Officials praise economic-jobs bill

WWLP TV

Updated: Jul 2, 2012 5:34 PM

BOSTON, Mass. (WWLP) — An economic development bill is advancing through the Legislature and the question on the minds of lawmakers on the Senate Bonding Committee is if it’s a good investment.

“Absolutely,” said Executive Office of Housing and Economic Development Secretary Greg Bialecki, after testifying before the committee.  “This year’s economic development bill, much like the one that was passed in 2010, is not a big money spender.”

The bill was authored by Chicopee representative Joe Wagner and passed the House of Representatives in May.  It proposes to invest $50 million in infrastructure improvement and another $10 million in workforce development. For every dollar of state investment toward innovation projects, the bill requires $3 dollars of federal or private investment.

“The state’s roll in projects like this is secure and there’s no risk because if we don’t win the federal proposal, the state doesn’t spend a penny,” said Chris Anderson, presidents of the Massachusetts High Technology Council. “There’s no risk to taxpayer money.”

UMass representatives testified that they’ve been able to generate more than $120 million in federal and private grants from $17 million in state funding.  At UMass Amherst, they’re hoping the new economic development bill will provide more money for several research projects in the works.

“Certainly in clean energy, life sciences, advanced manufacturing, nanotechnology, safety and security, cyber security will be a big area going forward,” said UMass Amherst Vice Chancellor for research and engagement Mike Malone.

The economic development bill includes stipends for interns working in high-tech companies and ensures that money invested in infrastructure is returned to the state in the form of tax revenue. 

So far no one has publicly testified against the legislation.

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