Governor Healey Signs $4 Billion Economic Development Bill into Law
Governor Maura Healey has officially signed into law a comprehensive economic development bond bill (H 5100), committing nearly $4 billion to foster growth in the life sciences and climate technology sectors. The bill, signed on Wednesday, received legislative approval just six days prior and included the addition of a new professional soccer stadium in Everett for the New England Revolution, a project supported by the Kraft family.
The legislation authorizes $500 million over the next decade specifically for life sciences companies and allocates $400 million to advance the climate tech industry. Lawmakers embedded numerous policy riders into the bill, making it a crucial tool for economic resurgence and infrastructure development within the state.
Governor Healey did amend a single section related to automobile insurance but approved nearly all of the 319-page document. Her office plans to hold a ceremonial signing event in the near future, with accompanying praise from key figures such as the lieutenant governor and various Cabinet secretaries.
Despite initial delays, House and Senate Democrats overcame disagreements that prevented agreement by the traditional July 31 deadline. After extensive negotiations, the legislative body reconvened for an uncommon post-election session, allowing the bill’s compromise to move forward.
This significant financial commitment by the state aims to bolster industries deemed essential for future economic growth while enriching community infrastructure through planned developments like the new soccer stadium. The developments signify a forward-thinking approach to embracing new technologies and sports culture in Massachusetts, aligning with Healey’s vision for a robust and diversified economy.
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Photo credit www.bostonherald.com
