Bill > H4303

This bill establishes the Somerville Municipal Job Creation and Retention Trust, a dedicated fund and a board of trustees to oversee it, with the primary goal of creating and maintaining employment opportunities for Somerville residents. The trust can receive various forms of property and funds, including those related to Somerville's zoning ordinance, and can use these assets to make grants and loans for job creation and retention purposes. The board of trustees, which will include the mayor and the president of the board of aldermen or their designees, will have broad powers to manage the trust's assets, including selling property, employing advisors, and settling claims. Importantly, any job creation and retention linkage fees collected by the city from certain development projects will be paid directly into this trust fund, rather than the city's general treasury, ensuring these funds are specifically used for their intended purpose. The trust will be subject to annual audits and reporting requirements to the board of aldermen, who will review its activities to ensure it is effectively supporting job creation and retention in Somerville.