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A. The Owner of Eligible Property, or its agent, and a Capital Provider may jointly submit a project application to the Program Administrator for review. The holder of a ground lease may apply if appointed by the Owner as an agent for purposes of participating in the Program and encumbering the Eligible Property with a C-PACER Lien. The appointment must include an acknowledgment that the C-PACER Lien takes precedence over all other liens or encumbrances, except a lien for taxes imposed by the state, a local government, or a junior taxing district.

B. The project application must include certification by a licensed and qualified professional engineer, or other professional identified in PCC 15.10.080, that the Qualified Improvements, either individually or in combination with other Qualified Improvements included in the Qualified Project, are expected to provide a related Significant Public Benefit, and that the term of the proposed C-PACER Financing does not exceed the weighted average effective useful life of the proposed Qualified Improvements. Significant Public Benefit may be determined by any reasonable means, including by comparisons of actual or estimated utility costs or greenhouse gas emissions.

C. The project application must include the Owner's declaration that:

1. The Qualified Improvements are to be permanently affixed;

2. Upon completion of the Qualified Project, the Owner will provide the Program with written notice that the project is properly completed and is operating as intended;

3. The Capital Provider's acknowledgement that it will be responsible for the billing and collection of the annual C-PACER Assessment and for the enforcement and foreclosure of the C-PACER Lien, including judgment sale requirements; and

4. Any additional items appropriate for administrative purposes specified in the Program Guidebook.

D. As soon as practicable after receipt, the Program Administrator must inform the applicants whether the project application has been approved or denied.

1. If a project application is complete, the Program Administrator will approve the application.

2. If the project application is denied, the Program Administrator will identify the reasons for denial. The applicants must have an opportunity to correct or supplement the project application for resubmission.

3. If a project application is finally denied, the Owner and Capital Provider may appeal the denial in an adjudicative proceeding subject to the applicable provisions of Chapter 34.05 RCW and filed with the Pierce County Hearing Examiner as an appeal of a non-land use matter under PCC 1.22.080.B.2.

E. The project application must include the written consent for the Eligible Property to participate in the Program from the holders of all liens, mortgages, or other security interests in the Eligible Property, and in addition, if the Eligible Property is a multifamily residential property with five or more dwelling units, from all holders of any affordable housing covenants, restrictions, or regulatory agreements burdening the Eligible Property. The consent must include the subordination of the holder's interest and acknowledgment that the C-PACER Lien takes precedence over all other liens or encumbrances, except a lien for taxes imposed by the state, a local government, or a junior taxing district.

F. If a project application is approved, the Owner and Capital Provider must submit the following additional materials to the Program Administrator:

1. A copy of the C-PACER Financing Arrangement meeting the requirements of PCC 15.10.060.

2. An Assessment Agreement, suitable for recording, prepared by the applicants and signed by the Owner and Capital Provider.

3. A notice of the assessment and the C-PACER Lien, suitable for recording, that has been prepared by the applicants and that includes language acknowledging that liens for taxes imposed by the state, a local government, or a junior taxing district are superior to and take precedence over the C-PACER Lien.

4. The Assignment, suitable for recording, prepared by the applicants and signed by the Capital Provider and the Owner.

5. A current title report suitable for title insurance purposes.

6. The Capital Provider's request for Pierce County to either record the Assessment Agreement, C-PACER Lien, and Assignment, or provide some or all of the original executed documents to an escrow agent for recording.

G. Within five business days of submission of all additional materials, or at a later date requested by the applicants, Pierce County will sign the Assessment Agreement and the Assignment, and shall either record the Assessment Agreement, C-PACER Lien, and Assignment, or provide original executed documents to an escrow agent for recording, as requested by the Capital Provider.

(Ord. 2022-12s § 2, 2022)