SECTION 61. Massachusetts business development corporation; purpose; powers

The Massachusetts Office of Business Development or its successor, hereinafter referred to as MOBD, is hereby authorized to do the following:

(a) Enter into a contract with the Massachusetts Business Development Corporation, hereinafter referred to as MBDC, established under the provisions of chapter 671 of the acts of 1953, to act as the agent of MOBD with respect to the administration of the program. Said contract: (1) shall be for a period of two years and shall be renewed for additional two-year periods subject to the requirements of paragraph (b); and (2) shall provide for compensation and reimbursement of the agent on terms that the MOBD may deem appropriate for the administration of said program for any expenses incurred by the MBDC in connection with its services as agent and necessary for the implementation of the program.

(b) Conduct an annual review and assessment of the performance of the MBDC in its capacity as agent for MOBD to determine whether the contract referenced in paragraph (a) should be renewed for an additional two-year period. Said review shall be based on whether the MBDC has satisfactorily met the terms and conditions of the contract.

Upon an initial determination by MOBD that the performance of MBDC is unsatisfactory, the MBDC shall be given notice of such determination and an opportunity to take corrective action. If, upon a final review of the MBDC's performance MOBD continues to conclude that the performance of the MBDC is unsatisfactory, it shall, 90 days prior to terminating the contract with MBDC, submit to the joint committee on commerce and labor its recommendation to terminate such contract with MBDC and transfer the contract to another agent.

(c) Make and publish rules and regulations respecting the implementation of the redevelopment access to capital program and any other rules and regulations necessary to fulfill the purposes of this section.

(d) Do any and all things necessary or convenient to carry out its purposes and exercise the powers expressly given and granted in this section.