Guilford County, the City of Greensboro and the City of High Point today announced the adoption of the North Carolina Commercial Property Assessed Capital Expenditure Program, commonly known as NC C-PACE.
Following action by the Guilford County Board of Commissioners on Thursday, Oct. 15, and coordinated implementation with Greensboro and High Point, C-PACE will give eligible property owners in participating Guilford County jurisdictions a new way to finance qualifying improvements to existing buildings and new construction.
C-PACE allows willing owners of eligible commercial, industrial, agricultural, nonprofit, and multifamily properties with five or more dwelling units to obtain long-term financing from private capital providers. Eligible projects may include energy-efficiency upgrades, water-conservation measures, renewable-energy systems, and improvements that make buildings more resilient.
The Economic Development Partnership of North Carolina is the statewide administrator for the C-PACE Program. Guilford County, Greensboro, and High Point will work with the statewide administrator to support local participation and inform interested property owners.
“C-PACE gives Guilford County another way to help businesses and property owners invest in their buildings and in our community," said Board of Commissioners Chairman Melvin "Skip" Alston. "It can help them make improvements that lower energy costs, make buildings stronger and more efficient, and prepare them for the future. At the same time, it encourages private investment, supports jobs, and helps grow our local economy without putting the cost on County taxpayers. This is about giving businesses another tool to succeed while helping Guilford County continue to grow in a smart and responsible way.”
“C-PACE expands Greensboro’s development toolbox by creating another financing option that can support quality development and reinvestment in our commercial areas," said City of Greensboro Mayor Marikay Abuzuaiter. "It gives property owners and developers greater flexibility to pursue efficient, resilient building improvements while advancing the City’s broader economic development and sustainability goals.”
"C-PACE provides our commercial and industrial companies and developers in High Point with a competitive financing option for their next expansion or building improvement, helping create new jobs and continually improve our building stock," said City of High Point Mayor Cyril Jefferson. "We look forward to working with these partners to invest in resiliency, energy efficiency, and building improvements that add value to the High Point community."
C-PACE financing is secured through a voluntary assessment and lien on the participating property. The assessment is not a tax, and the property owner initiates participation. Private capital providers, not Guilford County, Greensboro, or High Point, provide the financing. State and local governments do not guarantee the financing or pledge public funds or their taxing authority to repay it.
Potential qualifying improvements include:
- Heating, ventilation, and air-conditioning systems
- Building-envelope and insulation improvements
- Energy-efficient lighting and equipment
- Water-efficiency and conservation measures
- Solar and other renewable-energy systems
- Resiliency improvements that protect properties from storms, flooding, and other hazards
Property owners select their own qualified contractors and private capital providers. Existing mortgage holders and other qualifying lienholders must provide written consent before a C-PACE assessment can be placed on a property.
Interested property owners, developers, lenders, and contractors can learn more by emailing C-PACE Program Administrator Kristin Bunn at kristin.bunn@edpnc.com, calling (919) 634-1647, or visiting the website at www.edpnc.com/c-pace.