IL SB1700

Amends the Property Assessed Clean Energy Act only if House Bill 2831 of the 100th General Assembly becomes law, modifying Sections 5 and 25 of the Act.

Expands the definition of "energy project" to include improvements on new or existing property (removes previous restriction to "stabilized" existing property only).

Removes "privately-owned" restriction from the definition of "property," allowing commercial, industrial, non-residential agricultural, and multi-family (5+ units) properties to qualify, excluding only homeowner's or condominium associations.

Requires local units of government to verify 10 conditions before entering assessment contracts, including property location in PACE area, no delinquent taxes or assessments, no involuntary liens, current mortgage status, contractor licensing compliance, and assessment-to-property-value ratio not exceeding 25%.

Mandates record owners provide 30-day advance notice to mortgage holders with request for consent to subordinate the existing mortgage to the PACE assessment, and requires confirmation of proper installation before final contractor payment.