The bill aims to establish a Commercial Property Assessed Capital Expenditure (C-PACE) financing program in West Virginia, which will allow localities to facilitate loans for eligible improvements on commercial properties. The bill introduces a new section, 31-15-34, to the Code of West Virginia, defining key terms such as "eligible improvements," which include energy efficiency, water efficiency, renewable energy, and resiliency improvements, among others. It also defines "eligible properties" as all assessable commercial real estate within the state, excluding certain residential properties. 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 authority to adopt ordinances to authorize the use of C-PACE loans for eligible improvements, designate officials to enter contracts, and delegate responsibilities related to billing and collection of loan payments. The bill stipulates that a voluntary special assessment lien will be placed against properties receiving loans, which will have priority status similar to property tax liens. Additionally, the bill mandates a public hearing before any locality enacts an ordinance related to the C-PACE program, ensuring community input on the proposed financing initiative.

Statutes affected:
Introduced Version: 31-15-34