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 Needham may establish a separate fund to be known as the Needham Center Off-Street Parking Fund for the purpose of providing off-street parking in Needham center, defined as the area presently zoned as Center Business District, Chestnut Street Business District and Business District in the zoning by-laws.
SECTION 2. All expenditures from the Needham Center Off-Street Parking Fund shall be used for off-street parking facilities serving Needham center. The following are eligible uses of the fund:
(a) to acquire, through purchase, lease or other legal means, land to be used for off-street parking, including surface parking and structured parking;
(b) to acquire, through purchase, lease or other legal means, existing off-street parking spaces;
(c) to design and construct new or expanded off-street parking, including predevelopment costs directly related to such design and construction;
(d) to commission plans and studies relative to off-street parking in Needham center, except that appropriations for planning shall not exceed 20 per cent of the uncommitted balance available in the fund at the time of the appropriation; and
(e) to make capital repairs and improvements to public parking in Needham center in a manner consistent with the town of Needham capital improvement plan and any other plans, studies or programs authorized and approved by the planning board to address the economic development, land use or transportation needs of Needham center.
Appropriations from the fund shall be made by town meeting. The town manager shall be responsible for expending such funds.
SECTION 3. As a means of providing assets for the fund, all monies received by the town of Needham for the purpose of carrying out off-street parking improvements in Needham center through the following means shall be paid over to and become part of the fund for the purposes set forth in this act:
(a) cash payments made to the town pursuant to the zoning by-law of the town of Needham;
(b) gifts, grants, donations, contributions or other cash payments made to and accepted by the town; and
(c) appropriations of public monies made by the town of Needham.
SECTION 4. The town treasurer shall be the custodian of the fund. The treasurer may invest the funds in such separate account in a manner authorized under section 55 of chapter 44 of the General Laws. Any interest earned thereon shall be credited to and become part of such separate account.
SECTION 5. This act shall take effect upon its passage.
Approved December 30, 2008