C-PACER stands for Commercial Property Assessed Clean Energy and Resiliency. It is a financing method intended to make environmentally friendly development easier to achieve. Developers of Ridgeline Community on Eastman Road hope to seek voter approval for a financing proposal that would fund construction of an energy-efficient memory care facility. The plan would require creation of a townwide C-PACER district.
Selectmen faced a Feb. 10 deadline to finalize warrant articles. Businessman Steve Duprey, who is familiar with the C-PACER program, told the Sun recently that he expects state legislation to pass later this year that would allow selectmen to make the decision themselves. He said C-PACER would be difficult to explain to voters through a warrant article.
Town Planner Ryan O’Connor expressed similar concerns at last week's selectmen’s meeting.
“There are a number of different important components to this to make sure that if we brought this forward, the town wouldn’t have a significant burden or risk in the future if this program changed,” O’Connor said.
He added that the town or a third party could administer the loan and said he would prefer a third party.
“Understanding the mechanics of how that works, and making sure our language directs any loan to that third party, is complicated, and I think it’s worth good consideration to make sure that we’re putting the town in a good spot," O'Connor said.
"The program overall seems to offer quite a few benefits to businesses, but again, it’s just taking the time to understand the language,” he added.
O’Connor said Senate Bill 440 would allow selectmen to approve C-PACER districts and is likely to pass in May. He recommended that selectmen study the program and revisit the issue in the spring. If the legislation passes, selectmen could then make a decision after holding a public hearing. He said Ridgeline is willing to wait.
Selectman John Colbath said the original C-PACER program received strong support from both chambers of the Legislature and Gov. Kelly Ayotte.
Colbath added that a memory care facility, which will be offered at Ridgeline, is needed in the community.
C-PACER is set up for commercial properties, including apartment buildings with five or more units. Unlike traditional bank loans secured by a mortgage, C-PACER loans are secured through a voluntary special assessment lien, meaning the loan remains with the property if it is sold.
Ridgeline Community is a mixed-use development planned for 126 acres in North Conway, off Eagles Way and Route 302/Eastman Road near the Walmart intersection. The project includes housing ranging from 55-plus cottages to affordable units, as well as assisted living and memory care facilities.
Duprey said: "What voters need to understand is that there is no assessment against anybody’s property unless they decide to do a development where they want to take advantage of the loan program. If so, it simply means that the loan payments due under this loan cannot be extinguished by a foreclosure.”
These articles are being shared by partners in the Granite State News Collaborative. Don’t just read this. Share it with one person who doesn’t usually follow local news — that’s how we make an impact. For more information, visit collaborativenh.org.