title
Resolution of Intent to Participate in the Commercial Property Assessed Capital Expenditure Program ("C-PACE")
body
Department:
Public Works
Meeting Date:
February 4, 2025
Contact Name:
David Ingram
Public Hearing:
No
Contact Phone:
910-341-1602
Advertising Date/Advertised By:
N/A
Attachments:
Attachment #1: Resolution
Attachment #2: Senate Bill 802
Attachment #3: C-Pace Toolkit
PURPOSE:
The purpose of this resolution is to declare the City of Wilmington's future intent to participate in North Carolina's Commercial Property Assessed Capital Expenditure (C-PACE) program to provide commercial property owners and developers a long-term financing mechanism for qualifying improvements to their property.
BACKGROUND:
In July 2024, the North Carolina State legislature passed Senate Bill 802 (Attachment #2), which authorized a statewide, voluntary C-PACE program. This program allows commercial property owners to finance energy efficiency, renewable energy, water conservation, and resiliency improvements through low-cost, long-term financing.
The program will be administered by the Economic Development Partnership of North Carolina ("EDPNC") and will allow commercial property owners to finance 100% of qualifying building improvements, up to 35% of the value of the property. The result of the program will include energy savings, lower utility bills, building resiliency, increased property values, economic and job development, and reduced carbon emissions. See the attached C-PACE toolkit (Attachment #3) for further reference.
The program offers longer repayment terms (20-30 years) than traditional commercial loans, resulting in lower annual payments and positive cash flow. C-PACE is already implemented in 40 states and Washington, D.C. and is now available to commercial property owners in North Carolina.
Joining the statewide program does not expose the City of Wilmington to any financial or legal liability. EDPNC and private capital providers will ...
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