CT
Connecticut Senate Bill SB00093

Connecticut 2022 Regular Session

Connecticut Senate Bill SB00093 Compare Versions

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7+General Assembly Substitute Bill No. 93
8+February Session, 2022
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4-Substitute Senate Bill No. 93
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6-Public Act No. 22-6
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914 AN ACT CONCERNING THE COMMERCIAL PROPERTY ASSESSED
1015 CLEAN ENERGY PROGRAM.
1116 Be it enacted by the Senate and House of Representatives in General
1217 Assembly convened:
1318
14-Section 1. Section 16a-40g of the general statutes is repealed and the
15-following is substituted in lieu thereof (Effective October 1, 2022):
16-(a) As used in this section:
17-(1) "Zero-emission vehicle" has the same meaning as provided in
18-section 4a-67d;
19-(2) "Resilience" has the same meaning as provided in section 16-
20-244aa;
21-[(1)] (3) "Energy improvements" means (A) participation in a district
22-heating and cooling system by qualifying commercial real property, (B)
23-participation in a microgrid, as defined in section 16-243y, including any
24-related infrastructure for such microgrid, by qualifying commercial real
25-property, provided such microgrid and any related infrastructure
26-incorporate clean energy, as defined in section 16-245n, (C) any
27-improvement, renovation or retrofitting of qualifying commercial real
28-property to reduce energy consumption or improve energy efficiency,
29-(D) installation of a renewable energy system to service qualifying Substitute Senate Bill No. 93
19+Section 1. Section 16a-40g of the general statutes is repealed and the 1
20+following is substituted in lieu thereof (Effective October 1, 2022): 2
21+(a) As used in this section: 3
22+(1) "Zero-emission vehicle" has the same meaning as provided in 4
23+section 4a-67d; 5
24+(2) "Resilience" has the same meaning as provided in section 16-6
25+244aa; 7
26+[(1)] (3) "Energy improvements" means (A) participation in a district 8
27+heating and cooling system by qualifying commercial real property, (B) 9
28+participation in a microgrid, as defined in section 16-243y, including any 10
29+related infrastructure for such microgrid, by qualifying commercial real 11
30+property, provided such microgrid and any related infrastructure 12
31+incorporate clean energy, as defined in section 16-245n, (C) any 13
32+improvement, renovation or retrofitting of qualifying commercial real 14
33+property to reduce energy consumption or improve energy efficiency, 15
34+(D) installation of a renewable energy system to service qualifying 16 Substitute Bill No. 93
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33-commercial real property, [or] (E) installation of a solar thermal or
34-geothermal system to service qualifying commercial real property, (F)
35-installation of refueling infrastructure for zero-emission vehicles to a
36-qualifying commercial real property, or (G) installation of resilience
37-improvements to a qualifying commercial real property, provided such
38-renovation, retrofit or installation described in [subparagraph (C), (D)
39-or (E)] subparagraphs (C) to (G), inclusive, of this subdivision is
40-permanently fixed to such qualifying commercial real property;
41-[(2)] (4) "District heating and cooling system" means a local system
42-consisting of a pipeline or network providing hot water, chilled water
43-or steam from one or more sources to multiple buildings;
44-[(3)] (5) "Qualifying commercial real property" means any
45-commercial or industrial property, regardless of ownership, that meets
46-the qualifications established for the commercial sustainable energy
47-program;
48-[(4)] (6) "Commercial or industrial property" means any real property
49-other than a residential dwelling containing less than five dwelling
50-units;
51-[(5)] (7) "Benefited property owner" means an owner of qualifying
52-commercial real property who desires to install energy improvements
53-and provides free and willing consent to the benefit assessment against
54-the qualifying commercial real property;
55-[(6)] (8) "Commercial sustainable energy program" means a program
56-that facilitates energy improvements and utilizes the benefit
57-assessments authorized by this section as security for the financing of
58-the energy improvements;
59-[(7)] (9) "Municipality" means a municipality, as defined in section 7-
60-369; Substitute Senate Bill No. 93
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41+commercial real property, [or] (E) installation of a solar thermal or 17
42+geothermal system to service qualifying commercial real property, (F) 18
43+installation of refueling infrastructure for zero-emission vehicles to a 19
44+qualifying commercial real property, or (G) installation of resilience 20
45+improvements to a qualifying commercial real property, provided such 21
46+renovation, retrofit or installation described in [subparagraph (C), (D) 22
47+or (E)] subparagraphs (C) to (G), inclusive, of this subdivision is 23
48+permanently fixed to such qualifying commercial real property; 24
49+[(2)] (4) "District heating and cooling system" means a local system 25
50+consisting of a pipeline or network providing hot water, chilled water 26
51+or steam from one or more sources to multiple buildings; 27
52+[(3)] (5) "Qualifying commercial real property" means any 28
53+commercial or industrial property, regardless of ownership, that meets 29
54+the qualifications established for the commercial sustainable energy 30
55+program; 31
56+[(4)] (6) "Commercial or industrial property" means any real property 32
57+other than a residential dwelling containing less than five dwelling 33
58+units; 34
59+[(5)] (7) "Benefited property owner" means an owner of qualifying 35
60+commercial real property who desires to install energy improvements 36
61+and provides free and willing consent to the benefit assessment against 37
62+the qualifying commercial real property; 38
63+[(6)] (8) "Commercial sustainable energy program" means a program 39
64+that facilitates energy improvements and utilizes the benefit 40
65+assessments authorized by this section as security for the financing of 41
66+the energy improvements; 42
67+[(7)] (9) "Municipality" means a municipality, as defined in section 7-43
68+369; 44
69+[(8)] (10) "Benefit assessment" means the assessment authorized by 45
70+this section; 46 Substitute Bill No. 93
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64-[(8)] (10) "Benefit assessment" means the assessment authorized by
65-this section;
66-[(9)] (11) "Participating municipality" means a municipality that has
67-entered into a written agreement, as approved by its legislative body,
68-with the bank pursuant to which the municipality has agreed to assess,
69-collect, remit and assign, benefit assessments to the bank in return for
70-energy improvements for benefited property owners within such
71-municipality and costs reasonably incurred in performing such duties;
72-[(10)] (12) "Bank" means the Connecticut Green Bank; and
73-[(11)] (13) "Third-party capital provider" means an entity, other than
74-the bank, that provides financing, leases or power purchase agreements
75-directly to benefited property owners for energy improvements.
76-(b) (1) The bank shall establish a commercial sustainable energy
77-program in the state, and in furtherance thereof, is authorized to make
78-appropriations for and issue bonds, notes or other obligations for the
79-purpose of financing, (A) energy improvements; (B) related energy
80-audits; (C) renewable energy system feasibility studies; and (D)
81-verification reports of the installation and effectiveness of such
82-improvements. The bonds, notes or other obligations shall be issued in
83-accordance with legislation authorizing the bank to issue bonds, notes
84-or other obligations generally. Such bonds, notes or other obligations
85-may be secured as to both principal and interest by a pledge of revenues
86-to be derived from the commercial sustainable energy program,
87-including revenues from benefit assessments on qualifying commercial
88-real property, as authorized in this section.
89-(2) When the bank has made appropriations for energy
90-improvements for qualifying commercial real property or other costs of
91-the commercial sustainable energy program, including interest costs
92-and other costs related to the issuance of bonds, notes or other Substitute Senate Bill No. 93
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96-obligations to finance the appropriation, the bank may require the
97-participating municipality in which the qualifying commercial real
98-property is located to levy a benefit assessment against the qualifying
99-commercial real property especially benefited thereby.
100-(3) The bank (A) shall develop program guidelines governing the
101-terms and conditions under which state and third-party capital provider
102-financing may be made available to the commercial sustainable energy
103-program, including, in consultation with representatives from the
104-banking industry, municipalities and property owners, developing the
105-parameters for consent by existing mortgage holders and may serve as
106-an aggregating entity for the purpose of securing state or private third-
107-party capital provider financing for energy improvements pursuant to
108-this section, (B) shall establish the position of commercial sustainable
109-energy program liaison within the bank, (C) may establish a loan loss
110-reserve or other credit enhancement program for qualifying commercial
111-real property, (D) may use the services of one or more private, public or
112-quasi-public third-party administrators to administer, provide support
113-or obtain financing for the commercial sustainable energy program, (E)
114-shall adopt standards to [ensure that] determine whether the combined
115-projected energy cost savings and other associated savings of the energy
116-improvements over the useful life of such improvements exceed the
117-costs of such improvements, except that such standards shall not apply
118-to the installation of refueling infrastructure for zero-emission vehicles
119-or resilience improvements adopted under this section, and (F) may
120-encourage third-party capital providers to provide financing, leases and
121-power purchase agreements directly to benefited property owners in
122-lieu of or in addition to the bank providing such loans.
123-(4) The bank shall consult with the Department of Energy and
124-Environmental Protection and the Connecticut Institute for Resilience
125-and Climate Adaptation to develop program eligibility criteria for
126-financing of resilience improvements, consistent with state Substitute Senate Bill No. 93
77+[(9)] (11) "Participating municipality" means a municipality that has 47
78+entered into a written agreement, as approved by its legislative body, 48
79+with the bank pursuant to which the municipality has agreed to assess, 49
80+collect, remit and assign, benefit assessments to the bank in return for 50
81+energy improvements for benefited property owners within such 51
82+municipality and costs reasonably incurred in performing such duties; 52
83+[(10)] (12) "Bank" means the Connecticut Green Bank; and 53
84+[(11)] (13) "Third-party capital provider" means an entity, other than 54
85+the bank, that provides financing, leases or power purchase agreements 55
86+directly to benefited property owners for energy improvements. 56
87+(b) (1) The bank shall establish a commercial sustainable energy 57
88+program in the state, and in furtherance thereof, is authorized to make 58
89+appropriations for and issue bonds, notes or other obligations for the 59
90+purpose of financing, (A) energy improvements; (B) related energy 60
91+audits; (C) renewable energy system feasibility studies; and (D) 61
92+verification reports of the installation and effectiveness of such 62
93+improvements. The bonds, notes or other obligations shall be issued in 63
94+accordance with legislation authorizing the bank to issue bonds, notes 64
95+or other obligations generally. Such bonds, notes or other obligations 65
96+may be secured as to both principal and interest by a pledge of revenues 66
97+to be derived from the commercial sustainable energy program, 67
98+including revenues from benefit assessments on qualifying commercial 68
99+real property, as authorized in this section. 69
100+(2) When the bank has made appropriations for energy 70
101+improvements for qualifying commercial real property or other costs of 71
102+the commercial sustainable energy program, including interest costs 72
103+and other costs related to the issuance of bonds, notes or other 73
104+obligations to finance the appropriation, the bank may require the 74
105+participating municipality in which the qualifying commercial real 75
106+property is located to levy a benefit assessment against the qualifying 76
107+commercial real property especially benefited thereby. 77 Substitute Bill No. 93
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130-environmental resource protection and community resilience goals.
131-(c) Before establishing a commercial sustainable energy program
132-under this section, the bank shall provide notice to the electric
133-distribution company, as defined in section 16-1, that services the
134-participating municipality.
135-(d) If a benefited property owner requests financing from the bank or
136-a third-party capital provider for energy improvements under this
137-section, the bank shall:
138-(1) Require performance of an energy audit, [or] renewable energy
139-system feasibility analysis, or resilience study on the qualifying
140-commercial real property that assesses the expected energy or resilience
141-cost savings of the energy or resilience improvements over the useful
142-life of such improvements before approving such financing;
143-(2) If financing is approved, either by the bank or the third-party
144-capital provider, require the participating municipality to levy a benefit
145-assessment on the qualifying commercial real property with the
146-property owner in a principal amount sufficient to pay the costs of the
147-energy improvements and any associated costs the bank or the third-
148-party capital provider determines will benefit the qualifying
149-commercial real property;
150-(3) Impose requirements and criteria to ensure that the proposed
151-energy improvements are consistent with the purpose of the commercial
152-sustainable energy program;
153-(4) Impose requirements and conditions on the financing to ensure
154-timely repayment, including, but not limited to, procedures for placing
155-a benefit assessment lien on a property as security for the repayment of
156-the benefit assessment; and
157-(5) Require that the property owner provide written notice, not less Substitute Senate Bill No. 93
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114+(3) The bank (A) shall develop program guidelines governing the 78
115+terms and conditions under which state and third-party capital provider 79
116+financing may be made available to the commercial sustainable energy 80
117+program, including, in consultation with representatives from the 81
118+banking industry, municipalities and property owners, developing the 82
119+parameters for consent by existing mortgage holders and may serve as 83
120+an aggregating entity for the purpose of securing state or private third-84
121+party capital provider financing for energy improvements pursuant to 85
122+this section, (B) shall establish the position of commercial sustainable 86
123+energy program liaison within the bank, (C) may establish a loan loss 87
124+reserve or other credit enhancement program for qualifying commercial 88
125+real property, (D) may use the services of one or more private, public or 89
126+quasi-public third-party administrators to administer, provide support 90
127+or obtain financing for the commercial sustainable energy program, (E) 91
128+shall adopt standards to [ensure that] determine whether the combined 92
129+projected energy cost savings and other associated savings of the energy 93
130+improvements over the useful life of such improvements exceed the 94
131+costs of such improvements, except that such standards shall not apply 95
132+to the installation of refueling infrastructure for zero-emission vehicles 96
133+or resilience improvements adopted under this section, and (F) may 97
134+encourage third-party capital providers to provide financing, leases and 98
135+power purchase agreements directly to benefited property owners in 99
136+lieu of or in addition to the bank providing such loans. 100
137+(4) The bank shall consult with the Department of Energy and 101
138+Environmental Protection and the Connecticut Institute for Resilience 102
139+and Climate Adaptation to develop program eligibility criteria for 103
140+financing of resilience improvements, consistent with state 104
141+environmental resource protection and community resilience goals. 105
142+(c) Before establishing a commercial sustainable energy program 106
143+under this section, the bank shall provide notice to the electric 107
144+distribution company, as defined in section 16-1, that services the 108
145+participating municipality. 109
146+(d) If a benefited property owner requests financing from the bank or 110 Substitute Bill No. 93
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161-than thirty days prior to the recording of any benefit assessment lien
162-securing a benefit assessment for energy improvements for such
163-property, to any existing mortgage holder of such property, of the
164-property owner's intent to finance such energy improvements pursuant
165-to this section.
166-(e) (1) The bank or the third-party capital provider may enter into a
167-financing agreement with the property owner of qualifying commercial
168-real property. After such agreement is entered into, and upon notice
169-from the bank, the participating municipality shall (A) place a caveat on
170-the land records indicating that a benefit assessment and a benefit
171-assessment lien are anticipated upon completion of energy
172-improvements for such property, or (B) at the direction of the bank, levy
173-the benefit assessment and file a benefit assessment lien on the land
174-records based on the estimated costs of the energy improvements prior
175-to the completion or upon the completion of such improvements.
176-(2) The bank or the third-party capital provider shall disclose to the
177-property owner the costs and risks associated with participating in the
178-commercial sustainable energy program established by this section,
179-including risks related to the failure of the property owner to pay the
180-benefit assessment. The bank or the third-party capital provider shall
181-disclose to the property owner the effective interest rate of the benefit
182-assessment, including fees charged by the bank or the third-party capital
183-provider to administer the program, and the risks associated with
184-variable interest rate financing. The bank or the third-party capital
185-provider shall notify the property owner that such owner may rescind
186-any financing agreement entered into pursuant to this section not later
187-than three business days after such agreement.
188-(f) The bank or the third-party capital provider shall set a fixed or
189-variable rate of interest for the repayment of the benefit assessment
190-amount at the time the benefit assessment is made. Such interest rate, as
191-may be supplemented with state or federal funding as may become Substitute Senate Bill No. 93
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195-available, shall be sufficient to pay the bank's financing and
196-administrative costs of the commercial sustainable energy program,
197-including delinquencies.
198-(g) Benefit assessments levied and filed pursuant to this section and
199-the interest, fees and any penalties thereon shall constitute a lien against
200-the qualifying commercial real property on which they are made until
201-they are paid. Such benefit assessment lien, shall be paid in installments
202-and each installment payment shall be collected in the same manner as
203-the property taxes of the participating municipality on real property,
204-including, in the event of default or delinquency, with respect to any
205-penalties, fees and remedies. Each such benefit assessment lien may be
206-recorded and released in the manner provided for property tax liens and
207-shall take precedence over all other liens or encumbrances except a lien
208-for taxes of the municipality on real property, which lien for taxes shall
209-have priority over such benefit assessment lien, and provided that the
210-precedence of such benefit assessment lien over any lien held by an
211-existing mortgage holder shall be subject to the written consent of such
212-existing mortgage holder. To the extent any benefit assessment lien
213-installment is not paid when due, the benefit assessment lien may be
214-foreclosed to the extent of any unpaid installment payments due and
215-owing and any penalties, interest and fees related thereto. In the event
216-a benefit assessment lien is foreclosed or a lien for taxes of the
217-municipality on real property is foreclosed or enforced by levy and sale
218-in accordance with chapter 204, the benefit assessment lien shall be
219-extinguished solely with regard to any installments that were due and
220-owing on the date of the judgment of such foreclosure or levy and sale
221-and the benefit assessment lien shall otherwise survive such judgment
222-or levy and sale to the extent of any unpaid installment payments of the
223-benefit assessment secured by such benefit assessment lien that are due
224-after the date of such judgment or levy and sale.
225-(h) Any participating municipality may assign to the bank any and Substitute Senate Bill No. 93
153+a third-party capital provider for energy improvements under this 111
154+section, the bank shall: 112
155+(1) Require performance of an energy audit, [or] renewable energy 113
156+system feasibility analysis, or resilience study on the qualifying 114
157+commercial real property that assesses the expected energy or resilience 115
158+cost savings of the energy or resilience improvements over the useful 116
159+life of such improvements before approving such financing; 117
160+(2) If financing is approved, either by the bank or the third-party 118
161+capital provider, require the participating municipality to levy a benefit 119
162+assessment on the qualifying commercial real property with the 120
163+property owner in a principal amount sufficient to pay the costs of the 121
164+energy improvements and any associated costs the bank or the third-122
165+party capital provider determines will benefit the qualifying 123
166+commercial real property; 124
167+(3) Impose requirements and criteria to ensure that the proposed 125
168+energy improvements are consistent with the purpose of the commercial 126
169+sustainable energy program; 127
170+(4) Impose requirements and conditions on the financing to ensure 128
171+timely repayment, including, but not limited to, procedures for placing 129
172+a benefit assessment lien on a property as security for the repayment of 130
173+the benefit assessment; and 131
174+(5) Require that the property owner provide written notice, not less 132
175+than thirty days prior to the recording of any benefit assessment lien 133
176+securing a benefit assessment for energy improvements for such 134
177+property, to any existing mortgage holder of such property, of the 135
178+property owner's intent to finance such energy improvements pursuant 136
179+to this section. 137
180+(e) (1) The bank or the third-party capital provider may enter into a 138
181+financing agreement with the property owner of qualifying commercial 139
182+real property. After such agreement is entered into, and upon notice 140
183+from the bank, the participating municipality shall (A) place a caveat on 141 Substitute Bill No. 93
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229-all benefit assessment liens filed by the participating municipality, as
230-provided in the written agreement between the participating
231-municipality and the bank. The bank may sell or assign, for
232-consideration, any and all benefit assessment liens received from the
233-participating municipality. The consideration received by the bank shall
234-be negotiated between the bank and the assignee. The assignee or
235-assignees of such benefit assessment liens shall have and possess the
236-same powers and rights at law or in equity as the bank and the
237-participating municipality and its tax collector would have had if the
238-benefit assessment lien had not been assigned with regard to the
239-precedence and priority of such benefit assessment lien, the accrual of
240-interest and the fees and expenses of collection. The assignee shall have
241-the same rights to enforce such benefit assessment liens as any private
242-party holding a lien on real property, including, but not limited to,
243-foreclosure and a suit on the debt. Costs and reasonable attorneys' fees
244-incurred by the assignee as a result of any foreclosure action or other
245-legal proceeding brought pursuant to this section and directly related to
246-the proceeding shall be taxed in any such proceeding against each
247-person having title to any property subject to the proceedings. Such
248-costs and fees may be collected by the assignee at any time after demand
249-for payment has been made by the assignee.
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190+the land records indicating that a benefit assessment and a benefit 142
191+assessment lien are anticipated upon completion of energy 143
192+improvements for such property, or (B) at the direction of the bank, levy 144
193+the benefit assessment and file a benefit assessment lien on the land 145
194+records based on the estimated costs of the energy improvements prior 146
195+to the completion or upon the completion of such improvements. 147
196+(2) The bank or the third-party capital provider shall disclose to the 148
197+property owner the costs and risks associated with participating in the 149
198+commercial sustainable energy program established by this section, 150
199+including risks related to the failure of the property owner to pay the 151
200+benefit assessment. The bank or the third-party capital provider shall 152
201+disclose to the property owner the effective interest rate of the benefit 153
202+assessment, including fees charged by the bank or the third-party capital 154
203+provider to administer the program, and the risks associated with 155
204+variable interest rate financing. The bank or the third-party capital 156
205+provider shall notify the property owner that such owner may rescind 157
206+any financing agreement entered into pursuant to this section not later 158
207+than three business days after such agreement. 159
208+(f) The bank or the third-party capital provider shall set a fixed or 160
209+variable rate of interest for the repayment of the benefit assessment 161
210+amount at the time the benefit assessment is made. Such interest rate, as 162
211+may be supplemented with state or federal funding as may become 163
212+available, shall be sufficient to pay the bank's financing and 164
213+administrative costs of the commercial sustainable energy program, 165
214+including delinquencies. 166
215+(g) Benefit assessments levied and filed pursuant to this section and 167
216+the interest, fees and any penalties thereon shall constitute a lien against 168
217+the qualifying commercial real property on which they are made until 169
218+they are paid. Such benefit assessment lien, shall be paid in installments 170
219+and each installment payment shall be collected in the same manner as 171
220+the property taxes of the participating municipality on real property, 172
221+including, in the event of default or delinquency, with respect to any 173
222+penalties, fees and remedies. Each such benefit assessment lien may be 174 Substitute Bill No. 93
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229+recorded and released in the manner provided for property tax liens and 175
230+shall take precedence over all other liens or encumbrances except a lien 176
231+for taxes of the municipality on real property, which lien for taxes shall 177
232+have priority over such benefit assessment lien, and provided that the 178
233+precedence of such benefit assessment lien over any lien held by an 179
234+existing mortgage holder shall be subject to the written consent of such 180
235+existing mortgage holder. To the extent any benefit assessment lien 181
236+installment is not paid when due, the benefit assessment lien may be 182
237+foreclosed to the extent of any unpaid installment payments due and 183
238+owing and any penalties, interest and fees related thereto. In the event 184
239+a benefit assessment lien is foreclosed or a lien for taxes of the 185
240+municipality on real property is foreclosed or enforced by levy and sale 186
241+in accordance with chapter 204, the benefit assessment lien shall be 187
242+extinguished solely with regard to any installments that were due and 188
243+owing on the date of the judgment of such foreclosure or levy and sale 189
244+and the benefit assessment lien shall otherwise survive such judgment 190
245+or levy and sale to the extent of any unpaid installment payments of the 191
246+benefit assessment secured by such benefit assessment lien that are due 192
247+after the date of such judgment or levy and sale. 193
248+(h) Any participating municipality may assign to the bank any and 194
249+all benefit assessment liens filed by the participating municipality, as 195
250+provided in the written agreement between the participating 196
251+municipality and the bank. The bank may sell or assign, for 197
252+consideration, any and all benefit assessment liens received from the 198
253+participating municipality. The consideration received by the bank shall 199
254+be negotiated between the bank and the assignee. The assignee or 200
255+assignees of such benefit assessment liens shall have and possess the 201
256+same powers and rights at law or in equity as the bank and the 202
257+participating municipality and its tax collector would have had if the 203
258+benefit assessment lien had not been assigned with regard to the 204
259+precedence and priority of such benefit assessment lien, the accrual of 205
260+interest and the fees and expenses of collection. The assignee shall have 206
261+the same rights to enforce such benefit assessment liens as any private 207
262+party holding a lien on real property, including, but not limited to, 208 Substitute Bill No. 93
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269+foreclosure and a suit on the debt. Costs and reasonable attorneys' fees 209
270+incurred by the assignee as a result of any foreclosure action or other 210
271+legal proceeding brought pursuant to this section and directly related to 211
272+the proceeding shall be taxed in any such proceeding against each 212
273+person having title to any property subject to the proceedings. Such 213
274+costs and fees may be collected by the assignee at any time after demand 214
275+for payment has been made by the assignee. 215
276+This act shall take effect as follows and shall amend the following
277+sections:
278+
279+Section 1 October 1, 2022 16a-40g
280+
281+ET Joint Favorable Subst.
250282