R362-5-10. Associated Fee

  (1) OED's costs of administering and directing the C-PACE District are financed by program fees charged to property owners upon project financial closing.

  (a) In accordance with Section 63J-1-504, OED charges a program fee that consists of a one-time charge of three percent (3.0%) of the financed amount per project, provided that the fee does not exceed ninety thousand dollars ($90,000) per project.

  (2) On behalf of OED, the thirty party delegate provides an invoice to the third-party lender for the program fee.

  (a) The third-party lender remits the fee to the third party delegate within 10 days of financial closing.

  (b) Upon receipt of the fee, the third party delegate remits 0.5% of the collected fee, up to $15,000, to OED within 10 days of receipt.