State Representative Chris Lopez says he wants to increase private investment and modernize infrastructure in Pinal County and across Arizona.
Lopez is a leading proponent of House Bill 2824, which would establish a Commercial Property Assessed Capital Expenditure Program in the state.
C-PACE lets local governments provide financing for commercial and industrial properties to let property owners improve resiliency and resource efficiency and fund upgrades to infrastructure. The program relies on private investment.
Local governments would establish voluntary assessment agreements with property owners and determine improvements eligible for financing.
These could include investments in energy systems, water/wastewater infrastructure, logistics development, manufacturing facilities and other sectors.
Lopez said the measure will provide capital without creating new government debt or raising taxes, since C-PACE financing relies on private investment. Property owners would repay the financing under a special assessment tied to the property to provide lenders with long-term assurances.
Lopez said more than 40 states already have some form of C-PACE financing in place, and the programs have helped to unlock billions of dollars in private investment around the country. (Source)