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8 <br /> 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 /> 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 /> C-PACE lien. —A lien to secure the C-PACE assessment that remains on the <br /> qualifying property until paid in full. <br /> 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 /> 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 /> Local government. —An.. county or city_ <br /> 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 /> Publicly-owned land. — Property that is owned by a State or local <br /> governmental entity and that is subject to a leasehold. <br /> Qualifying commercial property. — Privately owned commercial, industrial, <br /> or agricultural real grope . 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 /> 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,torage, and microgrids and other resilience projects. <br /> Page 2 Session Law 2024-44 Senate Bill 802 <br />