Bill > S173

This bill establishes a Downtown Vitality Fund designed to strengthen local business districts and main streets across Massachusetts. The fund will be financed by allocating 0.75% of the state's regular sales tax receipts and will be administered by the Executive Office of Economic Development. The fund's primary purposes include providing grants to create and support district management entities in commercial areas, such as business improvement districts and cultural districts, with a particular focus on supporting small business districts in Gateway Cities and low-income areas. The bill prioritizes expanding entrepreneurship opportunities for underrepresented communities, preserving cultural identity, and preventing cultural displacement. A newly created Downtown Vitality Advisory Board, consisting of at least 15 members representing various stakeholders like MassDevelopment, cultural councils, business districts, municipal leaders, and small business representatives from diverse backgrounds, will provide guidance on grant requirements and recommendations. The agency must file annual reports detailing the grants dispersed, and the grants can be used for purposes such as establishing district management entities, providing operating support, offering technical assistance, supporting the Transformative Development Initiative, and implementing local economic development plans. The bill aims to revitalize downtown areas by providing strategic financial support and resources to local communities.

Budget and Finance, Business and Industry

https://malegislature.gov/Bills/194/S173