SB 1651 Summary

• Establishes a Commercial Property Assessed Capital Expenditure (C-PACE) financing program allowing cities, towns, and counties to enable property owners to finance water conservation, energy efficiency, renewable energy, and resilience improvements through special assessments.

• Permits property owners to enter into voluntary special assessment agreements with local governments, with financing provided by private capital providers rather than direct government financing.

• Requires property owners to obtain professional certifications that proposed improvements meet program standards, including 10-year minimum useful life and specified efficiency or resilience benefits.

• Creates a lien system giving capital providers priority collection rights (superior to all liens except property taxes and prior assessments) and allows foreclosure proceedings if special assessment installments become delinquent.

• Establishes procedures for billing, collecting, and enforcing delinquent special assessments, including public auction sales of qualifying property and redemption rights for interested parties within specified timeframes.