Bill > H4385

This bill amends the General Laws to allow for the creation of community benefit districts (CBDs) in municipalities. The key provisions are: 1. A CBD is a contiguous geographic area with clearly-defined boundaries that is formed through a petition process by property owners representing more than 50% of the assessments proposed to be levied. 2. The CBD is managed by a nonprofit corporation that can engage in various economic development, public space, and supplemental service activities within the district. 3. The municipal governing body must hold a public hearing and can then vote to approve the creation of the CBD, which will then be able to collect a CBD fee from property owners (up to 0.5% of assessed property value) to fund the approved activities. 4. Tax-exempt property owners in the CBD are not required to pay the fee but can enter into agreements to provide in-kind contributions instead. The CBD can also grant financial hardship waivers. 5. The CBD boundaries can be amended through a similar petition and approval process, and the CBD can be dissolved by a majority vote of the board of directors and 3/4 vote of property owners.

Budget and Finance

https://malegislature.gov/Bills/190/H4385