CT SB01114

Amends Harbor Point District governance in Stamford to establish staggered four-year terms for elected directors, with the first annual meeting after July 1, 2013 featuring directors elected to one, two, three, or four-year terms respectively.

Allows municipalities undertaking redevelopment, development, or remediation projects to finance projects using incremental revenues from personal income tax withholding and sales and use taxes, with 75 percent of incremental revenues available to the project and 25 percent retained by the state.

Requires municipalities applying for tax incremental financing to submit comprehensive plans including infrastructure improvements, employment estimates, cost-benefit analysis, market studies, and community benefits projections to the Secretary of the Office of Policy and Management and Commissioner of Economic and Community Development for approval.

Establishes baseline year calculations for measuring incremental tax revenues from existing and newly formed or relocated businesses within project areas, with separate measurements for sales tax and personal income tax withholding.

Amends section 32-23zz to expand Connecticut Innovations, Incorporated's (and Connecticut Development Authority's) bonding authority to include redevelopment and municipal development projects financed through incremental tax revenues.