment of a statewide C-PACE <br /> Program that local governments may voluntarily join to allow willing owners of commercial, <br /> industrial, agricultural, nonprofit, and multifamily residential properties with five or more <br /> dwelling units to obtain low-cost, long-term financing for qualifying improvements, including <br /> energy efficiency, water conservation, renewable energy, and resilience projects, secured by an <br /> assessment and lien authorized by this Article. The State finds that a valid public purpose exists <br /> because the use of a C-PACE Program creates an additional financing mechanism for property <br /> owners to use private funds to finance improvements to their eligible property, thereby driving <br /> economic development by creating a diversity of jobs in the resilience and clean energy sectors <br /> of the economy. The assessment requires minimal upfront costs and provides a more accessible <br /> financial mechanism to fund improvements that will increase the tax value of the affected <br /> properties at minimal administrative cost to local governments. C-PACE improvements allow <br /> property owners to save on their utility bills because the improvements lead to energy or utility <br /> savings and will result in improved indoor air quality or increased resilience, which will increase <br /> the ability of communities and local governments to respond to natural disasters and improve <br /> public health. <br /> 160A-239.12. Definitions. <br /> The following definitions apply in this Article: <br /> Capital provider.—A private entity,or the private entity's designee, successor, <br /> and assigns, that makes or funds ying improvements under this Article. <br /> Commercial property assessed capital expenditure programC-PACE <br /> Program). —A program wherein a C-PACE assessment and C-PACE lien are <br /> voluntarily imposed by a local ,government on qualifying commercial property <br /> to pay for the costs of qualifn�ng improvements. <br /> 111111 <br /> a 1111 <br /> zJill Jill * <br />