|William F. Weld
Table of Contents
WHEREAS, Massachusetts has recently entered a period of severe economic distress, with an unacceptable level of unemployment and with many areas of the Commonwealth's economic base exhibiting an undesirable rate of growth and, in certain areas of manufacturing, an egregious decline;
WHEREAS, a material factor constraining economic growth and development in the Commonwealth is the lack of a ready availability of financing for small and developing businesses:
WHEREAS, our success at affecting the cost and availability of credit will depend, to a substantial degree, upon the extent to which we advance and implement a comprehensive and coordinated economic development strategy, predicated upon a thorough analysis of our economic strengths and weaknesses, which seeks to create the most favorable environment for economic growth and development;
WHEREAS, critical elements of such a strategy must include, but without limitation, the presentation and advancement of a single, coherent articulation of the Commonwealth's interests before federal agencies with jurisdiction over credit policies and economic development and industrial promotion: the aggressive and coordinated exploitation of the full measure of the existing programs and resources of the Commonwealth's economic development agencies; and the development of new initiatives which harness market forces and leverage the maximum participation of diverse federal and private resources:
WHEREAS, the Commonwealth has a number of public instrumentalities, authorities and related organizations charged directly or indirectly with supporting economic development, including a wide array of agencies charged with decreasing the cost and expanding the availability of financing, many of which have ably discharged their public responsibilities since their inception;
WHEREAS, there is currently no effective means by which the Commonwealth can avoid duplication of effort and responsibility by and between its public economic development agencies or provide for the full and effective coordination of effort between and among said agencies;
NOW, THEREFORE, I, William F. Weld, Governor of the Commonwealth of Massachusetts, by virtue of the authority vested in me as Supreme Executive Magistrate, do hereby order as follows:
Section 1. An Advisory Committee on the Coordination of Economic Development Programs in the Commonwealth is hereby established. It shall be the responsibility of the Committee to make recommendations to the Governor relative to ways and means of exploiting the full measure of the expertise and resources of the Commonwealth's public economic development agencies in response to the credit crisis confronting the small and developing businesses in the Commonwealth, and otherwise to most effectively and efficiently advance the Commonwealth's economic development interests, and including but without limitation specific proposals relative to the following:
a. The development of statewide economic development strategic plan which contains an analysis of the strengths and weaknesses of the Massachusetts economy and perceived trends relative thereto and which identifies areas of opportunity for economic growth which would benefit from a more concerted and aggressive application of resources currently or potentially at the disposal of the Commonwealth.
b. The possible consolidation, coordination and augmentation of the purposes, powers and essential governmental functions of the public economic development agencies of the Commonwealth;
c. The most effective presentation and advancement of the Commonwealth's interests before federal agencies with jurisdiction over matters which affect the cost or availability of financing in the Commonwealth;
d. The development of a streamlined, "one-stop shopping" method for the delivery of economic development assistance services in the Commonwealth;
e. The creation of a rapid response mechanism for identifying and aggressively pursuing industrial firms or organizations with an interest in locating or expanding their activities in the Commonwealth: and
f. The feasibility of forming compacts with other states in the New England region relative to the collaborative administration and support of programs in areas such as tourist promotion and education.
Section 2. For the purposes of the affairs of this Committee, the following public agencies, authorities and instrumentalities shall be deemed to be "public economic development agencies":
a. The Massachusetts Industrial Finance Agency;
b. The Massachusetts Health and Educational Facilities Authority;
c. The Massachusetts Community Development Finance Corporation;
d. The Massachusetts Economic Stabilization Fund;
e. The Massachusetts Government Land Bank
f. The Massachusetts Industrial Service Program;
g. The Massachusetts Product Development Corporation
h. The Massachusetts Technology Development Corporation;
i. The Bay State Skills Corporation;
j. The Massachusetts Office of Business Development;
k. The Massachusetts Technology Park Corporation;
l. The Massachusetts Housing Finance Agency; and
m. Any other agency, authority or public instrumentality of the Commonwealth determined by the Secretary of Economic Affairs to be engaged in activities similar to aforesaid agencies.
Section 3. The initial composition of the Committee shall be as follows:
a. The Secretary of Economic Affairs who shall serve as chairman;
b. The Secretary of Administration and Finance or his designee;
c. The Commissioner of Banks and Banking;
d. An executive director of a public economic development agency;
e. A private sector representative from the banking industry appointed by the Governor;
f. A private sector representative from the real estate industry to be appointed by the Governor; and
g. Such other members possessing other expertise as the Chairman of the Committee may from time to time recommend to the Governor and as the Governor may thereupon determine to appoint.
In addition, the following elected officials are to be invited to become members of the Committee:
1. The Chairman of the House Committee on Ways and Means; and
2. The Chairman of the Senate Committee on Ways and Means.
Section 4. The Committee is hereby authorized to do any and all things necessary or convenient to carry out the purpose or exercise the powers expressly granted in this order, including but without limitation to conduct audits relative to the performance and financial resources of the public economic development agencies. It is requested that said agencies cooperate fully with the Committee in these matters.
Section 5. The Secretary of Economic Affairs is instructed to assemble the Committee and schedule and staff its meetings (which should commence as soon as practicable). The Committee shall meet as often, and at such times and places, as deemed appropriate by said Secretary. The public economic development agencies are hereby requested to make sufficient staff and resources available to the Committee to enable it to discharge its responsibilities expeditiously.
Section 6. The Committee shall deliver its report and recommendations to the Governor within 90 days of its first meeting. Recommendations shall be those receiving the endorsement of a majority of the Committee. Minority Committee reports or recommendations may accompany any recommendations or reports made by the full Committee.
Given at the Executive Chamber in Boston this 26th day of February in the year of our Lord one thousand nine hundred and ninety-two.
William F. Weld, Governor
Commonwealth of Massachusetts
Michael Joseph Connolly
Secretary of the Commonwealth