Chapter 23G

Section 1. As used in this chapter, the following words shall have the following meanings, unless the context clearly requires otherwise: "Agency'', the Massachusetts Development Finance Agency established pursuant to section 2. "Authority'', an industrial development financing b…

Section 10. The books and records of the Agency shall be subject to an audit by the state auditor, in accordance with generally accepted government auditing standards, as often as the state auditor determines is necessary.

Section 11. The Marine Seafood Processing Revolving Loan Fund established under the provisions of section 38A of chapter 23A shall be under the control of the Massachusetts Development Finance Agency but shall consist of a separate account or accounts segregated from other Agency…

Section 12. The Massachusetts Development Finance Agency may establish rules and regulations relative to the Marine Seafood Processing Revolving Loan Fund. In addition thereto the Agency is hereby authorized to: (a) establish a marine seafood processing loan fund advisory council…

Section 13. The board of directors of the Agency may, upon application by a marine seafood processor, grant a loan based upon its finding that it will contribute to the economic stimulation of the company, support the growth of the seafood industry as a whole, and is consistent w…

Section 14. Whenever the United States shall give notice that any lands, or any interest therein, are available for disposal or make advertisement for bids with respect to such lands, or such interest, the Agency as successor to the Massachusetts government land bank, may take wh…

Section 15. Notwithstanding any provision of general or special law to the contrary, upon the recording in the Suffolk county registry of deeds of a deed or deeds from the United States of America conveying to the Agency or to the Boston Redevelopment Authority as grantee all or …

Section 16. The Agency may take possession of or acquire blighted lands or incubator development lands or an interest therein or make loans, loan guarantees or grants for the redevelopment of blighted lands only after a public hearing and a determination by the Agency that such l…

Section 16A. The department of environmental management shall designate the walking track located at the Quinsigamond state park in the city of Worcester as the, ''State Representative Andrew Collaro walking track''; provided, however, that the tennis courts located in said state…

Section 16B. Notwithstanding the provisions of any general or special law to the contrary, North Shore Community College, with the approval of the board of higher education, may borrow an amount not to exceed $12,000,000 through the Massachusetts Health and Educational Facilities…

Section 16C. The department of fisheries, wildlife and environmental law enforcement may take by eminent domain under chapter 79 of the General Laws for endangered species habitat and open space protection purposes a portion of the registered and unregistered land in Dennis, Barn…

Section 17. Any disposition of lands, or an interest therein, which were acquired by the Agency pursuant to section 16 may be made in such manner whether by sale, lease, or otherwise, by parcels which are the same as or different from those by which they were acquired or taken po…

Section 18. There shall be established and set up on the books of the commonwealth a separate fund, to be known as the Government Land Bank Fund. There shall be credited to said fund the following: (a) after deducting the administrative expenses of the Agency, all principal and i…

Section 18A. The commonwealth shall remain liable for the payment of bonds issued under section 8A of chapter 212 of the acts of 1975, as amended, and for contract assistance obligations under section 8B of said chapter 212 in respect of bonds issued prior to the enactment of thi…

Section 19. The Agency may make grants and undertake financing transactions under the provisions of clause (29) of section 3 only upon the approval by the Agency of an application containing the following information: (a) identification of the applicant; (b) a description of the …

Section 2. (a) There is hereby created a body politic and corporate to be known as the Massachusetts Development Finance Agency. The Agency is hereby constituted a public instrumentality and the exercise by the Agency of the powers conferred by this chapter shall be deemed to be …

Section 20. The small business incubator facilities that receive financial assistance from the Agency shall not be located within a 25 mile radius of another small business incubator project approved by the Agency.

Section 21. In addition to other requirements contained in this chapter, each incubator development plan or loan, loan guarantee or grant application related to a small business incubator facility shall: (i) make provision for a professional business manager or be accompanied by …

Section 22. Before approving an application to a small business incubator facility, the incubator sponsor shall require that an applying business must show evidence of the following: (1) the business applying for financial aid has a clearly developed business concept or prototype…

Section 23. The incubator sponsor shall require tenant businesses to leave the incubator facility within five years. The incubator sponsor, upon determination by the governing board of the incubator facility, may allow a tenant business a limited extension of time beyond the five…

Section 24. The state treasurer may borrow from time to time on the credit of the commonwealth such sums of money as may be necessary, but not exceeding, in the aggregate, the sum of $40,000,000, for the purposes of acquisition, holding, protection, maintenance, repair or use of …

Section 25. To provide for the acquisition, holding, protection, maintenance or use of lands as provided by clause (29) of section 3, to provide for making loans, loan guarantees and grants provided by this chapter, to provide for personnel and administrative costs of the Agency,…

Section 26. The state treasurer acting on behalf of the commonwealth shall enter into an agreement with the Agency providing that the commonwealth shall provide contract assistance for debt service obligations of the Agency derived from its predecessor, the government land bank, …

Section 27. (a) There shall be within the agency an Emerging Technology Fund, to which shall be credited appropriations, bond proceeds or other monies authorized by the general court and specifically designated to be credited to the fund, such additional funds as are subject to t…

Section 28. (a) There shall be an advisory committee to the Emergency Technology Fund established in section 27 which shall consist of the director of the Massachusetts office of business development, the director of the John Adams Innovation Institute, the president of the Massa…

Section 29. The Agency may provide by resolution for the issuance from time to time of debt obligations of the Agency for any of its corporate purposes, provided, however, that the Agency shall issue debt obligations under this section the principal amount of which, when added to…

Section 29A. (a) There is hereby established and placed within the Massachusetts Development Finance Agency, referred to in this section as the agency, the Brownfields Redevelopment Fund, referred to in this section as the fund, into which shall be credited: (1) any appropriation…

Section 3. (a) The Agency shall have all powers necessary or convenient to carry out and effectuate its purposes, including, without limiting the generality of the foregoing, the powers: (1) to adopt and amend bylaws, regulations and procedures for the governance of its affairs a…

Section 30. The Agency shall keep accurate accounts of all receipts and expenditures of the Government Land Bank Fund; and shall make a report annually containing an abstract of such accounts and detailed information on all receipts and expenditures, including prices paid for lan…

Section 31. Rents and charges for services or facilities furnished or supplied by the Agency shall not be subject to supervision or regulation by any department, division, commission, board, bureau or Agency of the commonwealth or any political subdivision thereof.

Section 32. Except to the extent otherwise provided at law including, without limitation, section 12 of chapter 498 of the acts of 1993, the Agency shall be liable in contract or in tort in the same manner as a private corporation. The directors, employees, officers and agents of…

Section 33. The lands and tangible personal property of the Agency shall be deemed to be public property used for essential public and governmental purposes and shall be exempt from taxation and from betterments and special assessments. Nothing in this chapter shall be construed …

Section 34. The Agency shall annually submit to the governor, the chairman of the senate ways and means committee, the chairman of the house ways and means committee, the secretary of administration and finance, and the comptroller within 90 days after the end of its fiscal year …

Section 35. As used in this section the words ''building project'' shall mean a project undertaken for the design, construction, installation, repair or maintenance of building and appurtenant structures, facilities and utilities directly by the Agency in the exercise of its powe…

Section 36. Upon termination of the Agency's existence, title to all lands or any interest therein, which immediately prior to said termination, is held by the Agency, and all mortgage and other titles, liens upon and security interests therein so held by the Agency in or upon la…

Section 37. Upon the termination of the Agency's existence, all monies credited to the Government Land Bank Fund shall, after payments, other than the interest on or the principal of any bonds and notes issued pursuant to this chapter, due on account of the Agency shall have been…

Section 38. Upon the termination of the Agency's existence, all books, papers, records, documents, and equipment, which immediately prior to said termination, are in the custody of the Agency, and which relate to or are maintained for the purpose of the exercise of the Agency's p…

Section 39. Upon the termination of the Agency's existence, all then existing agreements, contracts, leases and other obligations of the Agency or to which the Agency is a party which relate to the exercise of its powers or the performance of its duties and which are in force imm…

Section 4. There is hereby established a Development Finance Insurance Fund to which shall be credited all premiums received by the Agency for insurance or reinsurance provided by it under this section and section 5 and not payable for reinsurance or insurance provided by other i…

Section 40. Upon the termination of the Agency's existence, all petitions, hearings and other proceedings duly brought before, and all prosecutions and legal and other proceedings duly begun by the Agency which arise from or relate to the exercise of its powers or the performance…

Section 41. There is hereby established the Incubator Program Fund which shall be under the control of the Agency, but shall consist of a separate account or accounts segregated from other Agency funds, to which shall be credited any appropriations made to said Fund, together wit…

Section 42. (a) It is in the best interest of the commonwealth to promote the prosperity and general welfare of all citizens by enhancing cultural activities throughout the commonwealth by partially financing the acquisition, construction, expansion, renovation and repair of our …

Section 43. There shall be a cultural facilities fund advisory committee, the function of which shall be strictly advisory to the agency in connection with the management and operation of the Massachusetts Cultural Facilities Fund. The committee shall consist of the following mem…

Section 44. The agency shall be subject to section 16G of chapter 6A and section 56 of chapter 23A.

Section 45. There shall be established within the agency a commonwealth advanced manufacturing futures program. The purpose of the program shall be to support commonwealth companies engaged in manufacturing through programs and shall be administered in a manner that takes into ac…

Section 46. (a) There shall be established and set up on the books of the commonwealth a Transformative Development Fund within the Massachusetts Development Finance Agency. In carrying out its duties under this section, the agency may utilize the fund as provided in this section…

Section 47. (a) There shall be established within the agency a maritime piers repair and rehabilitation program to advance the public purpose of ensuring the physical integrity and safety of piers and other maritime infrastructure that is essential to the continued viability of (…

Section 48. (a) There shall be within the agency a growth capital division to provide growth capital and other financial assistance to small businesses. [ First paragraph of subsection (b) effective until August 5, 2025. For text effective August 5, 2025, see below.] (b) The agen…

Section 49. (a) The agency may establish and administer an economic stabilization program to provide flexible, high-risk financing: (i) necessary to implement a change of ownership, corporate restructuring or turnaround plan for economically viable but troubled businesses that fa…

Section 5. (a) In furtherance of the purposes of the fund established pursuant to section 4, the Agency is, in addition to the powers granted under section 2, is also empowered: (1) to provide insurance or reinsurance of loans or portions thereof, or their debt service, including…