Relating to establishing a commercial property assessed capital expenditure financing program for localities

HB 2642 establishes a Commercial Property Assessed Capital Expenditure (C-PACE) financing program in West Virginia, allowing commercial property owners to fund eligible improvements like energy efficiency, renewable energy systems, and stormwater management. The program, administered by the West Virginia Economic Development Authority with private partners, enables property owners to repay loans through special assessments added to their property tax bills. Eligible properties include most commercial real estate (excluding small residential buildings), and the special lien on the property has priority over mortgages only if subordination agreements are signed by existing lienholders. This creates a new financing tool for property upgrades without requiring new property tax assessments.