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. The town of Shrewsbury may establish a separate fund to be known as the Lakeway Overlay District Fund for the purpose of providing street lights, sidewalks, trash receptacles, parking and public realm improvements in the Lakeway Overlay District as defined by of the town of Shrewsbury zoning by-law.
SECTION 2. All the expenditures from the fund shall be used for public improvements that enhance, revitalize, improve, beautify, or increase pedestrian safety in the Lakeway Overlay District. The following are eligible uses of the Lakeway Overlay District Fund:
(a) acquire and improve land for off-street parking, including surface parking lots and structured parking; and
(b) acquire, install and maintain public amenities, including but not limited to sidewalks, benches, trash receptacles, street lights, landscaping and plantings, and directional or informational signage and kiosks; and
(c) acquire, improve, manage, or convey by lease or sale real property in the Lakeway Overlay District for purposes consistent with the Shrewsbury Master Plan, Capital Improvements Plan, or any other plans, studies or programs authorized and approved by the planning board to address the economic development, land use, or transportation needs of the Lakeway Overlay District.
Expenditures shall be authorized by a majority vote of town meeting upon a favorable recommendation of the planning board and the board of selectmen. The town manager shall be responsible for carrying out all expenditures authorized by town meeting.
SECTION 3. As a means of providing available assets for the fund, all monies received by the town through the following means shall be paid over to and become a part of the fund for the purposes set forth in this act;
(a) cash payments made by developers to the town pursuant to the town of Shrewsbury zoning by-law; and
(b) gifts, grants, donations, contributions or other cash payments made to and accepted by the town for the purpose of carrying out public improvements in the Lakeway Overlay District.
SECTION 4. Real property interests acquired or conveyed by the town under this act shall be in accordance with section 16 of chapter 30B of the General Laws, unless exempt under section 1 of said chapter 30B or under other laws of the commonwealth.
SECTION 5. The town treasurer shall be the custodian of the fund and shall invest the funds in the manner authorized by sections 55, 55A and 55B of chapter 44 of the General Laws. Any income or proceeds received from the investment of funds shall be credited to and become part of the fund.
Approved January 7, 2005.