Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority of the same, as follows:
SECTION 1. Notwithstanding section 53 of chapter 44 of the General Laws or any other special or general law to the contrary, the town of Plymouth may establish a special account to be known as the Town of Plymouth Economic Development Fund. There shall be credited to the fund all amounts constituting payments in lieu of taxes on real property received by the town pursuant to written tax increment financing agreement, approved by town meeting and the Massachusetts Economic Assistance Coordinating Council in accordance with section 59 of chapter 40 and other applicable laws, as well as any other funds specifically designated in such agreements.
SECTION 2. The amounts credited to the fund may, without further appropriation by the town, be expended by a majority vote of the board of trustees of the Plymouth Regional Economic Development Foundation Inc., the foundation, created pursuant to chapter 180 of the General Laws.
SECTION 3. The fund may be expended only for the following economic development purposes:-
(a) feasibility studies, economic data gathering, and payment of consultants to compile reports relative to economic development activities that will foster increased tax revenues to the town of Plymouth and create quality employment opportunities for its residents;
(b) marketing and promotion of economic development activities that will enhance the town's workforce, the ability to attract commerce or new businesses to the town;
(c) matching grants or funding of the construction, installation, improvements and related expenditures, of infrastructure related to projects of development that will leverage future developments resulting in quality employment opportunities and increased tax revenues; and
(d) general operations of the foundation, purchasing of literature, software or other products that would assist the economic development efforts of the town and the foundation.
SECTION 4. The foundation shall make an annual report on all expenditures from the fund on a date to be determined by the town manager. The foundation shall provide the town manager, contemporaneously with filing with the secretary of the commonwealth pursuant to chapters 156B and 180 of the General Laws, copies of all said filings.
SECTION 5. Upon dissolution of the foundation, or a change in corporate purpose inconsistent with this act, as determined by the board of selectmen, said board shall act in place of the foundation until such time as town meeting determines otherwise in the manner hereinafter provided. Town meeting may choose a successor to the foundation by designating a nonprofit corporation, or, by so designating or establishing by by-law a town committee or department for such purpose; provided, however, that if the town meeting should designate a nonprofit corporation or establish or designate a town committee or department to be a successor to the foundation, the name of the nonprofit corporation or town committee or department shall be deemed to be substituted for that of the foundation throughout this act.
SECTION 6. This act shall take effect upon its passage.
Approved January 5, 2005.