C-Pace Program Requirements

TITLE 67 STATE GOVERNMENT AND STATE AFFAIRS CHAPTER 38 COMMERCIAL PROPERTY ASSESSED CAPITAL EXPENDITURE ACT 67-3807. c-pace program requirements. The terms of a program established pursuant to section 67-3806 (3), Idaho Code, shall include: (1)  Appropriate eligibility factors, including certification by the property owner that: (a)  The property owner requesting to participate in the program: (i)   Is the legal owner of the benefited property; (ii)  Is current on mortgage and property tax payments; and (iii) Is not insolvent or in bankruptcy proceedings; and (b)  The title of the benefited property is not in dispute; (2)  A requirement that: (a)  The total debt secured by the property, including the C-PACE assessment, does not exceed ninety percent (90%) of the fair market value of the property as complete or as stabilized; (b)  The C-PACE assessment does not exceed: (i)   In the case of new construction, thirty-five percent (35%) of the fair market value of the property as complete or as stabilized; or (ii)  In the case of a retrofit of existing property, twenty-five percent (25%) of the fair market value of the property as completed or as stabilized; and (c)  The determination of fair market value shall be established by a qualified appraisal completed no more than twelve (12) months prior to the time of application; (3)  A description of the types of qualified projects that may be subject to special assessments; (4)  A statement identifying the local government official authorized to enter into and execute written contracts on behalf of the local government; (5)  A statement that the period of the special assessment must not exceed the weighted average of the useful life of the qualified project that is the basis for the assessment; (6)  A statement explaining the manner in which property will be assessed and how assessments will be collected; and (7)  The procedures for billing and collecting voluntary special assessments and remedies for enforcement of a delinquent special assessment.