HB 5486 Summary

• Establishes the Connecticut Municipal Redevelopment Authority as a public instrumentality to stimulate economic development, transit-oriented development, and residential housing in designated downtown areas and transit stations within member municipalities.

• Creates a board of directors consisting of 11 members appointed by legislative leaders, the Governor, and state agency heads (OPM Secretary, Labor Commissioner, Transportation/Housing/Economic Development Commissioners) with the Governor designating the chairperson.

• Authorizes the Authority to issue bonds and notes, acquire and develop property, negotiate tax payments in lieu of property taxes, and coordinate state funding for development projects within designated development districts.

• Member municipalities include any city with 70,000+ population (except Hartford and capital region municipalities) that opts to join, plus all designated Tier III and Tier IV municipalities, which must establish development districts through memoranda of agreement.

• Effective October 1, 2018; requires annual reporting on finances, audit compliance, affirmative action efforts, and adds the Authority to the definition of quasi-public agencies in state law.