title
Resolution Authorizing the City of Wilmington to Participate in the Commercial Property Assessed Capital Expenditure (C-PACE) Program
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Department:
Public Works
Meeting Date:
3/4/2025
Contact Name:
David Ingram
Public Hearing:
Yes
Contact Phone:
910-341-1602
Advertising Date/Advertised By:
2/23/2025 - Star News
Attachments:
Resolution Authorizing Participation; Resolution of Intent; C-PACE Toolkit
PURPOSE:
This resolution formally authorizes the City of Wilmington to participate in the Commercial Property Assessed Capital Expenditure ("C-PACE") Program to provide commercial property owners and developers a low-cost, long-term, financing mechanism for qualifying improvements to their property.
The item presented to Council covers the public hearing and resolution steps shown below for the City of Wilmington to participate in the C-PACE program. The steps have included:
Step 1 - Approve a Resolution of Intent, which City Council approved at the February 4, 2025 meeting.
Step 2 - Hold a public hearing, which was performed as part of today's City Council meeting on March 4, 2025.
Step 3 - Adopt this Resolution authorizing participation in the C-PACE program
BACKGROUND:
In July 2024, the North Carolina State Legislature passed Senate Bill 802 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. City staff met with a developer in late 2024 who has interest in using the program to support the redevelopment of property within the city limits.
The program will be administered by the Economic Development Partnership of North Carolina ("EPDNC"), and will allow commercial property owners to finance 100% of qualifying building improvements up to 35% of the value of the property. Qualifying improvements include energy efficiency, renewable energy, resiliency, and ...
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