(a) A local government may impose a voluntary special assessment to repay the financing of qualified projects on commercial property located in a region.
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Terms Used In Tennessee Code 68-205-103

  • Commercial property: means :
    (A) Privately owned commercial, industrial, or agricultural real property. See Tennessee Code 68-205-102
  • Contract: A legal written agreement that becomes binding when signed.
  • Deed: The legal instrument used to transfer title in real property from one person to another.
  • Financing: means financing and refinancing for qualified projects under this chapter. See Tennessee Code 68-205-102
  • 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.
  • Project application: means an application submitted for a program to demonstrate that a proposed project qualifies for C-PACER financing and for a C-PACER assessment and lien. See Tennessee Code 68-205-102
  • Property: includes both personal and real property. See Tennessee Code 1-3-105
  • Record: means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in a perceivable form. See Tennessee Code 1-3-105
  • Record owner: means the owner listed on the property's legal documents on file or the owner of an estate for years created pursuant to a written ground lease agreement or similar agreement. See Tennessee Code 68-205-102
  • Region: means a geographical area as determined by a local government pursuant to §. 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
(b) A local government shall not impose an assessment to repay the financing of the purchase or installation of products or devices not permanently affixed to commercial property.
(c) A local government may impose a voluntary special assessment only after a project application is approved. The special assessment must be created through a written contract between the local government and the record owner of the property to be assessed.
(d) Prior to entering into the written assessment contract, the record owner shall obtain and furnish to the local government a written statement, executed by each holder of a mortgage or deed of trust on the property securing indebtedness, in the sole and absolute discretion of each holder of a mortgage or deed of trust on the property, that consents to the assessment and indicates that the assessment does not constitute an event of default under the mortgage or deed of trust.
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