(a)(1) The governing body of a local government may designate an area of the local government or may designate the entire area of the local government, including the unincorporated and incorporated area of the local government if applicable, as a region in which the local government may make available a property insurance reduction and capital expenditure financing program to the record owner of any qualifying property who voluntarily agrees to have assessments and a lien imposed on the owner’s property for the repayment of the funds advanced for qualified projects. (2) For the purpose of this article, the costs of a qualifying project shall include, but are not limited to, all of the following: a. All costs of acquisition, by purchase or otherwise, construction, assembly, installation, modification, renovation, rehabilitation, or new construction incurred in connection with any qualified project or any part of any qualified project. b. All costs associated with the qualifying property, fixtures, or personal property used by, connected with, or necessary for any qualified project or for any related facilities, including, but not limited to, the following: 1. The cost of all land, estates for years, easements, rights, improvements, water rights, connections for utility services, fees, franchises, permits, approvals, licenses, and certificates. 2. The costs associated with securing any franchises, permits, approvals, licenses, or certificates. 3. The cost of preparing any application and the cost of all fixtures, machinery, equipment, furniture, and other property used by, connected with, or necessary for any qualified project. c. All financing charges, fees, and all interest on financing provided by a capital provider under this article. d. All costs of engineering, surveying, architectural services, and legal services, and all expenses incurred by engineers, surveyors, architects, and attorneys in connection with any qualified project. e. All expenses for inspection of any qualified project. f. All fees of fiscal agents, paying agents, and trustees for bondholders under any trust agreement, indenture of trust, or similar instrument or agreement; all expenses incurred by any fiscal agents, paying agents, and trustees; and all other costs and expenses related to the issuance of any revenue bonds, notes, or other obligations for any qualified project. g. All fees of any type charged by a local government related to any qualified project. h. All expenses incurred in determining the feasibility or practicability of any qualified project. i. All costs of plans and specifications for any qualified project. j. All costs of title insurance and examinations of title related to any qualified project. k. Repayment of any assessments made for the advance payment of any part of the costs provided specified in this section, including interest thereon and any other expenses of the assessments. l. Administrative expenses of the local government and other expenses as may be necessary or incidental to any qualified project, its financing, or placing the project in operation. (3)a. A local government participating under this article shall impose a lien, consistent with the consent agreement and assessment agreement, when qualified property owners secure private financing from qualified capital providers to finance qualified projects under this article. b. Notes and other financial instruments issued under this section are not general obligations of the local government but are solely payable from assessments on qualifying properties benefited by the improvement. (b) After execution of the consent agreement or agreements and the assessment agreement, the participating local government shall assign the assessment or the right to payments from the assessment of a property owner with a qualified project to the capital provider that finances the qualifying improvements. (c) This article does not apply to residential property consisting of fewer than five units.
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