SB 308 Summary

• Establishes Connecticut Economic Development Authority - Creates a new unified quasi-public agency (effective July 1, 2010) that consolidates the powers and responsibilities of the Connecticut Development Authority and Connecticut Innovations, Incorporated into a single entity led by an executive director.

• Board Composition and Governance - The authority's board consists of the State Treasurer, Secretary of the Office of Policy and Management, five gubernatorial appointees, and four legislative appointees (one each from Senate/House majority and minority leaders).

• Expanded Powers and Functions - Grants the authority broad powers to provide economic development financing including loans, grants, loan guarantees, equity investments, and to establish subsidiaries for brownfield remediation, contaminated property development, and other economic initiatives.

• Comprehensive Reporting Requirements - Requires annual reports to the General Assembly detailing financial assistance recipients, job creation/retention metrics, program performance, and economic benefit criteria used in approving or disapproving applications.

• Successor Agency Status - Makes the new authority the legal successor to both predecessor entities, ensuring all existing bonds, contracts, and obligations remain valid and binding under the new organizational structure.