Summary of Substitute Senate Bill No. 1092

• Repeals and replaces Section 32-760 of general statutes to redefine key terms related to brownfield land banks, including "bona fide prospective purchaser," "brownfield," "economic development agency," and "Connecticut brownfield land bank" effective July 1, 2023.

• Expands the purposes of Connecticut brownfield land banks to allow them to acquire, retain, remediate, and sell brownfields through land banking agreements with either municipalities or regional councils of governments that represent the municipalities.

• Grants brownfield land banks authority to enter into land banking agreements, obtain funding, acquire real property through various methods (purchase contracts, lease agreements, tax lien foreclosure), and accept property transfers from municipalities without restrictions on terms and conditions.

• Provides that brownfield land banks may convey, sell, or transfer property only with approval from the relevant municipality or regional council of governments per the terms of their land banking agreement, and requires maintenance of a public inventory of all held properties.

• Explicitly prohibits brownfield land banks from possessing or exercising eminent domain powers and requires them to hold all acquired property in their own name.