Bill Summary: SB00327

• Consolidates Connecticut Development Authority and Connecticut Innovations, Incorporated into a single new entity called the Connecticut Economic Innovations Authority, effective July 1, 2010.

• Establishes governance structure with a board of directors consisting of three ex-officio members (Commissioner of Economic and Community Development, State Treasurer, Secretary of Office of Policy and Management), five members appointed by the Governor, and four members appointed by General Assembly legislative leaders.

• Transfers all powers, duties, assets, and liabilities of both predecessor organizations to the new Authority, including bond obligations, loan programs, and subsidiaries such as the Connecticut Brownfields Redevelopment Authority.

• Authorizes the Authority to operate subsidiary entities as quasi-public agencies and engage in economic development financing including loans, grants, equity investments, and participation interests across manufacturing, technology, housing, and brownfield remediation projects.

• Requires annual reporting to the General Assembly on financial assistance provided, including recipient information, job creation/retention, and economic benefits; repeals original sections establishing the predecessor authorities.