Infrastructure Investment Incentive Program (“I-Cubed”)

The Infrastructure Investment Incentive Program or I-Cubed, will finance significant new public infrastructure improvements necessary to support major new private development. The Infrastructure Investment Incentive Program (“I-Cubed”) is an innovative public-private partnership created to spur economic development and job growth in the Commonwealth through support for large-scale private real estate development projects with significant new public infrastructure requirements estimated to be in the range of $5 million to $50 million. Enabling legislation was initially passed in 2006, and has since been amended in 2008, 2012, and 2016. The program is administered by the Secretary of Administration and Finance and the Commissioner of the Department of Revenue in partnership with MassDevelopment. Current authorization permits up to $600 million of tax-exempt bonds to be issued under the I-Cubed program for certified economic development projects across the Commonwealth with a maximum of 10 projects per municipality. Priority is given to projects in economically distressed municipalities that meet both the unemployment rate and median income level criteria. Applications for participation in the program must demonstrate that the economic development project would not happen or achieve the contemplated level of development, jobs, or other economic activity without the public infrastructure improvements financed under I-Cubed. The developer must demonstrate that the project is financially feasible and that sufficient financing resources have been committed to complete the project. The economic development project must also be consistent with sustainable development principles.