14.50.020 Definitions.
The definitions in this section apply throughout this chapter unless the context clearly requires otherwise:
(1) “Application checklist” means the list of items in a project application required by the C-PACER Act, this chapter, the program guidebook, and the corresponding documentation that the county accepts in order to show the requirement has been met.
(2) “Assessment” means the voluntary agreement of a property owner to allow the county to place an annual assessment on their property to repay C-PACER financing.
(3) “Assessment agreement” means an agreement between the county and a property owner whereby the county agrees to place an assessment and C-PACER lien on the property to secure the obligation to repay the financing.
(4) “Capital provider” means any private entity, their designee, successor, and assignees that makes or funds C-PACER financing under this chapter.
(5) “C-PACER financing” means an investment from a capital provider to a property owner to finance or refinance a qualified project as described under this chapter. The proposed C-PACER financing for a qualified improvement may authorize the property owner to:
(a) Purchase directly the related equipment and materials for the installation or modification of a qualified improvement; and
(b) Contract directly, including through lease, power purchase agreement, or other service contract, for the installation or modification of a qualified improvement.
(6) “C-PACER lien” means the lien recorded at the county on the eligible property to secure the voluntary annual assessment, which remains on the property until paid in full.
(7) “Eligible property” means privately owned commercial, industrial, or agricultural real property or multifamily residential real property with five or more dwelling units. Eligible property may be owned by any type of business, corporation, individual, or nonprofit organization permitted by state law. Eligible property may include ground leases on eligible property and property financed through power purchase agreements.
(8) “Financing agreement” means the contract under which a property owner agrees to repay a capital provider for the C-PACER financing including, but not limited to, details of any finance charges, fees, debt servicing, accrual of interest and penalties, and any terms relating to treatment of prepayment and partial payment of the C-PACER financing.
(9) “Program” means the C-PACER program established under this chapter.
(10) “Program administrator” means the department or office designated by the county to administer the C-PACER program.
(11) “Program guidebook” means documents that, collectively, are incorporated in Exhibit A to the ordinance codified in this chapter.
(12) “Program application” means the application submitted to demonstrate that a proposed project qualifies for C-PACER financing and for a C-PACER lien.
(13) “Property owner” means an owner of a qualifying eligible property who desires to install qualified improvements and provides willing consent to the assessment against the eligible property.
(14) “Qualified improvement” means a permanent improvement affixed to real property and intended to: (a) decrease energy consumption or demand through the use of efficiency technologies, products, or activities that reduce or support the reduction of energy consumption, allow for the reduction in demand, or support the production of clean, renewable energy, including but not limited to a product, device, or interacting group of products or devices on the customer’s side of the meter that generates electricity, provides thermal energy, or regulates temperature; (b) decrease water consumption or demand and address safe drinking water through the use of efficiency technologies, products, or activities that reduce or support the reduction of water consumption, allow for the reduction in demand, or reduce or eliminate lead from water which may be used for drinking or cooking; or (c) increase resilience, including but not limited to seismic retrofits, fire suppression, flood mitigation, stormwater management, wildfire and wind resistance, energy storage, and microgrids.
(15) “Qualified project” means a project approved by the program administrator, involving the installation or modification of a qualified improvement, including new construction or the adaptive reuse of eligible property with a qualified improvement. Together, qualified improvements, inclusive of all related and eligible costs pursuant to Chapter 36.165 RCW that are to be financed as described in a project application and approved by the program administrator, are a qualified project. Qualified projects include the refinancing of existing properties that have had qualified improvements installed and completed for no more than three (3) years prior to the date of project application. (Sec. 1 of Ord. 2021-10-04)