Gateway Cities I-Cubed Program
Messrs. Downing, Kennedy and DiDomenico, Ms. Donoghue, Messrs. Montigny, Wolf and McGee and Ms. Forry moved that the bill be amended by inserting at the end thereof the following 2 new sections:-
SECTION XX. Chapter 293 of the Acts of 2006, as most recently amended by Chapter 238 of the Acts of 2012, is hereby further amended by inserting in section 5 the following definition:-
“Transformative Redevelopment Project” shall be a commercial or multifamily housing project in a gateway city, as defined in section 3a of chapter 23a or in a gateway neighborhood. A ‘gateway neighborhood’ shall be identified and defined from time to time a section of an established municipality that falls within a US Census tract that has been designated as New Market Tax Credit Eligible District.”
SECTION XX. Said chapter 293 is hereby further amended by inserting in section 7 by inserting the following new subsection:-
(e) Not more than $50,000,000 shall be expended for transformative redevelopment projects in certified under section 11B, provided that 80 percent of the funds shall be expended for projects in gateway cities.
And further by inserting after section 11 the following new section:-
SECTION 11B. (a) Notwithstanding clause the third of subsection (c) of section 7 or any general or special law to the contrary, the secretary may certify a transformative redevelopment project and may authorize the agency to issue taxable or tax exempt short term bonds or bond anticipation notes equal to the amount of construction period sales and income tax revenue attributable to the project as certified by the secretary;
(b) Upon the certification of a transformative redevelopment project, the commonwealth acting by and through the secretary, the agency and developer shall enter into a transformative redevelopment project assistance agreement. In addition to any other requirements provided herein, or any rules, regulations or guidelines promulgated by the secretary of the department, the transformative redevelopment project assistance agreement shall at a minimum provide that (i) the developer shall construct the project before any bond or bond anticipation note is issued by the agency and (ii) the developer shall certify that the applicable sales and income taxes have been paid.