SB 527 Summary

• Establishes the Transportation Center Improvement District as a body politic and corporate within Stamford, with specifically defined boundaries encompassing the transportation center area and surrounding properties.

• District voters may authorize improvements including transportation infrastructure, roads, sidewalks, parking facilities, utilities, flood control systems, recreational facilities, and environmental remediation.

• District authorized to issue up to $250 million in bonds, notes, or other obligations secured by full faith and credit, fees, revenues, or benefit assessments to finance improvements.

• District may assess, levy, and collect taxes, fees, rents, and benefit assessments on benefited properties, with unpaid assessments creating liens on property with priority over all liens except city property taxes.

• District governed by elected board of directors with one director appointed by Stamford's mayor; establishment requires petition and voter approval by two-thirds majority of assessments held within the proposed district.