CT SB00019

Establishes the Transit Corridor Development Assistance Authority as a public instrumentality to stimulate investment, economic development, and transit-oriented development within half-mile radius areas around operational or planned transit stations and Hartford-New Britain busway stations.

Creates a 15-member board of directors appointed by the Governor, legislative leaders, and agency commissioners, with additional ad hoc members from affected municipalities and regional councils, effective October 1, 2016.

Grants the Authority powers to acquire and manage property, contract for services, set fees and parking rates, borrow money, and enter into memoranda of agreement with municipalities regarding development district management and revenue allocation.

Requires the Authority to prepare economic development statements recommending approval or modifications for state funding requests on authority development projects within 90 days, with state agencies prohibited from expending funds without receiving the statement.

Adds the Transit Corridor Development Assistance Authority to Connecticut's quasi-public agency definitions and subjects it to independent financial audits, comprehensive annual reporting, and state indemnification for directors and employees acting within the scope of their duties.