Alexander County adopts resolution of intent to participate in statewide CPACE program

Alexander County commissioners voted Dec. 8 to adopt a resolution of intent to participate in the Commercial Property Assessed Capital Expenditure (CPACE) program established by North Carolina Senate Bill 802 (2024).

County Attorney Ben Falconberry outlined CPACE as a financing tool administered by the Economic Development Partnership of North Carolina (EDPNC). Under the program, private capital providers make loans to property owners for qualifying upgrades (energy efficiency, water conservation, renewable energy and resiliency). The county’s role would be administrative and limited: it would record an assessment lien at the property owner’s request after the owner and private capital provider negotiate financing terms. Falconberry emphasized that the county will not underwrite or collect payments; billing, collection and enforcement are handled by the capital provider.

Falconberry said qualifying properties include commercial, industrial, agricultural and multifamily housing with five or more units; financing may cover up to 35% of a property’s value and repayment terms can extend 20 to 30 years depending on the useful life of improvements. He noted the county will receive limited compensation for administrative tasks (approximately $500 per assessment) and that the board is adopting a resolution of intent now to allow a public hearing in January before a final resolution to join the statewide program.

The board approved the resolution of intent and set a public hearing for Jan. 5.

What’s next: The board will hear the final resolution to join CPACE at the January public hearing if it remains the board’s intent to proceed.