The proposed bill would update current statutes by introducing a new Commercial Property Assessed Capital Expenditure (C-PACE) Program, which allows local governments to facilitate financing for eligible improvements on commercial properties. This program would enable local governments to adopt resolutions or ordinances for the construction, installation, or modification of critical capital improvements while prohibiting direct financing. The bill includes new definitions and requirements related to the implementation of the C-PACE program, ensuring clarity and operational efficiency. It also outlines the procedures for entering into special assessment agreements, recording liens, and handling delinquent installments, thereby enhancing the financing framework for energy and water conservation improvements. Additionally, the bill proposes updates to the sale of properties with delinquent special assessments by requiring local program authorities to mail a notice at least ten days before the sale to property owners and lien claimants, detailing essential information about the sale. It establishes a structured redemption process and clarifies the responsibilities of local authorities in executing and filing certificates of sale. The bill also includes removal of specific procedural requirements that have been superseded by more recent practices, streamlining the statute to ensure relevance and effectiveness. Overall, these updates aim to enhance transparency, protect the rights of property owners, and modernize the legal framework governing capital improvements and property sales.

Statutes affected:
Introduced Version: 9-499.19, 11-201, 49-1601, 11-401, 11-251.05