Sec. 32-22b. Loan guarantees for brownfield projects. The Connecticut Development Authority may establish a loan guarantee program to provide guarantees of not
more than thirty per cent of the loan to lenders who provide financing to eligible developers or eligible property owners as defined in subsection (a) of section 32-9kk.
(P.A. 07-233, S. 14.)
History: P.A. 07-233 effective July 1, 2007.
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Sec. 32-23d. Definitions. For the purposes of this chapter, the following terms
shall have the following meanings unless the context indicates another meaning and
(a) "Department" means the Department of Economic and Community Development or its successor agency.
(b) "State" means the state of Connecticut.
(c) "Municipality" means any town, city or borough in the state.
(d) "Project" means any facility, plant, works, system, building, structure, utility, fixture or other real property improvement located in the state, any machinery, equipment, furniture, fixture or other personal property to be located in the state and the land on which it is located or which is reasonably necessary in connection therewith, which is of a nature or which is to be used or occupied by any person for purposes which would constitute it as an economic development project, information technology project, public service project, urban project, recreation project, commercial fishing project, health care project, the convention center project, as defined in subdivision (3) of section 32-600, nonprofit project or remediation project, and any real property improvement reasonably related thereto. A project may be acquired (1) directly, or (2) indirectly through the purchase of all or substantially all of the stock of a corporation.
(e) "Eligible financial institution" means any trust company, bank, savings bank, credit union, savings and loan association, insurance company, investment company, mortgage banker, trustee, executor, pension fund, retirement fund or other fiduciary or financial institution, the state or, to the extent otherwise permitted by law, any municipality, or any political subdivision, instrumentality, agency or body politic and corporate thereof, which is approved by the authority to participate in the financing of a project.
(f) "Cost of project" as determined by the authority means the cost or fair market value of construction, lands, property rights, utility extensions, disposal facilities, access roads, easements, franchises, financing charges, interest, engineering and legal services, plans, specifications, surveys, cost estimates, studies and other expenses necessary or incident to the development, construction, financing and placing in operation of a project and, subject to the provisions of section 32-16, the cost or fair market value of machinery, equipment, furniture, fixtures or other personal property of a project.
(g) "Insurance fund" means the Mortgage and Loan Insurance Fund created by section 32-14.
(h) "Maturity date" means the date on which the mortgage indebtedness would be extinguished if paid in accordance with periodic payments provided for in the mortgage.
(i) "Mortgage" means a mortgage or lien on a project together with credit instruments, if any, secured thereby, or any other agreement for the extension of credit or making of a loan related to the financing of a project or any portions thereof or interest therein, however evidenced, including financing by means of a lease or a conditional or installment sales agreement, or any pool of or interest in any of the foregoing financed from any source.
(j) "Mortgagee" means the original lender or other provider of credit under the mortgage or participants therein, and their successors and assigns, approved by the authority and may include, but is not limited to, all eligible financial institutions and, except as used in section 32-17a, the authority as defined in subsection (w) of this section.
(k) "Mortgagor" includes the successors and assigns of the mortgagor.
(l) "Mortgage payments" means payments called for by a mortgage, and may include, but is not limited to, interest, installments of principal, taxes and assessments, mortgage insurance premiums and hazard insurance premiums.
(m) "Mortgage year" means the annual period measured by the date or the anniversary of the date of the execution of the mortgage.
(n) "Principal obligation" means the sum total of all mortgage payments due from the mortgagor.
(o) "Municipal planning commission" means a municipal planning commission created under chapter 126.
(p) "Regional planning agency" means a regional planning agency created under chapter 127.
(q) "Federal agency" means the United States, the president of the United States and any department of, or corporation, agency or instrumentality designated or established by, the United States.
(r) "Revenues" means receipts, revenues, service charges, rentals or other payments to be received on account of lease, mortgage, conditional sale, sale or loan agreements and payments and any other income derived from the lease, sale or other disposition of a project, moneys in such reserve and insurance funds or accounts or other funds and accounts and income from the investment thereof, established in connection with the issuance of bonds, notes or other obligations for a project or projects, and fees, charges or other moneys to be received by the authority in respect of projects and contracts with persons.
(s) "Person" means any person, including individuals, firms, partnerships, associations, cooperatives, limited liability companies or corporations, public or private, for profit or nonprofit, organized or existing under the laws of the state or any other state, and, to the extent otherwise permitted by law, any municipality, district, including any special district having taxing powers, agency, authority, instrumentality, or other governmental entity or political subdivision in the state.
(t) "Purposes of the authority", means the purposes of the authority expressed in and pursuant to the authority legislation, including with respect to the promotion, planning and designing, developing, encouraging, assisting, acquiring, constructing, reconstructing, improving, maintaining and equipping and furnishing of a project and assisting directly or indirectly in the financing of the cost thereof.
(u) "Economic development project" means any project which is to be used or occupied by any person for (1) manufacturing, industrial, research, office or product warehousing or distribution purposes or hydroponic or aquaponic food production purposes and which the authority determines will tend to maintain or provide gainful employment, maintain or increase the tax base of the economy, or maintain, expand or diversify industry in the state, or (2) controlling, abating, preventing or disposing land, water, air or other environmental pollution, including without limitation thermal, radiation, sewage, wastewater, solid waste, toxic waste, noise or particulate pollution, except resources recovery facilities, as defined in section 22a-219a, used for the principal purpose of processing municipal solid waste and which are not expansions or additions to resources recovery facilities operating on July 1, 1990, or (3) the conservation of energy or the utilization of cogeneration technology or solar, wind, hydro, biomass or other renewable sources to produce energy for any industrial or commercial application, or (4) any other purpose which the authority determines will materially contribute to the economic base of the state by creating or retaining jobs, promoting the export of products or services beyond state boundaries, encouraging innovation in products or services, or otherwise contributing to, supporting or enhancing existing activities that are important to the economic base of the state.
(v) "Commissioner" means the Commissioner of Economic and Community Development.
(w) "Authority" means the Connecticut Development Authority or its successor as established and created under section 32-11a.
(x) "Capital reserve fund bond" means any bond of the authority secured by a special capital reserve fund established pursuant to this chapter.
(y) "Recreation project" means any project which is to be primarily available for the use of the general public including without limitation stadiums, sports complexes, amusement parks, museums, theaters, civic, concert, cultural and exhibition centers, centers for the visual and performing arts, hotels, motels, resorts, inns and other public lodging accommodations and which the authority determines will tend to (1) promote tourism, (2) provide a special enhancement of recreation facilities in the state or (3) contribute to the business or industrial development of the state.
(z) "Public service project" means any project which is to be used or occupied by a common carrier or public utility to provide bus, truck, rail, limousine, water or air transportation services or water, sewer, gas, electricity, or telephone utility services, and which the authority determines will tend to assist the common carrier or public utility in providing service to the general public in the state. A public service project may include ferry boats or railroad rolling stock, but may not include any other vehicle, aircraft or watercraft.
(aa) "Urban project" means any project which is to be used or occupied by any person for commercial or retail sales or service purposes located wholly or partly within an urban municipality in the state and which the authority determines will tend (1) to maintain or provide gainful construction or permanent employment, maintain or expand the tax base of the economy or maintain, expand or diversify industry in the state, or (2) to otherwise revitalize the economy of the urban municipality. An "urban municipality", for the purposes of this definition, means any municipality which is a "distressed municipality" as defined in subsection (b) of section 32-9p.
(bb) "Commercial fishing project" means any project which is to be used or occupied by any person for commercial fishing purposes or for support, maintenance, storage, production, or manufacturing purposes reasonably related to commercial fishing activity, including without limitation commercial fishing vessels, docks, wharves, piers, land or floating processing facilities, transportation terminals, facilities for the maintenance, storage, and construction of vessels and equipment, and fish storage and handling facilities.
(cc) "Health care project" means any project which is to be used or occupied by any person for the providing of services in any residential care home, nursing home or rest home, as defined in subsection (c) of section 19a-490, or for the providing of living space for physically handicapped persons or persons sixty years of age or older.
(dd) "Nonprofit project" means any project which (1) is to be used or occupied by any person organized and operated not for profit but exclusively for health, educational, charitable, community, cultural, agricultural, consumer or other purposes benefiting the citizens of the state, or as an agricultural or hospital cooperative or service organization or as a chamber of commerce or trade or professional association and (2) which the authority determines satisfies a public need not adequately met by businesses operating for profit.
(ee) "Information technology project" means any project (1) providing information technology intensive office or laboratory space, including, but not limited to, smart buildings, incubator facilities, or any project that is to be used or occupied by any person specializing in e-commerce technologies or other technologies using high-speed communications infrastructure, and (2) which the authority deems will materially contribute to the economic base of the state by creating or retaining jobs, promoting the export of products or services beyond state borders, encouraging innovation in products or services, or otherwise contributing to, supporting or enhancing existing activities that are important to the economic base of the state.
(ff) "Incubator facilities" has the same meaning as incubator facilities in subdivision (5) of section 32-34.
(gg) "Smart building" means a building that houses, for use by its tenants, an information or communications infrastructure capable of transmitting digital video, voice and data content over a high-speed wired, wireless or other communications intranet and provides the capability of delivering and receiving high-speed digital video, voice and data transmissions over the Internet.
(hh) "Authority legislation" means this chapter, chapters 578, 584, 588l, 588n, 588r and 588u, sections 8-134, 8-134a, 8-192, 8-192a, 25-33a, 32-23zz and 32-68a, and any other provisions of the general statutes or any public or special act setting forth or governing the powers and duties of the authority.
(ii) "Remediation project" means any project (1) involving the development, redevelopment or productive reuse of real property within this state that (A) has been subject to a spill, as defined in section 22a-452c, (B) is an establishment, as defined in subdivision (3) of section 22a-134, (C) is a facility, as defined in 42 USC 9601(9), or (D) is eligible to be treated as polluted real property for purposes of section 22a-133m or contaminated real property for purposes of section 22a-133aa or section 22a-133bb, provided the development, redevelopment or productive reuse is undertaken pursuant to a remediation plan meeting all applicable standards and requirements of the Department of Environmental Protection, (2) that the authority determines will add or support significant new economic activity or employment in the municipality in which such project is located or will otherwise materially contribute to the economic base of the state or the municipality or will provide a residential or mixed-use development pursuant to chapter 828, and (3) for which assistance from the authority will be needed to attract necessary private investment.
(1972, P.A. 195, S. 3; P.A. 73-599, S. 9; P.A. 74-338, S. 7, 94; P.A. 75-413; 75-461, S. 1, 6; 75-513, S. 3, 5; 75-567, S. 40, 80; P.A. 76-140, S. 2, 4; 76-430, S. 1, 3; P.A. 77-155, S. 2; 77-299, S. 2, 3; 77-614, S. 284, 587, 610; P.A. 78-303, S. 85, 108, 136; P.A. 79-404, S. 43, 45; 79-520, S. 2; P.A. 80-171, S. 1; 80-267, S. 7; 80-345; 80-465, S. 2, 3; P.A. 81-384, S. 4, 13; P.A. 84-512, S. 19, 30; P.A. 85-595, S. 2, 3; P.A. 86-212, S. 2, 3; P.A. 87-536, S. 5, 7; P.A. 88-265, S. 9, 36; P.A. 90-270, S. 26, 38; P.A. 95-79, S. 120, 189; 95-250, S. 1; P.A. 96-211, S. 1, 5, 6; P.A. 97-112, S. 2; P.A. 98-179, S. 16, 30; P.A. 00-178, S. 3, 4; June Sp. Sess. P.A. 00-1, S. 43, 46; P.A. 01-96; S. 3; 01-179, S. 7-9; P.A. 04-106, S. 2; 04-193, S. 1; P.A. 07-233, S. 13.)
History: P.A. 73-599 replaced Connecticut development commission with department of commerce and Connecticut development authority, so replaced "commission" definition with "department" definition and added definitions of "commissioner" and "authority"; P.A. 74-338 deleted "industrial" as word qualifying pollution control facility in definition of "industrial project"; P.A. 75-413 redefined "industrial project" to include facilities used in significant servicing, overhauling or rebuilding of products and warehouse, wholesale distribution and trucking freight terminal facilities; P.A. 75-461 included the authority in definition of "mortgagee" and defined "capital reserve fund bond"; P.A. 75-513 included certain facilities for providing water in definition of "industrial project"; P.A. 75-567 substituted "authority" for "commission" in definition of "industrial project"; P.A. 76-140 included ferry facilities in definition of "industrial project"; P.A. 76-430 defined "recreational project"; P.A. 77-155 included railroad facilities in definition of "industrial project"; P.A. 77-299 included municipal civic and cultural centers in definition of "recreational project" and defined the term; P.A. 77-614 and P.A. 78-303 replaced commissioner and department of commerce with commissioner and department of economic development, effective January 1, 1979; P.A. 78-303 deleted reference to Sec. 4-60a in definition of "purposes of this chapter ..."; P.A. 79-404 substituted gaming policy board for Connecticut commission on special revenue in definition of "recreational project"; P.A. 79-520 included energy conserving facilities and facilities using renewable energy in definition of "industrial project"; P.A. 80-171 included public transportation facilities in definition of "industrial project"; P.A. 80-267 included provisions re facilities for businesses impacted by defense contract cutbacks in definition of "industrial project"; P.A. 80-345 included commercial applications of energy conserving or renewable energy facilities and equipment in definition of "industrial project"; P.A. 80-465 included retail facilities in definition of "industrial project" and defined "urban project"; P.A. 81-384 rewrote definitions of "project", "industrial project", "recreation project" and "urban project", inserted definitions of "public service project", "commercial fishing project" and "health care project" and removed definitions of "pollution control facility" and "municipal civic and cultural centers"; P.A. 84-512 deleted references to Secs. 4-5 and 4-24a in Subsec. (t); P.A. 85-595 redefined "project" to include hydroponic or aquaponic projects; P.A. 86-212 amended definition of "project" in Subsec. (d) to allow project to be acquired through purchase of stock of corporation and to exclude stock of corporation from such definition; P.A. 87-536 amended Subsec. (d) to amend definition of project to include any machinery, equipment, furniture, fixture or other personal property to be located in the state and to remove other references to personal property; P.A. 88-265 changed industrial project to economic development project, deleted hydroponic or aquaponic project and added nonprofit project to Subsec. (d), deleted definition of Connecticut Development Credit Corporation and added definition of eligible financial institution in Subsec. (e), added cost of furniture, fixtures or other personal property to definition of cost of project in Subsec. (f), deleted definition of first mortgage and added provisions re other credit or loan agreement in Subsec. (i), added other provider of credit, deleted list of eligible mortgages and substituted eligible financial institutions therefor in Subsec. (j), added provisions re cooperatives, for profit and nonprofit corporations, districts, agencies, authorities, instrumentalities, and other governmental entities in Subsec. (s), changed industrial project to economic development project, added hydroponic or aquaponic food production purposes and added Subdiv. (4) re other eligible project purposes in Subsec. (u), added Subsec. (dd) defining "nonprofit project" and made other technical changes; P.A. 90-270 amended Subsec. (u) to exclude certain resources recovery facilities from the definition of "economic development project"; (Revisor's note: In 1993 the obsolete reference in Subsec. (t) to repealed Sec. 36-322 was deleted editorially by the Revisors and the wording adjusted accordingly, and in 1995 the reference to "Industrial Building Mortgage Insurance Fund" was changed editorially by the Revisors to "Mortgage and Loan Insurance Fund" to conform to section to Sec. 32-14 as amended by P.A. 93-360); P.A. 95-79 redefined "person" to include limited liability companies, effective May 31, 1995; P.A. 95-250 and P.A. 96-211 replaced Commissioner and Department of Economic Development with Commissioner and Department of Economic and Community Development; P.A. 97-112 replaced "home for the aged" with "residential care home"; P.A. 98-179 redefined "project" to add the convention center project, effective June 1, 1998; P.A. 00-178 redefined "project" in Subsec. (d) to include information technology projects and added Subsecs. (ee) to (gg), inclusive, defining "information technology project", "incubator facilities" and "smart building"; June Sp. Sess. P.A. 00-1 changed effective date of P.A. 00-178 from October 1, 2000, to July 1, 2000, effective July 1, 2000; P.A. 01-96 amended Subsec. (gg) by making technical changes; P.A. 01-179 amended Subsec. (d) to make a technical change and include remediation project in definition of "project", amended Subsec. (t) to replace references to chapters 578 and 579 and Sec. 10-320b(a) 25-33a and 32-68a with references to the authority and authority legislation and added Subsec. (hh) defining "authority legislation" and Subsec. (ii)(1) defining "remediation project"; P.A. 04-106 amended Subsec. (ii)(1) to include projects involving the productive reuse of real property, effective May 21, 2004; P.A. 04-193 amended Subsec. (d) to remove reference to a project not including new materials, work in process, stock in trade or stock of a corporation, effective June 3, 2004; P.A. 07-233 amended Subsec. (ii) to redefine "remediation project" to include providing a residential or mixed-use development, effective July 1, 2007.
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