Code of Massachusetts Regulations › 801 CMR - EXECUTIVE OFFICE FOR ADMINISTRATION AND FINANCE › Title 801 CMR 51.00 - Generating New State Tax Revenues And Local Tax Revenues By Stimulating Sustainable Economic Development Through Infrastructure Improvements › Section 51.03 - Criteria for Approval of an Economic Development Proposal by the Secretary

Current through Register 1525, July 5, 2024
In order for an Economic Development Proposal to receive the
				Secretary's approval, the following criteria must be met:
(1) The Economic Development Proposal must
			 provide all information and materials required by St. 2006, c. 293 §§
			 5 through 12, as amended by St. 2008, c. 129, §§ 2 through 17 and St.
			 2012, c. 238, §§ 60 through 63, and
			 801 CMR 51.00 in form
			 satisfactory to the Secretary.
(2)
			 The Economic Development Proposal must provide to the Secretary's satisfaction
			 evidence that:
(a) the Economic Development
			 Project would not happen or would not achieve the level of development, jobs or
			 other economic activity contemplated by the Economic Development Proposal
			 without the Public Infrastructure Improvements and the financing of all or a
			 portion of the Public Infrastructure Improvements pursuant to St. 2006, c. 293,
			 §§ 5 through 12, as amended by St. 2008, c. 129, §§ 2
			 through 17 and St. 2012, c. 238, §§ 60 through 63;
(b) the Economic Development Project is
			 financially feasible;
(c) the
			 Economic Development Project is consistent with Sustainable Development
			 Principles;
(d) the annual New
			 State Tax Revenues expected to be received by the Commonwealth from each
			 Occupied Project Component will be at least 1.5 times the projected annual Debt
			 Service on the Bonds allocable to such Occupied Project Component from and
			 after the date on which it is projected to become an Occupied Project
			 Component;
(e) the Developer will
			 use a competitive process for selecting a qualified contractor or contractors
			 for the construction of the Public Infrastructure Improvements to ensure timely
			 and quality construction and cost effectiveness;
(f) the Developer has sufficient resources or
			 financing commitments to carry out the Economic Development Project or, if the
			 Developer is seeking approval of the Economic Development Project as a Phased
			 Project, to carry out the phase of the Economic Development Project for which
			 the Developer is seeking approval, excluding the Costs of Public Infrastructure
			 Improvements expected to be funded by the Agency under St. 2006, c. 293,
			 §§ 5 through 12, as amended by St. 2008, c. 129, §§ 2
			 through 17 and St. 2012, c. 238, §§ 60 through 63;
(g) the Economic Development Project, or, if
			 the Developer is seeking approval of the Economic Development Project as a
			 Phased Project, the phase of the Economic Development Project for which the
			 Developer is seeking approval, is reasonably likely to commence in a timely
			 manner following approval of the Economic Development Project or the related
			 phase thereof; and
(h) the
			 preconditions to the Secretary's approval of an Economic Development Project
			 identified in St. 2006, c. 293, § 7(c), as amended by St. 2008, c. 129,
			 § 6, have been met.