Bill > H482

This bill modifies the definition of "Gateway municipality" and establishes a new Designated Port Area Community Fund. The updated definition of Gateway municipality now includes municipalities with populations between 35,000 and 250,000 that have a median household income below the state average and lower-than-average educational attainment, as well as any municipality that contains a designated port area. The bill creates a new fund to be administered by the Massachusetts Development Finance Agency, which can receive appropriations, grants, gifts, and investment income specifically designated for economic development in designated port areas. The fund will be used to provide economic assistance to properties within these areas, with unexpended funds rolling over to the next fiscal year and being exempt from certain administrative assessments. This bill aims to support economic development in specific municipalities and port areas by creating a dedicated funding mechanism for targeted economic assistance.

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https://malegislature.gov/Bills/194/H482