Patrick Unveils $250B Fund for Mass. Job Creation

The Patrick administration is creating a $250 million bond fund to support business development programs that aim to create new jobs and tax revenues capable of repaying the cost of those bonds.

The fund is called "I-Cubed," for the Investment Infrastructure Incentive program.

Lt. Gov. Timothy Murray told the Greater Boston Chamber of Commerce on Wednesday the program will be a self-funding partnership between the state, local communities and interested businesses. It will support construction of roads, garages, walkways and utilities that will enable large-scale development projects.

Boston Mayor Thomas Menino proposed a similar fund before but it got bogged down in the approval process.

Murray says the administration is issuing regulations for the new program immediately and it should be up and running after a 21-day public comment period.