Bill Text: MA S88 | 2009-2010 | 186th General Court | Introduced
Bill Title: For legislation relative to district improvement financing
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2010-04-05 - Bill reported favorably by committee and referred to the Senate Committee on Ethics and Rules [S88 Detail]
Download: Massachusetts-2009-S88-Introduced.html
The Commonwealth of Massachusetts
_______________
PRESENTED BY:
Harriette L. Chandler
_______________
To the
Honorable Senate and House of Representatives of the Commonwealth of
Massachusetts in General
Court assembled:
The undersigned legislators and/or citizens respectfully petition for the passage of the accompanying bill:
An Act relative to district improvement financing.
_______________
PETITION OF:
|
Name: |
District/Address: |
|
Harriette L. Chandler |
First Worcester |
|
Karen E. Spilka |
Second Middlesex and Norfolk |
[SIMILAR MATTER FILED IN PREVIOUS
SESSION
SEE SENATE, NO. S00131 OF 2007-2008.]
The Commonwealth of
Massachusetts
_______________
In the Year Two Thousand and Nine
_______________
An Act relative to district improvement financing.
Be
it enacted by the Senate and House of Representatives in General Court
assembled, and by the authority of the same, as follows:
SECTION 1. Section 1 of chapter 40Q of the General
Laws is hereby amended by striking the definition “Inflation factor” inserted
by section 18 of chapter 46 of the acts of 2003 and inserting in place thereof
the following:
"Inflation factor'', if the city or town has not included an election
statement in its invested revenue district development program, a ratio: (1)
the numerator of which shall be the total assessed value of all parcels of
residential, commercial and industrial real estate that are assessed at full
and fair cash value for the current fiscal year minus the new growth adjustment
factor for the current fiscal year attributable to the residential, commercial
and industrial real estate as determined by the commissioner of revenue
pursuant to paragraph (f) of section 21C of chapter 59; and (2) the denominator
of which shall be the total assessed value for the preceding fiscal year of all
the parcels included in the numerator; provided, however, the ratio shall not
be less than 1. In the event, that the proposed Invested Revenue District
does not include residential property, then the assessed value attributable to
residential property shall not be included in either the numerator or the
denominator in calculating the inflation factor.
SECTION 2. Section 1 of chapter 40Q of the General Laws is hereby
further amended by striking the word “and” appearing between subparagraphs (6)
and (7) of the definition “Invested revenue district development program” and
by inserting at the end of the sentence defining “Invested revenue district
program” the following punctuation and words:-
,and (8) if applicable, a statement of the city or town electing that the
original assessed value not be increased by the adjustment factor
SECTION 3. Section 1 of chapter 40Q of the General Laws is hereby
further amended by striking the definition of “Original assessed value”
inserted by section 18 of chapter 46 of the acts of 2003 and inserting in its
place the following two sentences:-
"Original assessed value'', the aggregate assessed value of the invested
revenue district as of the base date. If the city or town has not included an
election statement in its investment district development program, the original
assessed value in any year shall be equal to the original assessed value as of
the base date multiplied by the adjustment factor for that fiscal year.
SECTION 4. Section 1 of chapter 40Q of the General Laws is hereby
further amended by inserting the following new definition immediately prior to
the definition of “Base date” as appearing in section 18 of chapter 46 of
the acts of 2003: -
“Adjustment factor”, for each fiscal year of the term of a given development
program, the product of the inflation factors for each fiscal year subsequent
to the first fiscal year immediately following the base date.
(e) Section 1 of chapter 40Q of the General Laws is hereby further
amended by striking subparagraph 8 of the definition of “Development program”
inserted by section 18 of chapter 46 of the acts of 2003 and inserting in its
place the following new subparagraph:-
“the duration of the program which shall not exceed the longer of (i) 30 years
from the date of designation of the district or (ii) 30 years from project
stabilization (as defined in the development program).
