SENATE, No. 1192

SECTION 1. Notwithstanding the provisions of M.G.L., c 44, §53, or any other provision of the law to the contrary, the City of Taunton, a municipal corporation duly organized under the laws of the Commonwealth of Massachusetts, having a principal place of business at City Hall, 15 Summer Street, Taunton, Massachusetts 02780 (hereinafter referred to as the "City") is hereby authorized to establish in the City Treasury a special account to be known as the "Taunton Economic Development Fund", into which account shall be deposited certain receipts which comprise the total amounts requested through written agreements between the City, and the owners, developers or parties (hereafter referred to as the "Donors"), relative to tax incentive agreements as negotiated and approved by the Massachusetts Economic Assistance Coordinating Council, as outlined in specific Tax Increment Finance agreements under the Massachusetts Economic Development Incentive Program, in accordance with Chapter 23A, Sec 3-A-H; Chapter 40, § 59. 

SECTION 2. The "Taunton Economic Development Fund" (hereinafter referred to as the "fund"), shall be established to reinvest contributions by the Donors receiving tax incentives through the City's and the Commonwealth's Economic Development Incentive Program as negotiated within Tax Increment Finance agreements. The annual contributions by the Donors shall be deposited into the Fund, for future reinvestment into the community for economic development purposes without further appropriation. The guidelines for future use of all contributions and disbursements of the Fund proceeds with be will be as follows:

a. There is hereby established a seven member Board of Trustees of the Taunton Economic Development Fund, comprised of the Chairman of the Tax Increment Financing Committee or his/her designee, a member of the Municipal Council, three citizens appointed annually by the Mayor with approval of a majority vote of the Municipal Council, the Chairman of the Taunton Development Corporation or his/her designee and the Chairman of the Taunton Redevelopment Authority or his/her designee. The Board of

Trustees, acting as the exclusive arm of the City for economic development expenditure purposes, will be the designated body to make specific expenditures of said Fund proceeds for economic development purposes. A majority of the Board of Trustees shall be needed to approve said expenditures without further appropriation. The Board of Trustees shall conduct their business in accordance with M.G.L. Chapter 39, § 23B, as from time to time amended.

b. The proceeds of the Fund, will be approved only for the parameters set forth in the following guidelines:

·        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 City and create quality employment opportunities for its residents.

·        General operations of the Board of Trustees, which include but are not limited to purchasing software, office supplies, computers, or other products that would assist the economic development efforts of the City.

·        Activities related to marketing and promoting the City for economic development purposes for new businesses, as well as, economic development activities related to business retention and expansion.

·        Matching grants or funding of the construction, installation of, or improvements needed and for infrastructure related to projects of development past, present and future that will leverage future developments resulting in quality employment opportunities and increased tax revenues.

·        To provide loan assistance to businesses within the City for the purposes of creating quality employment opportunities.

SECTION 3. The provisions of this Act shall take effect immediately following approval. Each year the board of Trustees will provide an annual report to the City on expenditures from the Fund; or take any action relative thereto.