§ 36-304. C-PACE loan requirements.

(a)

C-PACE loans shall be originated by capital providers. The city and/or its respective governmental entities shall have no obligation to originate or guaranty any C-PACE loans. Except for oversight duties set forth in this chapter, the role of the city shall be limited to (i) levying and assessing the C-PACE assessments and C-PACE liens, and (ii) enforcing the timely repayment of the C-PACE loans in the same manner as delinquent real estate taxes are enforced, in accordance with the C-PACE Documents, any applicable city ordinances, and Title 58.1, Chapters 32 and 39 of the State Code, which enforcement action may include (without limitation) conducting a tax foreclosure sale of the property by public auction.

(b)

The minimum C-PACE loan amount that may be financed for each project is $30,000.00, and the maximum C-PACE loan amount that may be financed for each project is $20,000,000.00. There shall be no limit on the total value of all C-PACE loans to be financed under the program.

(c)

The interest rate of a C-PACE loan shall be determined by mutual agreement between borrower and capital provider as provided in the C-PACE documents.

(d)

The term of a C-PACE loan shall not exceed 30 years.

(e)

The C-PACE loan amount shall be fully amortized over the term of the C-PACE loan in accordance with the amortization schedule as agreed by borrower and capital provider.

(f)

Program administrator will develop a program application process for the review and approval of proposed projects. Program applications will be processed on a first-come, first-serve basis, and all applicants must meet the program eligibility requirements in the C-PACE Act, this chapter and the program guidelines.

(g)

All costs related to the financing, administration, collection, and/or enforcement of the C-PACE loan and C-PACE lien shall be borne by borrower.

(h)

Each C-PACE agreement shall be substantially in the form attached as Appendix A-1 [available for reference in the offices of the city]. The C-PACE agreement may be modified as necessary to further the program's purpose and to encourage program participation, provided that (i) all modifications are approved by program manager and city attorney, and (ii) the modifications do not conflict with the C-PACE Act, this chapter, the C-PACE documents and/or the program guidelines.

( Ord. No. O-19-047 , § 1, 12-10-19)

( Ord. No. O-19-047 , § 1, 12-10-19)