OLR Bill Analysis

sHB 5500

AN ACT CONCERNING AN ADJUSTMENT TO CERTAIN DATES RELATING TO THE FINANCING OF STEEL POINT IN BRIDGEPORT.

SUMMARY:

This bill extends the time periods, by three and six years respectively, during which Bridgeport's Steel Point Special Taxing District may receive state economic development assistance and issue bonds to finance its operations.

It extends, from June 30, 2012 to June 30, 2015, the deadline by which the Department of Economic and Community Development, Connecticut Development Authority, and Connecticut Innovations, Inc. may provide up to $ 40 million in financial assistance from existing programs to the Steel Point project. As under current law, the assistance must be used for developing and improving property in Bridgeport and may be in the form of grants, loans, loan guarantees, insurance contracts, investments, or a combination of these and may be provided from proceeds from sales of bonds, notes, or other debt.

Current law allows Bridgeport's city council to merge the Steel Point tax district into the city if the district failed to issue bonds by July 1, 2009. The bill extends this deadline to July 1, 2015. The legislative body has not merged the district and the city.

EFFECTIVE DATE: Upon passage

BACKGROUND

Related Bill

HB 5101 (File 136), favorably reported by the Commerce Committee, is identical to this bill.

COMMITTEE ACTION

Finance, Revenue and Bonding Committee

Joint Favorable Substitute