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A resolution affirming the intent of the Metropolitan Government of Nashville and Davidson County to explore a commercial property assessed clean energy and resiliency (C-PACER) program within Nashville and Davidson County, Tennessee.
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WHEREAS, Tennessee Code Annotated, Title 68, was amended in 2021 to add Chapter 205 known as the "Commercial Property Assessed Clean Energy and Resilience Act" ("Act"); and
WHEREAS, through the adoption of the Act, it was the intent of the Tennessee General Assembly to authorize the establishment of commercial property assessed clean energy and resiliency ("C-PACER") programs that local governments may voluntarily implement to ensure that free and willing owners of agricultural, commercial, industrial, and multifamily residential properties, as defined by the Act, can obtain low-cost, long-term financing for qualifying improvements; and
WHEREAS, through a C-PACER program, a local government may authorize a special assessment on real property, by way of a written assessment contract entered into voluntarily by a property owner and the local government, whereby the benefiting property owner agrees to repay the long-term financing for qualifying C-PACER improvements through a special assessment which becomes a lien on the property and is collected in the same manner as ad valorem property taxes; and
WHEREAS, the Tennessee General Assembly found that authorization of local governments to adopt C-PACER programs is a valid public purpose to increase economic development, lower insurance costs, and lower disaster and emergency response and aid costs to local governments; and
WHEREAS, unlike commercial loans, C-PACER financing is secured by a local government lien and it is has a long-term, fixed-rate that makes annual payments more affordable to applicants pursuing projects. In addition, unlike commercial loans, because C-PACER improves the property, it is transferable upon sale to a new owner; and
WHEREAS, C-PACER pro...
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