Section 3G: Designation of economic target areas or economic opportunity areas; criteria for designating contiguous census tracts or municipalities as economic target areas; foreign trade zones
Section 3G. (a) The EACC may designate 1 or more areas as an economic target area or economic opportunity area in connection with an application from a municipality seeking the designation under the federal Empowerment Zones and Enterprise Communities Program or other local, state or federal programs that contemplate such designations. Designations of new economic target areas, if any, shall be made in accordance with the criteria in subsection (b). Designations of new economic opportunity areas, if any, shall be made at the discretion of the EACC in accordance with regulations to be promulgated by the EACC, or rules or policies adopted by the EACC.
(b) The EACC may from time to time designate as an economic target area an area of the commonwealth comprised of 3 or more contiguous census tracts or 1 or more contiguous municipalities provided that the area proposed for designation meets 1 of the following criteria: (i) the proposed economic target area has an unemployment rate that exceeds the statewide average by not less than 25 per cent; (ii) if the proposed economic target area is located in a metropolitan area, then not less than 51 per cent of the households in the proposed economic target area have incomes that are below 80 per cent of the median income for households in the metropolitan area; (iii) if the proposed economic target area is not located in a metropolitan area, then not less than 51 per cent of the households in the proposed economic target area have incomes that are below 80 per cent of the median income for households in the commonwealth; (iv) the proposed economic target area has a poverty rate which is not less than 20 per cent higher than the average poverty rate for the commonwealth; (v) the area proposed for designation has heightened economic need due to: (i) an industrial or military base closure; (ii) the presence of underutilized maritime or electric generation facilities; or (iii) a commercial vacancy rate greater than 20 per cent; or (vi) the area proposed for designation has exceptional potential for economic development as a result of: (i) the proposed redevelopment of blighted real estate or abandoned buildings totaling not less than 1,000,000 square feet; (ii) the proposed establishment of a regional technology center of not less than 3,000,000 square feet; or (iii) the proposed development of a Class I renewable energy generating facility.
(c) A city or town with an economic opportunity area may make application to the United States Foreign Trade Zones Board under 19 U.S.C. 81(a) to 81(u), inclusive, for a grant to the city or town for the privilege of establishing, operating and maintaining a foreign trade zone within its economic opportunity area. Upon petition from a city or town, the EACC may authorize any other city or town to make application to the Foreign Trade Zones Board for a grant to the city or town for the privilege of establishing, operating and maintaining a foreign trade zone.