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CT SB00347
Bill
Status
6/4/2015
Primary Sponsor
Environment Committee
Click for details
AI Summary
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Increases the maximum percentage of state and federal funds that can be used for open space acquisition from 70% to 90% of fair market value for most projects
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Allows the Commissioner of Energy and Environmental Protection to authorize 100% state and federal funding in limited circumstances, including when grantees have committed significant resources, projects provide significant recreational or natural resource benefits, or land availability is limited in certain areas
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Sets different grant levels: 65% of fair market value for municipalities, nonprofits, and water companies; 75% for distressed municipalities or targeted investment communities
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Defines fair market value to exclude incidental costs such as surveying, development, and closing costs
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Clarifies that state and federal funds can be used together to meet matching requirements and that land donations may count toward required matching funds
Legislative Description
An Act Concerning The Percentage Of State And Federal Funds That May Be Used To Purchase Open Space Under The Open Space And Watershed Land Acquisition Program.
Last Action
Signed by the Governor
6/4/2015