Section 56. (a) There shall be within the department of economic development a Massachusetts quasi-public corporation and public purpose agency planning council, hereinafter referred to as the council, which shall not be subject to the control of the department except as provided in this section. The purpose of the council shall be to ensure regular communication and coordination between the quasi-public corporations and public purpose agencies as to their economic development projects, programs and plans. The council shall consist of the chief executive officers or their designees from each of the following agencies: the executive office of economic development, who shall serve as chair of the council; the office of business and technology; the Commonwealth Corporation; the department of workforce development; the Massachusetts Community Development Finance Corporation; the Massachusetts Development Finance Agency; the Massachusetts Health and Educational Facilities Authority; the Massachusetts Technology Development Corporation; the Massachusetts Technology Park Corporation; the Economic Stabilization Trust; the Massachusetts Port Authority; the office of international trade and investment; the office of travel and tourism; the Massachusetts Business Development Corporation; the University of Massachusetts; the board of higher education; the Massachusetts Workforce Investment Board; and the Massachusetts Small Business Development Center. The chairpersons of the joint committee on economic development and emerging technologies shall serve as ex-officio advisory members of the council. The council shall meet from time to time, but not less frequently than monthly. The secretary of economic development shall appoint personnel necessary to coordinate the activities of the council and to provide administrative support to the council, as requested. The agencies shall be required to submit to the department, in a form and manner prescribed by the department, information detailing debt or equity investment; the nature and amount of the investments; real estate or working capital loans; funds or technical assistance provided to businesses; other forms of financing or financial assistance provided to businesses, students or employees; the number of businesses created or enhanced as a result of the investments or assistance; and the number of jobs created as a result of the investments or assistance. The department shall aggregate the data and, not later than December 31, shall submit an annual report to the secretary of administration and finance, the house and senate committees on ways and means, the joint committee on economic development and emerging technologies, the joint committee on labor and workforce development, the joint committee on small business and community development and the joint committee on higher education. The council shall, from time to time, review and determine whether the present quasi-public corporations subject to this section are appropriately serving the goals of the council in establishing and implementing a more coordinated economic development policy. The council shall, in its annual report, make recommendations to the joint committee on economic development and emerging technologies recommending changes to the composition of the council, streamlining agencies on the council through the consolidation or elimination of duplicative services performed by quasi-public agencies, or creating new quasi-public agencies that would serve on said council; provided, however, that the council shall maintain not more than 8 regional offices through the expansion of offices already in operation or by establishing new offices. Each office shall be responsible for the implementation of the coordinated plans, programs and projects in its region of the state.
(b) In order to fully utilize all appropriate measures to provide risk capital to small businesses in the commonwealth the Massachusetts Community Development Finance Corporation, the Commonwealth Corporation, the Massachusetts Development Finance Agency and the Massachusetts Technology Development Corporation shall establish 1 or more small business investment corporations (sbic) or special small business investment corporations (ssbic) as provided by the Small Businesses Equity Enhancement Act of 1992, Title iv of U.S. Public Law 102-366.
Section 56. (a) There shall be within the department of economic development a Massachusetts quasi-public corporation and public purpose agency planning council, hereinafter referred to as the council, which shall not be subject to the control of the department except as provided in this section. The purpose of the council shall be to ensure regular communication and coordination between the quasi-public corporations and public purpose agencies as to their economic development projects, programs and plans. The council shall consist of the chief executive officers or their designees from each of the following agencies: the executive office of economic development, who shall serve as chair of the council; the office of business and technology; the Commonwealth Corporation; the department of workforce development; the Massachusetts Community Development Finance Corporation; the Massachusetts Development Finance Agency; the Massachusetts Health and Educational Facilities Authority; the Massachusetts Technology Development Corporation; the Massachusetts Technology Park Corporation; the Economic Stabilization Trust; the Massachusetts Port Authority; the office of international trade and investment; the office of travel and tourism; the Massachusetts Business Development Corporation; the University of Massachusetts; the board of higher education; the Massachusetts Workforce Investment Board; and the Massachusetts Small Business Development Center. The chairpersons of the joint committee on economic development and emerging technologies shall serve as ex-officio advisory members of the council. The council shall meet from time to time, but not less frequently than monthly. The secretary of economic development shall appoint personnel necessary to coordinate the activities of the council and to provide administrative support to the council, as requested. The agencies shall be required to submit to the department, in a form and manner prescribed by the department, information detailing debt or equity investment; the nature and amount of the investments; real estate or working capital loans; funds or technical assistance provided to businesses; other forms of financing or financial assistance provided to businesses, students or employees; the number of businesses created or enhanced as a result of the investments or assistance; and the number of jobs created as a result of the investments or assistance. The department shall aggregate the data and, not later than December 31, shall submit an annual report to the secretary of administration and finance, the house and senate committees on ways and means, the joint committee on economic development and emerging technologies, the joint committee on labor and workforce development, the joint committee on small business and community development and the joint committee on higher education. The council shall, from time to time, review and determine whether the present quasi-public corporations subject to this section are appropriately serving the goals of the council in establishing and implementing a more coordinated economic development policy. The council shall, in its annual report, make recommendations to the joint committee on economic development and emerging technologies recommending changes to the composition of the council, streamlining agencies on the council through the consolidation or elimination of duplicative services performed by quasi-public agencies, or creating new quasi-public agencies that would serve on said council; provided, however, that the council shall maintain not more than 8 regional offices through the expansion of offices already in operation or by establishing new offices. Each office shall be responsible for the implementation of the coordinated plans, programs and projects in its region of the state.
(b) In order to fully utilize all appropriate measures to provide risk capital to small businesses in the commonwealth the Massachusetts Community Development Finance Corporation, the Commonwealth Corporation, the Massachusetts Development Finance Agency and the Massachusetts Technology Development Corporation shall establish 1 or more small business investment corporations (sbic) or special small business investment corporations (ssbic) as provided by the Small Businesses Equity Enhancement Act of 1992, Title iv of U.S. Public Law 102-366.
Section 56. (a) There shall be within the department of economic development a Massachusetts quasi-public corporation and public purpose agency planning council, hereinafter referred to as the council, which shall not be subject to the control of the department except as provided in this section. The purpose of the council shall be to ensure regular communication and coordination between the quasi-public corporations and public purpose agencies as to their economic development projects, programs and plans. The council shall consist of the chief executive officers or their designees from each of the following agencies: the executive office of economic development, who shall serve as chair of the council; the office of business and technology; the Commonwealth Corporation; the department of workforce development; the Massachusetts Community Development Finance Corporation; the Massachusetts Development Finance Agency; the Massachusetts Health and Educational Facilities Authority; the Massachusetts Technology Development Corporation; the Massachusetts Technology Park Corporation; the Economic Stabilization Trust; the Massachusetts Port Authority; the office of international trade and investment; the office of travel and tourism; the Massachusetts Business Development Corporation; the University of Massachusetts; the board of higher education; the Massachusetts Workforce Investment Board; and the Massachusetts Small Business Development Center. The chairpersons of the joint committee on economic development and emerging technologies shall serve as ex-officio advisory members of the council. The council shall meet from time to time, but not less frequently than monthly. The secretary of economic development shall appoint personnel necessary to coordinate the activities of the council and to provide administrative support to the council, as requested. The agencies shall be required to submit to the department, in a form and manner prescribed by the department, information detailing debt or equity investment; the nature and amount of the investments; real estate or working capital loans; funds or technical assistance provided to businesses; other forms of financing or financial assistance provided to businesses, students or employees; the number of businesses created or enhanced as a result of the investments or assistance; and the number of jobs created as a result of the investments or assistance. The department shall aggregate the data and, not later than December 31, shall submit an annual report to the secretary of administration and finance, the house and senate committees on ways and means, the joint committee on economic development and emerging technologies, the joint committee on labor and workforce development, the joint committee on small business and community development and the joint committee on higher education. The council shall, from time to time, review and determine whether the present quasi-public corporations subject to this section are appropriately serving the goals of the council in establishing and implementing a more coordinated economic development policy. The council shall, in its annual report, make recommendations to the joint committee on economic development and emerging technologies recommending changes to the composition of the council, streamlining agencies on the council through the consolidation or elimination of duplicative services performed by quasi-public agencies, or creating new quasi-public agencies that would serve on said council; provided, however, that the council shall maintain not more than 8 regional offices through the expansion of offices already in operation or by establishing new offices. Each office shall be responsible for the implementation of the coordinated plans, programs and projects in its region of the state.
(b) In order to fully utilize all appropriate measures to provide risk capital to small businesses in the commonwealth the Massachusetts Community Development Finance Corporation, the Commonwealth Corporation, the Massachusetts Development Finance Agency and the Massachusetts Technology Development Corporation shall establish 1 or more small business investment corporations (sbic) or special small business investment corporations (ssbic) as provided by the Small Businesses Equity Enhancement Act of 1992, Title iv of U.S. Public Law 102-366.
