5.22.020 - Definitions.
The definitions as used in this chapter:
"Application checklist" means the list of items required by the C-PACER Act, this chapter, the program guidelines, and the corresponding documentation that the metropolitan government accepts or may request in order to show the requirements of the C-PACER Act and this chapter have been met.
"Assessment" means the special assessment levied on the eligible property by the metropolitan government to require the payment of annual assessment installments in an amount sufficient to repay C-PACER financing, together with interest, penalties, and fees. The maximum term of an assessment may not exceed the useful life of the qualified improvement or weighted average life if more than one qualified improvement is included in the qualified project.
"Assessment agreement" means an agreement between the metropolitan government, program administrator, property owner, and capital provider whereby the parties agree to the metropolitan government placing an assessment and C-PACER lien on the eligible property to secure the obligation to repay the C-PACER financing and that the property owner will make payments to the Program administrator in the same manner as ad valorem property taxes.
"Assessment installment" means annual payments as provided for in the assessment agreement to be made by or on behalf of the property owner to repay the C-PACER financing.
"Capital provider" means any private entity, its designee, successor, and assignees that makes or funds C-PACER financing pursuant to the program.
"C-PACER Act" shall mean the Commercial Property Assessed Clean Energy and Resilience Act as codified at Tennessee Code Annotated 68-205-101 et seq.
"C-PACER financing" means an investment from a capital provider to a property owner to finance or refinance a qualified project. The proposed C-PACER financing for a qualified improvement may authorize the property owner to:
A. Purchase directly the related equipment and materials for the installation or modification of a qualified improvement; and
B. Contract directly, including through lease or other service contract, for the installation or modification of a qualified improvement.
"C-PACER lien" means the lien for the assessment as recorded with the Davidson County Register of Deeds on the eligible property to secure repayment of the C-PACER financing, which runs with the land and remains on the eligible property until the C-PACER financing is paid in full.
"Eligible property" means privately-owned commercial, industrial, or agricultural real property or multifamily residential real property with five or more dwelling units. Eligible Property may be owned by any type of business, corporation, individual, or nonprofit organization permitted by state law. Eligible property may also include property owned by a state or local governmental entity, but leased to a privately-owned entity, which may include an industrial development corporation; housing authority; or health, educational and housing facilities board.
"Financing agreement" means the contract under which a property owner agrees to repay a capital provider for the C-PACER financing including, but not limited to, details of any finance charges, fees, debt servicing, accrual of interest and penalties, and any terms relating to treatment of prepayment and partial payment of the C-PACER financing.
"Notice of assessment interest and C-PACER lien" means the instrument recorded with the Davidson County Register of Deeds giving notice of the assessment and C-PACER lien on the eligible property.
"Program" means the commercial property assessed clean energy and resilience program established pursuant to this chapter.
"Program administrator" means the office of the metropolitan trustee, which has been designated by the metropolitan government to administer the program.
"Program guidebook" means, collectively, the documents adopted and utilized by the program administrator for the program, including, without limitation, the program guidelines, assessment agreement, the notice of assessment interest and C-PACER lien, and other supporting documents and forms.
"Program guidelines" means the criteria developed by the program administrator, in accordance with the requirements of this chapter and the C-PACER Act, that details the necessary requirements for approval.
"Property owner" means an owner (or in the case of a ground lease, owner of an estate for years) of an eligible property who desires to install qualified improvements and provides willing consent to the assessment against the eligible property.
"Qualified improvement" means a permanent improvement affixed to real property and intended to: (a) decrease energy consumption or demand through the use of efficiency technologies, products, or activities that reduce or support the reduction of energy consumption, allow for the reduction in demand, or support the production of clean, renewable energy, including but not limited to a product, device, or interacting group of products or devices on the customer's side of the meter that generates electricity, provides thermal energy, or regulates temperature; (b) decrease water consumption or demand and address safe drinking water through the use of efficiency technologies, products, or activities that reduce or support the reduction of water consumption, allow for the reduction in demand, or reduce or eliminate lead from water which may be used for drinking or cooking; or (c) increase resilience, including but not limited to seismic retrofits, fire suppression, flood mitigation, stormwater management, wildfire and wind resistance, energy storage, and microgrids.
"Qualified project" means a project approved by the program administrator, involving the installation or modification of a qualified improvement, including new construction or the adaptive reuse of eligible property with a qualified improvement, including qualified improvements installed no more than two years prior to the date of application. Together, qualified improvements, inclusive of all related and eligible costs pursuant to the C-PACER Act that are to be financed as described in an application and approved by the program administrator, are a qualified project.
(Ord. BL2022-1633 § 1, 2023)
