Forsyth County staff recommends opting into statewide CPACE program to expand commercial financing options
Summary
County staff recommended adopting a resolution of intent to opt Forsyth County into the statewide CPACE program, a financing tool that lets commercial property owners obtain private financing secured by a property lien; staff emphasized the county records the lien but bears no loan liability.
Helena Fiore of the Community Economic Development department briefed the board on the Commercial Property Assessed Capital Expenditure (CPACE) program and recommended the county adopt a resolution of intent to opt in. Fiore said the program enables commercial property owners to obtain private CPACE loans for qualifying energy and resilience upgrades; the loan is between the property owner and a private lender and is secured by a senior lien on the property. "There is no financial liability or legal liability for the county in a CPACE loan," Fiore said, describing the county's role as recording the lien in the register of deeds office.
Fiore said 19 municipalities in the state have already opted into the program and that the program is administered at the state level by the Economic Development Partnership of North Carolina, which verifies qualifying improvements. Next steps outlined: adopt a resolution of intent, hold a public hearing at the next agenda cycle, then adopt a formal resolution to join CPACE if the board chooses to proceed.
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