This week turned out to be a quiet week around the North Carolina General Assembly as almost all legislative business was canceled by Tuesday afternoon. In large part, the clearing of the legislative calendar this week was due to the passing of House Speaker Tim Moore’s (R-Cleveland) father on Monday. Speaker Moore’s father’s funeral was held Wednesday afternoon in Kings Mountain with many fellow lawmakers and legislative staff members in attendance.
Several of the committees scheduled to meet this week will instead meet next week, setting up what could be a very busy week around the legislature – from committee meetings and floor votes, to continued behind the scenes budget negotiations ramping back up.
C-PACE Proposal
The Senate Committee on Commerce and Insurance, one of the few committees that held a meeting this week, took up SB 802: C-PACE Program for a vote, after previously hearing the bill for discussion only. SB 802 would enact the Commercial Property Assessed Capital Expenditure, or C-PACE, Act, adding North Carolina to the list of more than 37 other states that have also adopted C-PACE enabling legislation. The C-PACE Program would be administered by the Economic Development Partnership of North Carolina (EDPNC), under the supervision of the Department of Commerce, and would allow local governments to voluntarily join the program to allow owners of commercial, industrial, agricultural, nonprofit, and multifamily residential properties with five or more units to obtain low-cost, long-term financing for qualifying improvements. Qualifying improvements would include permanent improvements to commercial properties such as energy efficiency, water conservation, and resiliency upgrades.
Local governments participating in the C-PACE Program would be authorized to impose an assessment on the improved property, which is how the local government would recoup the money that was provided to finance the improvements. Once a notice of a C-PACE assessment is recorded, a C-PACE lien would be placed on the improved property until the full amount financed is repaid to the local government.
EDPNC would be required to consult with the Department of Commerce and local governments to develop a C-PACE toolkit that outlines the program guidelines, application approval criteria, and forms used in the administration of the program. SB 802 would appropriate $50,000 in nonrecurring funds to EDPNC to fund the development of the C-PACE toolkit.
With three Republican primary bill sponsors, Sen. Todd Johnson (R-Union), Sen. Michael Lazzara (R-Onslow), and Sen. Michael Lee (R-New Hanover), and a handful of Democratic members signed on as co-sponsors, SB 802 has garnered bipartisan support as it has moved through committee. Bill sponsors argue that the program helps make capital improvement projects more affordable over the long term and will help provide local governments with another tool to attract economic development projects throughout North Carolina.
SB 802 will now head to the Senate Committee on Judiciary for consideration.
Upcoming Legislative Meetings
Monday, June 3
10:00 AM House: Session Convenes
3:00 PM Senate: Session Convenes
Tuesday, June 4
10:00 AM House: Local Government
10:00 AM House: Health
11:00 AM House: Education – Universities
Wednesday, June 5
1:00 PM House: Agriculture
Thursday, June 6
9:00 AM House: Oversight and Reform