Bill > S299

This bill establishes a new regional economic development fund called the Route 1 Stadium Area Economic Development and Infrastructure Fund, to be administered by the town of Foxborough. The fund will support economic development and infrastructure improvements in the towns of Sharon, Walpole, Wrentham, and Foxborough. It will be funded by appropriated funds, revenues from parking fees collected in the area, and other sources. Importantly, the bill modifies existing parking fee provisions by gradually reducing the administrative parking fees over time: a 20% reduction in 2027, increasing to 40% in 2028, 60% in 2029, 80% in 2030, and a complete 100% reduction by 2031. Instead of these parking fees being returned to the state's general fund, they will now be transferred directly to this new economic development fund. The bill is presented as an emergency measure, with the preamble stating that delaying its implementation would defeat its purpose of revising parking fee requirements in the mentioned towns.

Business and Industry

https://malegislature.gov/Bills/194/S299