SECTION 1. Section 7 of chapter 16 of the acts of 1999 is hereby amended by inserting after paragraph (1) the following paragraph:-

(1 ½) There shall be a regional economic development fund to be known as the Route 1 Stadium Area Economic Development and Infrastructure Fund, to be administered by the town of Foxborough for the purposes of promoting economic development and infrastructure improvements along the Route 1 corridor and adjacent neighborhoods in the towns of Sharon, Walpole, Wrentham and Foxborough. There shall be credited to the fund: (i) any funds that may be appropriated or transferred for deposit into the fund; (ii) any revenue derived from the parking fees collected pursuant to paragraph (2); and (iii) all other amounts credited or transferred into the fund from any other source; provided, however, that amounts credited to the fund shall not be subject to appropriation. Money remaining in the fund at the end of a fiscal year shall not revert to the General Fund and shall be available for expenditure in subsequent fiscal years.

SECTION 2. Paragraph (2) of said section 7 of said chapter 16 of the acts of 1999 is hereby amended by striking out the words “returned to the commonwealth for deposit in the general fund” and inserting in place thereof the following words:- transferred to the Route 1 Stadium Area Economic Development and Infrastructure Fund established under paragraph (1½).

SECTION 3. Said paragraph (2) of said section 7 of said chapter 16 of the acts of 1999 is hereby further amended by adding the following sentence:- Notwithstanding section 8 of this act or any other general or special law to the contrary, the annual aggregate amount of the administrative parking fees to be collected pursuant to this paragraph shall be reduced in accordance with the following schedule: by 20 per cent in 2027; by 40 per cent in 2028; by 60 per cent in 2029; by 80 per cent in 2030; and by 100 per cent in 2031.