Bill S.88

SENATE DOCKET, NO. 1272        FILED ON: 1/14/2009

SENATE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 88

The Commonwealth of Massachusetts

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PRESENTED BY:

Harriette L. Chandler

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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.

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PETITION OF:

[SIMILAR MATTER FILED IN PREVIOUS SESSION
SEE SENATE, NO. S00131 OF 2007-2008.]

The Commonwealth of Massachusetts
 

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In the Year Two Thousand and Nine

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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 c ity 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 ass essed 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 calculat ing   the inflation factor.    
                SE CTION 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 sent ence defining “Invested revenue district program” the foll owing punctuation and words :-
  ,and (8) if applicable, a statement of the city or town electing that the original assessed value not be increa sed by the adjustment factor
                SECTION 3. Section 1 o f 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 t he following two sentences:-
  "Original assessed valu e'', 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 d efinition of “Base date” as appearing in   section 18 of chapt er 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 f irst fiscal year immedia tely 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 200 3 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 deve lopment program).