AN ACT RELATIVE TO COMMERCIAL AREA REVITALIZATION DISTRICTS.
Be it enacted by the Senate and House of Representatives
in General Court assembled, and by the authority of the same,
The third paragraph of subsection (a) of section 8 of chapter 23G of the General Laws, as appearing in the 2000 Official Edition, is
hereby amended by adding the following sentence:- Notwithstanding any
provision of this paragraph to the contrary, the agency may finance projects
for institutions without meeting any of the
requirements other than those
contained in the first 2 sentences of this paragraph.
Clause (l) of section 1 of chapter 40D of the General
Laws, as so appearing, is hereby amended by inserting after the fourth sentence
2 sentences:- A project undertaken by a nonprofit corporation authorized by
law to provide facilities for educational, cultural or social services,
including provision of working capital, or a project undertaken by a
governmental entity for governmental purposes shall be deemed to constitute an
industrial enterprise but shall not be deemed to constitute a commercial
enterprise. Projects located within the boundaries of an
empowerment zone as it may have been established in a city or town, pursuant to
regulations of the United States Department of Housing and Urban Development,
24 CFR subsections 597 and 598, shall be deemed to constitute an industrial
enterprise but shall not be deemed to constitute a commercial enterprise.
Said section 1 of said chapter 40D, as so appearing, is
hereby further amended by striking out, in lines 75 to 77, inclusive, the
words "Facilities for the use of governmental and nonprofit entities shall be
considered facilities to be used in a commercial enterprise, and bonds" and
inserting in place thereof the following word:- Bonds.