Section 3C. (1) The EACC shall administer the economic development incentive program and, in so doing, shall be empowered to exercise the following powers and duties:
(a) promulgate rules and regulations and prescribe procedures to effectuate the purposes of sections three A to three H, inclusive;
(b) review applications from municipalities for the designation of areas as economic target areas and economic opportunity areas and to make such designations;
(c) certify projects for participation in the economic development incentive program and establish regulations for evaluating the proposals of said projects;
(d) certify and approve tax increment financing agreements and special tax assessments pursuant to section 3F and clause (vii) of section 59 of chapter 40.
(e) assist municipalities in obtaining state and federal resources and assistance for certified projects and other job creation and retention opportunities within the commonwealth;
(f) provide appropriate coordination with other state programs, agencies, authorities and public instrumentalities to enable certified projects and other job creation and retention opportunities to be more effectively promoted by the commonwealth; and
(g) monitor the implementation and operation of the economic development incentive program.
(2) There shall be appointed within MOBD a director of economic assistance who shall be responsible for administering the recommendations of the EACC. The director of housing and community development shall designate a staff person who shall serve as a liaison to the EACC and who shall meet with the director of economic assistance on a regular basis.
(3) The EACC shall annually submit to the governor, the senate and the house ways and means committees, and the joint committee on commerce and labor, within ninety days after the end of its fiscal year, a complete and detailed report setting forth its operations and accomplishments, including a listing of all projects certified under the EDIP.
(4) Two years after the first meeting of the EACC, and every two years thereafter, the EACC shall prepare a report which evaluates the relative effectiveness of the EDIP, and shall make recommendations to the director of economic development as necessary or advisable to improve such effectiveness. Each such report shall be made available to the senate and house ways and means committees and to the joint committee on commerce and labor.