(a) “Assessment Payment Schedule” means the schedule of installments of C-PACE Payments to be made in the repayment of the C-PACE Loan, which shall be attached as Exhibit B to the C-PACE Program Agreement.
(b) “Capital Provider” means (i) a private lending institution that has been approved by the Program Administrator in accordance with the Program Guidelines to originate a C-PACE Loan and its successors and assigns; or (ii) the current holder of a C-PACE Loan.
(c) “County” means the County of Loudoun, Virginia.
(d) “Clerk's office” means the Office of the Clerk of the Circuit Court of the County of Loudoun, Virginia.
(e) “Commonwealth” means the Commonwealth of Virginia.
(f) “Board” means the Board of Supervisors of the County of Loudoun, Virginia.
(g) “C-PACE” means Commercial Property Assessed Clean Energy.
(h) “C-PACE Act” means Virginia's "Commercial Property Assessed Clean Energy (C-PACE) financing programs" law, codified at §15.2-958.3 of the Code of Virginia (1950), as amended.
(i) “C-PACE Amendment” means an amendment of the C-PACE Lien executed by the Capital Provider, the Property Owner, and the Program Manager, as permitted in the C-PACE Documents, which C-PACE Amendment shall be recorded in the Clerk's Office to evidence each amendment to the C-PACE Loan and the C-PACE Lien.
(j) “C-PACE Assignment (CP)” means a written assignment by one Capital Provider to another Capital Provider of the C-PACE Payments and/or C-PACE Lien pursuant to the terms of the assignment document.
(k) “C-PACE Assignment (Locality)” means a written assignment by the County to the Capital Provider to whom the C-PACE Loan is then due, wherein the County relinquishes and assigns its right to enforce the C-PACE Lien to the Capital Provider, substantially in the form attached as Addendum 1 to the C-PACE Lien Certificate.
(l) “C-PACE Documents” means the C-PACE Program Agreement, Financing Agreement, C-PACE Lien Certificate, C-PACE Assignment (CP) (if any), C-PACE Assignment (Locality) (if any), C-PACE Amendment (if any), and any other document, agreement, or instrument executed in connection with a C-PACE Loan.
(m) “C-PACE Lien or Lien” means the voluntary special assessment lien levied against the Property as security for the C-PACE Loan.
(n) “C-PACE Lien Certificate” means the voluntary special assessment lien document duly recorded among the Land Records against an Eligible Property to secure a C-PACE Loan.
(o) “C-PACE Loan or Loan” means a loan from a Capital Provider to finance a Project, in accordance with the Program Guidelines.
(p) “C-PACE Payment” means the periodic installment payments of the C-PACE Loan by a Property Owner, due and payable to the Capital Provider or Program Administrator as permitted by the C-PACE Act in such amounts and at such times as described in the Assessment Payment Schedule.
(q) “C-PACE Program” means the program established by the County through this chapter, in accordance with the C-PACE Act, that in coordination with the Statewide Program facilitates the financing of Eligible Improvements and provides for a C-PACE Lien to be levied and recorded against the Property to secure the C-PACE Loan.
(r) “C-PACE Program Agreement” means the agreement executed among the Property Owner, the County, the Treasurer, and the Capital Provider, and their respective successors and assigns, which includes the terms and conditions for participation in the C-PACE Program and the Property Owner's acknowledgment and consent for the County to impose a voluntary special assessment, record a C-PACE Lien Certificate against the Property Owner's Eligible Property and, if the County so determines, assign the rights to enforce the C-PACE Lien and C-PACE Lien Certificate to the Capital Provider (and if so assigned, also a consent of the Treasurer to such assignment). The C-PACE Program Agreement shall be substantially in the form attached hereto as Appendix A.
(s) “Delinquent Payment” means any C-PACE Payment that was not paid by a Property Owner in accordance with the C-PACE Documents.
(t) “Eligible Improvements” means the initial acquisition and installation of any of the following improvements made to Eligible Properties:
(1) Energy efficiency improvements;
(2) Water efficiency and safe drinking water improvements;
(3) Renewable energy improvements;
(4) Resiliency improvements;
(5) Stormwater management improvements;
(6) Environmental remediation improvements; and
(7) Electric vehicle infrastructure improvements.
Eligible Improvements may be made to both existing Properties and new construction, as further prescribed in this chapter and the Program Guidelines. Eligible Improvements shall include types of authorized improvements added by the General Assembly to the C-PACE Act after the date of adoption of this chapter, without need for a conforming amendment of this chapter. In addition to the elaboration on the types of Eligible Improvements provided in Sec. 826-04(a), below, a Program Administrator may include in its Program Guidelines or other administrative documentation definitions, interpretations, and examples of these categories of Eligible Improvements.
(u) “Eligible Property or Property” means all assessable commercial real estate located within the County, with all buildings located or to be located thereon, whether vacant or occupied, improved or unimproved, and regardless of whether such real estate is currently subject to taxation by the County, excluding (i) a residential dwelling with fewer than five (5) units, and (ii) a residential condominium as defined in Va. Code § 55.1-2100. Common areas of real estate owned by a cooperative or a property owners' association described in Va. Code Title 55.1, Subtitle IV (§ 55.1-1800 et seq.), that have a separate real property tax identification number are Eligible Properties. Eligible Properties shall be eligible to participate in the C-PACE Program.
(v) “Financing Agreement” means the written agreement, as may be amended, modified, or supplemented from time to time, between a Property Owner and a Capital Provider, regarding matters related to the extension and repayment of a C-PACE Loan to finance Eligible Improvements. The Financing Agreement may contain any lawful terms agreed to by the Capital Provider and the Property Owner.
(w) “Land Records” means the Land Records of the Clerk's Office.
(x) “Lender Consent” means a written subordination agreement executed by each mortgage or deed of trust lienholder with a lien on the Property that is the subject of a C-PACE Loan, which allows the C-PACE Lien to have senior priority over the mortgage or deed of trust liens.
(y) “Loan Amount” means the original principal amount of a C-PACE Loan.
(z) “Locality Agreement” means the Virginia Energy - Locality Commercial Property Assessed Clean Energy Agreement between Virginia Energy and the County, pursuant to which the County elects to participate in the Statewide Program. The Locality Agreement shall be substantially in the form attached hereto as Appendix B.
(aa) “Program Administrator” means the private third party retained by Virginia Energy to provide professional services to administer the Statewide Program in accordance with the requirements of the C-PACE Act, this chapter, the Locality Agreement and the Program Guidelines.
(bb) “Program Fee(s)” means the fee(s) authorized by the C-PACE Act and charged to participating Property Owners to cover the costs to design and administer the Statewide Program, including, without limitation, compensation of the Program Administrator. While Capital Providers are required to service their C-PACE Loans, if a Capital Provider does not do so and the Program Administrator assumes the servicing responsibility and charges a servicing fee, the servicing fee shall also be included among the Program Fees.
(cc) “Program Guidelines” means a comprehensive document setting forth the procedures, eligibility rules, restrictions, Program Fee(s), responsibilities, and other requirements applicable to the governance and administration of the Statewide Program.
(dd) “Program Manager” means the County Administrator or such person designated in writing by the County Administrator to (i) supervise the County's C-PACE Program and participation in the Statewide Program, (ii) act as liaison with the Program Administrator and (iii) advise the Program Administrator as to who will sign the C-PACE Documents to which the Locality is a party on the Locality's behalf. If the employee of the County who customarily signs agreements for the Locality is not the person designated as Program Manager, then references in this Ordinance and in the C-PACE Documents to the Program Manager signing certain C-PACE Documents on behalf of the Locality shall be construed to also authorize such customary signatory for the County to execute such C-PACE Documents.
(ee) “Project” means the construction or installation of Eligible Improvements on Eligible Property.
(ff) “Property Owner” means (i) the Property Owner(s) of Eligible Property who voluntarily obtain(s) a C-PACE Loan from a Capital Provider in accordance with the Program Guidelines; or (ii) a successor in title to the Property Owner.
(gg) “Property Owner Certification” means a notarized certificate from Property Owner, certifying that (i) Property Owner is current on payments on Loans secured by a mortgage or deed of trust lien on the Property and on real estate tax payments, (ii) that the Property Owner is not insolvent or in bankruptcy proceedings, and (iii) that the title of the Property is not in dispute, as evidenced by a title report or title insurance commitment from a title insurance company acceptable to the Program Administrator and Capital Provider.
(hh) “Statewide Program” means the statewide C-PACE financing program sponsored by Virginia Energy, established to provide C-PACE Loans to Property Owners in accordance with the C-PACE Act, this chapter, the Locality Agreement, the C-PACE Documents and the Program Guidelines.
(ii) “Treasurer” means the Treasurer of the County.
(jj) “Useful Life” means the normal operating life of the fixed asset.
(kk) “Virginia Code or Va. Code” means the Code of Virginia of 1950, as amended.
(ll) “Virginia Energy” means the Virginia Department of Energy.
(Ord. 23-07. Passed 3-15- 23.)