Amendment #153 to H4165

Expansion of I-Cubed to Support Transformative Development

Mr. Cabral of New Bedford moves to amend the bill by inserting after the last sentence in line 793 the following subsection:-

(n) Notwithstanding any general or special law to the contrary, the agency may approve and authorize the filing of a transformative redevelopment project, as defined in section 5 of chapter 293 of the acts of 2006, by a developer.  The fund director shall establish regulations and guidelines to identify potential transformative redevelopment projects and shall coordinate and shepherd such projects through the approval process established by the secretary of the executive office of administration and finance, established pursuant to section 2 of chapter 7 of the General Laws.

further moves to amend the bill by adding the following after section 73:-

SECTION 74. Chapter 293 of the Acts of 2006 of is hereby amended by inserting in section 5 the following:-

“Transformative redevelopment project” shall be a commercial or multifamily housing project, authorized in accordance with Chapter 23G, Section 46(n) of the General Laws, in a gateway city, as defined in section 3A of chapter 23A of the General Laws.

SECTION 75. Chapter 293 of the Acts of 2006 of is hereby amended by inserting the following after section 11:- Section 11A:

Transformative Redevelopment Project.  (a) notwithstanding 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) the total amount authorized by the secretary in any year shall be no greater than a total amount not to exceed $50,000,000.

(c) 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 or 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.