Cape Charles - STIP Minimum Sustainability Requirements

Summary

Cape Charles Sustainable Technology Industrial Park (STIP), located on the Eastern Shore of Virginia, is an eco-industrial park that is taking advantage of a number of energy technologies, including solar energy systems. Occupants of STIP are awarded rebates if they exceed the "Minimum Sustainability Requirements." Sustainability audits are conducted annually. This Performance Incentive Award is given to owners in the form of a reduction of up to 5% of their annual assessment for exceeding minimum environmental criteria, and up to an additional 5% reduction for exceeding minimum social criteria. For occupants to lease their lots, the incentive award is in the form of a base rent reduction of up to 6% for exceeding minimum environmental criteria, and up to an additional 6% reduction for exceeding minimum social criteria. Occupants are subject to a "Non-Compliance Penalty"---a monthly fee equivalent to 5% of the occupant’s proportionate share of the annual assessment.