NAIOP supports a proposed amendment to the General Laws, Chapter 40T, that would create Special Development Districts. Special Development Districts allow property owners to finance needed public infrastructure improvements without burdening the budgets of the Commonwealth or its cities and towns. SDDs could finance needed infrastructure through the issuance of notes or bonds. The debt service on the bonds would be paid back through a schedule of special assessments on the real estate within the SDD.
NAIOP worked to have the language included in the Senate Economic Stimulus Bill released earlier this fall via an amendment. NAIOP is working with members to ensure the SDD language is included in the final Economic Stimulus Bill which is now in Conference Committee and has been held up due to the recent health care debate. Action is expected very soon.
Click here to view a copy of the proposed legislation.
Click here for a summary of the legislation.
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