Under the bill, a council whose member towns represent at least half of the population in the planning region can operate as a district by adopting a resolution. Two or more councils can jointly operate a district. Districts are subject to the Freedom of Information Act. Each council must appoint a regional assets investment advisory board consisting of business, nonprofit organization representatives, and civic, municipal, and state leaders. The board must assist the district in determining how best to promote economic development using regional assets funds.
Subsequent terms are four years.
The council cannot directly employ staff to operate regional assets, but can enter into contracts with municipalities and other organizations for their operation and financing. The guidelines and procedures must encourage cooperative ventures and partnerships. Each council can negotiate cooperation and support agreements with the owners and operators of eligible regional assets. The council must conduct public hearings and meetings on proposed agreements and revisions to agreements. The council must adopt an operating and capital budget each fiscal year based upon the executed agreements.