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Meridian staff outline CPACE commercial financing program; council to consider resolution of intent in April
Summary
City staff presented a draft Commercial Property Assessed Capital Expenditure (CPACE) program that would allow commercial property owners to finance eligible improvements through assessments; staff recommended starting administration in-house and returning a resolution of intent for council consideration as early as April 7.
Curtis Calder, who prepared the draft CPACE program for Meridian, told the council the proposal follows state templates and City Attorney review and currently uses statutory maximums for fees: a $500 application fee and a 1% loan service fee with a per-project cap described in the draft. He said fees would be expected to offset administration costs rather than generate significant revenue for the city.
The proposal would let commercial property owners—multifamily, industrial and other commercial uses—access…
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