The bill introduced on February 20, 2025, aims to amend the Code of West Virginia by establishing a new section, 31-15-34, which creates a Commercial Property Assessed Capital Expenditure (C-PACE) financing program for localities. This program is designed to facilitate financing for eligible improvements on commercial properties, which include energy efficiency, water efficiency, renewable energy, resiliency, stormwater management, and environmental remediation improvements. The West Virginia Economic Development Authority will serve as the statewide sponsor for the program and will engage a private program administrator to oversee its implementation. Localities will have the option to adopt ordinances to authorize the use of C-PACE loans and designate officials to manage contracts and collections related to the program.

Additionally, the bill outlines the process for securing loans through the placement of voluntary special assessment liens on properties where eligible improvements are made. These liens will have priority status similar to property tax liens, with specific conditions for subordination to existing mortgages. The bill also mandates that localities hold public hearings before enacting ordinances related to the C-PACE program, ensuring community input on the proposed financing initiatives. Overall, the legislation seeks to enhance economic development by providing localities with a structured financing mechanism for capital improvements in commercial real estate.

Statutes affected:
Introduced Version: 31-15-34