CT HB05267

Establishes a special taxing district in Waterbury's Central Business District effective July 1, 2012, allowing for economic development and infrastructure improvements.

District voters can be city electors, property owners with assessments of at least $1,000, or real property interest holders; district establishment requires a petition of 15+ eligible voters and two-thirds voter approval at a public meeting or referendum.

District has power to assess and collect taxes, fees, rents, and benefit assessments on properties to finance improvements including roads, sidewalks, utilities, parking facilities, open space, and remediation projects, with assessments payable in up to 30 annual installments.

District may issue bonds and notes with maturities up to 30 years secured by district revenues or full faith and credit, without requiring state or city consent, and such bonds are exempt from state taxation.

District must submit quarterly activity reports to the Secretary of the Office of Policy and Management and relevant legislative committees; district will automatically merge into the city of Waterbury if no bonds are issued within four years or after all bonds are retired.