Legislative Findings And Intent

TITLE 67 STATE GOVERNMENT AND STATE AFFAIRS CHAPTER 38 COMMERCIAL PROPERTY ASSESSED CAPITAL EXPENDITURE ACT 67-3802. legislative findings and intent. It is the intent of the legislature to authorize the establishment of a commercial property assessed capital expenditure (C-PACE) program that local governments may voluntarily implement to ensure that free and willing owners of agricultural, commercial, industrial, or multifamily residential properties can obtain low-cost, long-term financing for qualifying improvements. The legislature finds that enabling local governments to adopt C-PACE programs serves a valid public purpose because the use of C-PACE programs will increase economic development, lower insurance costs, and lower disaster and emergency response costs to local governments. C-PACE programs will also decrease energy and water costs and encourage energy and water sustainability.