C-Pace Voluntary Special Assessments By A Local Government

TITLE 67 STATE GOVERNMENT AND STATE AFFAIRS CHAPTER 38 COMMERCIAL PROPERTY ASSESSED CAPITAL EXPENDITURE ACT 67-3804. C-PACE voluntary special assessments BY A local government. (1) A local government may impose a voluntary special assessment to repay the financing of qualified projects on commercial property located in a region. (2)  A local government shall not impose an assessment to repay the financing of the purchase or installation of products or devices not permanently affixed to commercial property. (3)  A local government may impose a voluntary special assessment only after a project application is approved. The special assessment must be created through a written contract between the local government and the property owner of the property to be assessed. (4)  Prior to entering into the written assessment contract, the property owner shall obtain and furnish to the local government a written statement, executed and acknowledged by an authorized officer of each holder of a mortgage or deed of trust on the property securing indebtedness in the officer’s sole and absolute discretion, consenting to the assessment and indicating that the assessment does not constitute an event of default under the mortgage or deed of trust.