In the last post, we described the qualifications and responsibilities of participants in the C-PACE industry as spelled out in the Guidelines. This section now deals with the project process.
The Project Process
The project process begins with a Project Applicant submitting a proposal to NJEDA to determine its eligibility. In addition to the usual identifying information, the program requires:
- A narrative description of the proposed C-PACE Project and all costs
- A selected Capital Provider
- All design and engineering documents, and technical evaluations
- A list of all liens on the property, and written mortgage lender consent
- Acknowledgement that the Authority will publicly disclose details of the project
- Tax Clearance Certificate and legal disclosures
- Any other “necessary and relevant information.”
In addition, the applicant agrees to allow the Authority access to all project records, site visits, etc.
The Authority will then review the completed application to ensure that it complies with all requirements, and check with other programs and departments, including Labor and Workforce Development, Environmental Protection, and the Treasury. The Authority will then issue a Determination Letter authorizing the capital provider to close the financing within 12 months. There are also rules for reporting project changes.
The Authority will then direct the municipality, the property owners, and the capital providers to complete the required agreements and register the special assessment. The capital providers are required to report project milestones, provide a completion report, and undertake ongoing M&V (measurement and verification).
The Guidelines then spell out the municipality’s responsibility for billing, collection, remittance, and enforcement.
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