Local Option - Commercial Property Assessed Capital Expenditure (C-PACE)
S.B. 802 of 2024 authorized the establishment of a statewide Commercial Property Assessed Capital Expenditure (C-PACE) program that local governments may voluntarily join. Eligible properties include commercial, industrial, agricultural, nonprofit, and multifamily residential properties with five or more dwelling units. The bill establishes the Economic Development Partnership of North Carolina as the statewide administrator for the program and assigns a variety of tasks to it:
- Prepare a C-PACE toolkit, as described in S.B. 802, in consultation with stakeholders and local governments
- Impose fees to offset the actual and reasonable costs of administering the C-PACE Program, including an application fee not