HB 5425 Summary

• Establishes Connecticut brownfield land banks as certified nonstock corporations authorized to acquire, remediate, and sell brownfield properties on behalf of municipalities through land banking agreements

• Creates certification process and operational requirements for brownfield land banks, including board governance (5-11 members), annual reporting to the Commissioner of Economic and Community Development, and prohibition on eminent domain powers

• Grants brownfield land banks tax exemptions on revenues and property, and exempts their obligations from taxation by the state and municipalities

• Extends brownfield remediation program eligibility and liability protections to Connecticut brownfield land banks, allowing them to nominate properties and participate in the remedial action and redevelopment municipal grant program

• Allows municipalities to forgive delinquent property taxes for Connecticut brownfield land banks acquiring properties within their jurisdiction, and permits land banks to enter contaminated properties for environmental assessments with liability protections