Idaho § 67-3807 C-PACE PROGRAM REQUIREMENTS

Idaho Statutes

§ 67-3807 — C-PACE PROGRAM REQUIREMENTS

Idaho·Title 67 STATE GOVERNMENT AND STATE AFFAIRS·Ch. 38 COMMERCIAL PROPERTY ASSESSED CAPITAL EXPENDITURE ACT

The terms of a program established pursuant to section 67-3806 (3), Idaho Code, shall include:

(1)Appropriate eligibility factors, including certification by the property owner that:

(a)The property owner requesting to participate in the program:

(i)Is the legal owner of the benefited property;

(ii)Is current on mortgage and property tax payments; and

(iii)Is not insolvent or in bankruptcy proceedings; and

(b)The title of the benefited property is not in dispute;

(2)A requirement that:

(a)The total debt secured by the property, including the C-PACE assessment, does not exceed ninety percent (90%) of the fair market value of the property as complete or as stabilized;

(b)The C-PACE assessment does not exceed:

(i)In the case of new construction, thirty-five percent (35%) of the fair

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The terms of a program established pursuant to section 67-3806 (3), Idaho Code, shall include:
(1) Appropriate eligibility factors, including certification by the property owner that:
(a) The property owner requesting to participate in the program:
(i) Is the legal owner of the benefited property;
(ii) Is current on mortgage and property tax payments; and
(iii) Is not insolvent or in bankruptcy proceedings; and
(b) The title of the benefited property is not in dispute;
(2) A requirement that:
(a) The total debt secured by the property, including the C-PACE assessment, does not exceed ninety percent (90%) of the fair market value of the property as complete or as stabilized;
(b) The C-PACE assessment does not exceed:
(i) In the case of new construction, thirty-five percent (35%) of the fair market value of the property as complete or as stabilized; or
(ii) In the case of a retrofit of existing property, twenty-five percent (25%) of the fair market value of the property as completed or as stabilized; and
(c) The determination of fair market value shall be established by a qualified appraisal completed no more than twelve (12) months prior to the time of application;
(3) A description of the types of qualified projects that may be subject to special assessments;
(4) A statement identifying the local government official authorized to enter into and execute written contracts on behalf of the local government;
(5) A statement that the period of the special assessment must not exceed the weighted average of the useful life of the qualified project that is the basis for the assessment;
(6) A statement explaining the manner in which property will be assessed and how assessments will be collected; and
(7) The procedures for billing and collecting voluntary special assessments and remedies for enforcement of a delinquent special assessment.