[HISTORY: Adopted by the City Council of the City of Hackensack 6-3-2025 by Ord. No. 30-2025. Amendments noted where applicable.]
A. 
Pursuant to the Act, this chapter shall constitute the City's "opt-in" ordinance that authorizes participation in the Garden State C-PACE Program, which shall be available to eligible properties situated within the City and authorizes execution of a Garden State Program Agreement.
B. 
The City shall accept C-PACE Projects in accordance with the Garden State Program Agreement to be entered into with the Authority.
C. 
In accordance with the Act, the City shall levy, bill, collect, remit, and enforce C-PACE Assessments with respect to participating eligible properties located within the City.
D. 
The Mayor and City Manager, or any of their designees in writing are designated as the "Authorized Officers" for purposes of executing and delivering the various agreements and documents authorized by this chapter.
E. 
An Authorized Officer is hereby authorized and directed to enter into the Garden State Program Agreement with the Authority in substantially the form attached as Exhibit A hereto.[1]
[1]
Editor's Note: Said exhibit is on file in the City offices.
F. 
An Authorized Officer under the direction of the City Manager is hereby authorized and directed to (i) enter into C-PACE Assessment Agreements, Notices of Assessment, and any other Uniform Assessment Documents with eligible owners, and arrange for the recording of such documents in the Recording Office of the County; and (ii) enter into Assignment Agreements and any other Uniform Assessment Documents with qualified capital providers, and arrange for the recording of such documents in the Recording Office of the County.
Such terms and meanings as defined in this chapter or in the Program Guidelines shall be applicable to municipal actions and municipal documents required to carry out the purposes of this chapter.
The City Manager shall designate a municipal official, who shall be known as the "Municipal C-PACE Liaison," to serve as the City's liaison to the Garden State C-PACE Program. The City shall have a designated Municipal C-PACE Liaison at all times during the City's participation in the Garden State C-PACE Program. The Municipal C-PACE Liaison shall be or become qualified as described in the Garden State Program Agreement and shall have the responsibilities and obligations set forth in the Garden State Program Agreement.
Municipal C-PACE fees and the recording of Uniform Assessment Documents for a C-PACE Project shall be as set forth in the Garden State Program Agreement. The amount of any fee shall not be revised without providing prior written notice to the Authority, and shall not exceed the amount set forth in the Program Guidelines. Any increase in the amount of a fee shall not apply retroactively to any prior fee paid for which a completed C-PACE Project application was submitted but shall apply to all prospective fees for all C-PACE Projects, including any C-PACE Project with an existing C-PACE Assessment.
A. 
All Uniform Assessment Documents, financial documents, or other documents in the form set forth in the Uniform Assessment Documents to be entered into between the City and an eligible owner or a qualified capital provider shall be subject to review by the City Manager or designee to determine their substantive adherence to the forms as set forth in the Uniform Assessment Documents and shall be approved by resolution of the City Council, prior to execution of any such documents. All C-PACE Project Documents, such other Uniform Assessment Documents, and other related documents to be entered into in connection with the Garden State C-PACE Program shall be in compliance with the Act, this chapter, the Garden State Program Agreement, and the Program Guidelines.
B. 
All final documents to be executed by the City in connection with its participation in the Garden State C-PACE Program shall be subject to review and approval by the Municipal Attorney.
A. 
Pursuant to § 94A-1 of this chapter, the City hereby agrees to accept C-PACE Projects pursuant to the Garden State C-PACE Program in accordance with the Act, the Program Guidelines, and the Garden State Program Agreement entered into with the Authority.
B. 
All C-PACE Projects and eligible owners shall have satisfied the criteria set forth in § 94A-3 of this chapter.
A. 
If any payment of a C-PACE Assessment is not made when that payment shall have become due, or later, consistent with any grace period provided or extended by the City for the payment of property tax bills as may be permitted or required by law, the City shall impose interest thereon ("statutory interest") at the same rate as may be imposed upon unpaid property taxes in the City. Such statutory interest shall be in addition to any accrued interest and any amount fixed as a penalty for delinquency pursuant to the Direct Financing Agreement.
B. 
All delinquent payments of C-PACE Assessments, together with statutory interest thereon, accrued interest, and any penalties for such delinquency, shall be collected and enforced in the same manner as unpaid property taxes, which may include accelerated tax sales. The proceeds of the tax sale shall also pay the outstanding past unpaid amounts of the C-PACE Assessment. The remaining balance not delinquent on a C-PACE Assessment shall not be subject to acceleration or extinguishment in the event of a default in payment.
C. 
Any statutory interest collected by the City on a delinquent C-PACE Assessment shall be retained by the City. Any accrued interest, or any amount fixed as a penalty for delinquency pursuant to the Direct Financing Agreement shall be remitted to the qualified capital provider.
D. 
If a property owner is delinquent on a C-PACE Assessment as well as delinquent on taxes, charges, or other assessments, the City shall apply any payment made by the Property Owner to any and all such other delinquencies before being applied to any delinquent C-PACE Assessment.
E. 
In the event that any lien on an Eligible Property shall be exposed to tax sale, pursuant to the "tax sale law," N.J.S.A. 54:5-1 et seq., and is struck off and sold to the City, the C-PACE Assessment shall survive any subsequent action to foreclose the right of redemption and continue as a first lien upon the real estate described in the C-PACE Assessment, paramount to all prior or subsequent alienations and descents of the real estate or encumbrances, except subsequent taxes, charges, or other assessments.
F. 
While the City holds the lien or owns the Eligible Property, the City shall not be responsible for or required to make any payment from its treasury or any other source in furtherance of or to satisfy the C-PACE Assessment.
G. 
The City shall not bear any other responsibility in furtherance or satisfaction of a C-PACE Assessment, except that a qualified capital provider may seek to compel the City to enforce a lien through an action to foreclose.
H. 
The City's appropriate administrative personnel are authorized to make payments to the qualified capital provider or its designee in accordance with the Assignment Agreement without the necessity of prior approval from the governing body, in accordance with N.J.S.A. 40A:5-17 and the appropriate provisions of the Local Fiscal Affairs Law, N.J.S.A. 40A:5-1 et seq.
A. 
The City shall not be responsible for or required to make any payment from its funds or any other source of public funds in furtherance of or to satisfy the C-PACE Assessment.
B. 
This chapter shall not be construed to confer any right of action or property interest upon any party participating in a C-PACE transaction with the City, nor shall it be interpreted to pledge, offer, or encumber the full faith and credit of the City for any C-PACE lien or C-PACE Assessment.
A. 
The C-PACE Assessment in respect of a C-PACE Project shall be assigned directly by the City, and any assignee thereof, to the qualified capital provider with respect to such C-PACE Project, as security for the direct financing.
B. 
Such assignment shall be an absolute assignment of all of the City's right, title, and interest in and to the C-PACE Assessment, except for its obligations to levy, bill, collect, remit, and enforce C-PACE Assessments. The proceeds of a C-PACE Assessment shall be considered "special revenues" owned by the qualified capital provider pursuant to Chapter 9 of the Federal Bankruptcy Code, U.S.C. Title 11.
C. 
Pursuant to N.J.S.A. 34:1B-378, C-PACE Assessments assigned shall not be included in the City's general funds, or be subject to any laws regarding the receipt, deposit, investment, or appropriation of public funds, and shall retain such status notwithstanding enforcement of the C-PACE Assessment by the City or its assignee.
D. 
If the City is otherwise subject to tax or revenue sharing pursuant to law, the C-PACE Assessments shall not be considered part of the tax or revenue sharing formula or calculation of municipal revenues for the purpose of determining whether the City is obligated to make payment to, or receive a credit from, any tax sharing or revenue sharing pool. However, the redemption of any delinquent and unpaid C-PACE Assessments, including any interest, penalties, or other charges related thereto, shall be paid no later than on the first available tax bill after the property has been sold after an action to foreclose the right of redemption.
A. 
Each section of this chapter is an independent section, and the holding of any section or part thereof to be unconstitutional, void, invalid or ineffective for any cause shall not be deemed to affect the validity or constitutionality of any other section or parts thereof which shall survive in full force and effect.
B. 
All ordinances and parts of ordinances that conflict with or that are inconsistent with this chapter are hereby repealed but only to the extent of such conflict or inconsistency.
C. 
This chapter shall take effect after final adoption and approval following publication in accordance with law.