Title
Vote to adopt a resolution of intent to participate in the North Carolina Commercial Property Assessed Capital Expenditure (C-PACE) program
Abstract
Introduction & Background: The North Carolina General Assembly created the C-PACE program in 2024 to allow qualifying commercial property to obtain long-term financing for qualifying improvements such as energy efficiency, renewable energy, resiliency, and water conservation. Every county must opt-in to the program for commercial properties in the county to take advantage of the C-PACE program.
Discussion & Analysis: The Resolution of Intent signals that the County intends to participate in the C-PACE program. There are two more steps to opting into the program. The County must hold a public hearing to hear any public comment regarding the C-PACE program and then must pass a Final Resolution declaring that we have joined the program. The public hearing and consideration of the Final Resolution will take place at the next Board of Commissioner’s meeting on October 20, 2025.
The C-PACE financing is secured by a voluntary senior lien on the commercial property being improved. The lien is imposed by the local government at the request of the property owner. The security provided by the lien allows capital providers to offer long-term financing over the useful life of the improvements. The capital provider is solely responsible for billing and collecting the loan balance over the life of the loan.
A commercial entity who wants to use the financing would apply to The Economic Development Partnership of North Carolina (EDPNC), the statewide administrator of North Carolina C-PACE. If a project is approved, the EDPNC coordinates with the local government to establish the lien and also coordinates with the private capital provider for the loan proceeds.
How does this relate to the Comprehensive Plan: This program provides favorable financing for projects that increase a commercial property’s resilience and help it protect natural resources.
Budgetary Impact: There is no budgetary impact on Chatham County for participating in the North Carolina C-PACE program.
Recommendation/Motion: to adopt a resolution of intent to participate in the North Carolina Commercial Property Assessed Capital Expenditure (C-PACE) program.