For purposes of this chapter, and unless otherwise expressly stated
or unless the context requires, the following terms shall have the
meanings indicated:
- ANNUAL INSTALLMENT AMOUNT
- Shall have the meaning assigned in § 284-8B.
- ANNUAL INSTALLMENT LIEN
- Shall have the meaning assigned in § 284-8B.
- AUTHORITY
- The New York State Energy Research and Development Authority.
- BENEFIT ASSESSMENT LIEN
- Shall have the meaning assigned in § 284-3A.
- BENEFITED PROPERTY
- Qualified Property for which the Qualified Property Owner
has entered into a Finance Agreement for a Qualified Project.
- BENEFITED PROPERTY OWNER
- The owner of record of a Benefited Property.
- EIC
- The Energy Improvement Corporation, a local development corporation,
duly organized under § 1411 of the Not-For-Profit Corporation
Law of the State, authorized hereby on behalf of the Municipality
to implement the Program by providing funds to Qualified Property
Owners and providing for repayment of such funds from money collected
by or on behalf of the Municipality as a charge to be levied on the
real property.
- ELIGIBLE COSTS
- Costs incurred by the Benefited Property Owner in connection
with a Qualified Project and the related Finance Agreement, including
application fees, EIC's Program administration fee, closing costs
and fees, title and appraisal fees, professionals' fees, permits,
fees for design and drawings and any other related fees, expenses
and costs, in each case as approved by EIC and the Financing Party
under the Finance Agreement.
- ENABLING ACT
- Article 5-L of the General Municipal Law of the State, or
a successor law, as in effect from time to time.
- FINANCE AGREEMENT
- The finance agreement described in § 284-6A of this chapter.
- FINANCING CHARGES
- All charges, fees and expenses related to the loan under
the Finance Agreement, including accrued interest, capitalized interest,
prepayment premiums, and penalties as a result of a default or late
payment and costs and reasonable attorneys' fees incurred by
the Financing Party as a result of a foreclosure or other legal proceeding
brought against the Benefited Property to enforce any delinquent Annual
Installment Liens.
- FINANCING PARTIES
- Third-party capital providers approved by EIC to provide
financing to Qualified Property Owners or other financial support
to the Program which have entered into separate agreements with EIC
to administer the Program in the Municipality.
- MUNICIPAL LIEN
- A lien on Qualified Property which secures the obligation
to pay real property taxes, municipal charges, or governmentally imposed
assessments in respect of services or benefits to a Qualified Property.
- MUNICIPALITY
- The City of New Rochelle, a municipality of the State constituting
a tax district as defined in § 1102 of the Real Property
Tax Law of the State.
- NONMUNICIPAL LIEN
- A lien on Qualified Property which secures any obligation
other than the obligation to pay real property taxes, municipal charges,
or governmentally imposed assessments in respect of services or benefits
to a Qualified Property Owner or Qualified Property.
- PROGRAM
- The Energize NY Open C-PACE Financing Program authorized
hereby.
- QUALIFIED PROJECT
- The acquisition, construction, reconstruction or equipping
of Energy Efficiency Improvements or Renewable Energy Systems or other
projects authorized under the Enabling Act on a Qualified Property,
together with a related Energy Audit, Renewable Energy System Feasibility
Study and/or other requirements under or pursuant to the Enabling
Act, with funds provided in whole or in part by Financing Parties
under the Program to achieve the purposes of the Enabling Act.
- QUALIFIED PROPERTY
- Any real property, other than a residential building containing
fewer than three dwelling units, which is within the boundaries of
the Municipality that has been determined to be eligible to participate
in the Program under the procedures for eligibility set forth under
this chapter and the Enabling Act and has become the site of a Qualified
Project.
- QUALIFIED PROPERTY OWNER
- The owner of record of Qualified Property which has been
determined by EIC to meet the requirements for participation in the
Program as an owner, and any transferee owner of such Qualified Property.
- RPTL
- The Real Property Tax Law of the State, as amended from time
to time.
- SECURED AMOUNT
- As of any date, the aggregate amount of principal loaned to the Qualified Property Owner for a Qualified Project, together with Eligible Costs and Financing Charges, as provided herein or in the Finance Agreement, as reduced pursuant to § 284-8C.
- STATE
- The State of New York.
