The terms of a program established pursuant to § 68-205-105(a)(3) must include:

(1) Appropriate eligibility factors, including certification by the property owner that:

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Terms Used In Tennessee Code 68-205-106

  • Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
  • Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
  • Local government: means a county, metropolitan government, municipality, or other political subdivision of this state. See Tennessee Code 68-205-102
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • program: means a commercial property assessed clean energy program established under this chapter. See Tennessee Code 68-205-102
  • Property: includes both personal and real property. See Tennessee Code 1-3-105
  • Property owner: means the owner or owners on title, duly recorded, of a commercial property. See Tennessee Code 68-205-102
  • Qualified project: means a project approved by the program administrator, involving the installation or modification of a qualified improvement, including new construction or the adaptive reuse of eligible property with a qualified improvement, and including qualified improvements installed no more than two (2) years prior to the date of application. See Tennessee Code 68-205-102
  • written: includes printing, typewriting, engraving, lithography, and any other mode of representing words and letters. See Tennessee Code 1-3-105
(A) The property owner requesting to participate in the program:

(i) Is the legal owner of the benefited property;
(ii) Is current on mortgage and property tax payments; and
(iii) Is not insolvent or in bankruptcy proceedings; and
(B) The title of the benefited property is not in dispute;
(2) A requirement that:

(A) The amount of the assessment, plus existing indebtedness on the property, does not exceed ninety percent (90%) of the fair market value of the property as determined by a qualified appraiser, with the exception that properties qualified under the federal low-income housing tax credit program set forth in 26 U.S.C. § 42 are exempt from this requirement; and
(B) The amount of the assessment does not exceed twenty-five percent (25%) of the fair market value of the property as determined by a qualified appraiser;
(3) A description of the types of qualified projects that may be subject to special assessments;
(4) A statement identifying the local government official authorized to enter into and execute written contracts on behalf of the local government;
(5) A statement that the period of the special assessment must not exceed the weighted average of the useful life of the qualified project that is the basis for the assessment; and
(6) A statement explaining the procedures for imposing voluntary special assessments, the billing and collecting of the voluntary special assessments, and remedies for enforcement of delinquent special assessments, unless the local government delegates these duties pursuant to § 68-205-107(d)(2).
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