§ 36-301. Purpose and creation of C-PACE Financing Program.

(a)

Pursuant to the C-PACE Act, any Virginia locality may enact an ordinance authorizing a C-PACE program to provide C-PACE loans for the initial acquisition and installation of eligible clean energy, resiliency, and/or stormwater management improvements with willing owners of qualifying properties, which may include renovations to existing improvements or new construction. Each C-PACE loan shall be secured by a voluntary special assessment lien on the property that is the subject of the C-PACE loan. C-PACE loans shall be repaid in installment payments, which shall be due and payable in accordance with the C-PACE program guidelines and financing documents.

(b)

After due consideration, the city council hereby determines that the promotion and development of a C-PACE program will enhance the renovation of existing buildings and foster the construction of new buildings with energy or water efficient features, resulting in economic growth in the City and the region. The adoption of an ordinance creating a city C-PACE program is in the public interest and fulfills multiple public purposes.

(c)

Therefore, the purpose of this chapter is to create the "Lynchburg Commercial Property Assessed Clean Energy (C-PACE) Financing Program," in accordance with the C-PACE Act, which shall operate in accordance with the provisions of this article and the C-PACE Act.

( Ord. No. O-19-047 , § 1, 12-10-19)

( Ord. No. O-19-047 , § 1, 12-10-19)