For the purposes of this article, the following definitions apply unless the context clearly indicates or requires a different meaning:
C-PACE Administration Agreement. The program administration agreement to be negotiated and entered into by the city and the program administrator with respect to the administration of the C-PACE program.
C-PACE Assessment. A non-ad valorem special tax assessment levied on qualifying property that secures the repayment of the C-PACE financing, as provided in this article and the C-PACE administration agreement.
C-PACE Financing. Financing approved by the program administrator and the C-PACE lender in favor of an owner of a qualifying property to finance a qualifying improvement in accordance with this article and the C-PACE administration agreement.
C-PACE Financing Agreement. The financing contract under the C-PACE program, by and among one or more C-PACE lenders, one or more owners of qualifying property, and the program administrator for the acquisition or installation of qualifying improvements.
C-PACE Lender or Lender. A financial institution as defined in HRS § 412:1-109 or a private or public lender approved by the program administrator to originate C-PACE financing agreements, and which may include any successor or assignee of the lender as provided in the C-PACE financing agreement.
C-PACE Program. A program to finance qualifying improvements on qualifying properties that are repaid through C-PACE assessments levied and collected in accordance with this article and the C-PACE administration agreement, to the extent permitted by law.
Director. The director of budget and fiscal services or the director’s designee.
Program Administrator. The Hawaii Green Infrastructure Authority, an instrumentality of the State.
Program Guidelines. A comprehensive document setting forth the procedures, eligibility rules, restrictions, program fees and costs, responsibilities, and other requirements applicable to the governance and administration of the C-PACE program.
Qualifying Improvement. A septic system or aerobic treatment unit system or connection to sewer systems, clean energy technology, efficiency technology, resiliency measure, or other improvement approved by the program administrator that is or will be affixed to or connected to a building, facility, or real property.
Qualifying Property or Property. Has the same meaning as “commercial property” as defined in HRS § 196-61.
(Added by Ord. 23-34)