Section 51.03 - Criteria for Approval of an Economic Development Proposal by the SecretaryIn 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.(3)(a) There have been not more than two other Economic Development Projects approved 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, in the Municipality;(b) The Economic Development Project would not cause the aggregate amount of I-Cubed financing 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, provided to projects in the Municipality to exceed 31% of the I-Cubed financing total caplimit on aggregate principal amount of bonds; and(c) The Economic Development Project was not approved by the Municipality prior to September 7, 2006.(4) The Project has not received and will not receive other public assistance prohibited by St. 2006, c. 293, § 11(b), as amended by St. 2008, c. 129, §§ 13 and 14, and following the effective date of 801 CMR 51.00, the Developer shall not apply for any other state infrastructure assistance funded by the Commonwealth for infrastructure improvements in the Economic Development District until any Bonds issued for Public Infrastructure Improvements therein are no longer outstanding unless the Secretary shall approve of the Developer applying for such other state infrastructure assistance. For this purpose, state infrastructure assistance does not include financing by Municipalities under the District Improvement Financing program or through the Local Infrastructure Development Program. For purposes of St. 2006, c. 293, § 11(b), as amended by St. 2008, c. 129, §§ 13 and 14, a certified Economic Development Project may be designated as a Tax Increment Financing (TIF) zone on or after January 1, 2009, under M.G.L. c. 40, § 59, provided that the Developer or any Owner, or any affiliate thereof, may not participate in or benefit from any economic assistance resulting from any such designation on or after January 1, 2009; provided further, however, that the Developer or any Owner may be a party to a TIF agreement or other application or request by a tenant seeking economic assistance in connection with any such TIF zone for the limited purpose of meeting the requirements of any statute, regulation or requirement for such tenant to be eligible, but any real estate tax, investment tax credit or other benefits from such TIF agreement or participation in a tenant's application or request shall be passed onto the tenant exclusively.(5) The cost of all of the Public Infrastructure Improvements to be funded with proceeds of the Bonds shall not exceed $50 million and shall not be less than $5 million.(6) The Economic Development Proposal has been approved by the Municipality and the Agency.(7) The Preliminary Economic Development Proposal has been approved by the Secretary.