Section 2.03 - Overview of the Manufacturing Workforce Training Tax Increment Financing Program (MWT-TIF)(1)Purpose of the Program. In an effort to encourage increased commercial growth of manufacturing facilities that have been located in a city or town for not less than two years, the legislature has authorized the creation of the Manufacturing Workforce Training Tax Increment Financing (MWT-TIF) Program. Upon the execution of MWT-TIF Agreements with employers in accordance with M.G.L. c. 40, § 60A, cities and towns will designate appropriate locations as MWT-TIF Zones. Local designation of MWT-TIF Zones will enable municipalities, with the assistance of property tax incentives, to encourage private manufacturing workforce development. These incentives will make available capital that will facilitate the financing of MWT-TIF Projects.(2)The WTF-TIF Process.(a) The municipality prepares a WTF-TIF Plan in accordance with the procedures set forth in 429 CMR 2.05. The WTF-TIF Plan must:1. designate one or more areas of such city or town as a MWT-TIF;2. describe in detail all training, retraining, and workforce repositioning contemplated for such MWT-TIF Zone as of the date of adoption of the MWT-TIF Plan that shall be eligible for the MWT-TIF;3. authorize MWT-TIF Exemptions from property taxes4. include executed agreements between such city or town and each eligible owner of a parcel of real property which is located in a MWT-TIF Zone; and5. delegate to one board, agency, or officer of the city or town the authority to execute agreements in accordance with 429 CMR 2.03(2)(a)4.(b) The municipality, by vote of its town meeting, town council or city council, with the approval of the mayor where required by law, or as otherwise required by local law, on its own behalf or in conjunction with one or more other cities or towns, and pursuant to 429 CMR 2.00, designates an area as a MWT-TIF Zone.(c) The municipality must submit the MWT-TIF Plan to the EACC for approval.