OFFICE OF FISCAL ANALYSIS

Legislative Office Building, Room 5200

Hartford, CT 06106 (860) 240-0200

http://www.cga.ct.gov/ofa

HB-5359

AN ACT ESTABLISHING THE PUBLIC-PRIVATE PARTNERSHIP COMMISSION.

AMENDMENT

LCO No.: 5040

File Copy No.: 247

House Calendar No.: 154


OFA Fiscal Note

State Impact:

Agency Affected

Fund-Effect

FY 15 $

FY 16 $

Department of Agriculture

GF - Loss of Asset Value

4.8 million

None

Treasurer; Dept. of Administrative Services

GF - Cost

Less than 1,000

None

Municipal Impact: None

Explanation

The amendment transfers ownership of a 34.4 acre parcel of land in Newtown from the Department of Agriculture to the Catherine Violet Hubbard Foundation, Inc. at a cost equal to the administrative costs of making the conveyance. The language specifies that land must be used as an animal sanctuary, wildlife preserve or other nature preserve purpose. The fiscal impact of the amendment is a loss of asset value to the state of approximately $4.8 million, which is the estimated market value of the parcel. The conveyance also represents a potential revenue loss to the state to the extent that the state could have sold or leased the property at fair market value.

The preceding Fiscal Impact statement is prepared for the benefit of the members of the General Assembly, solely for the purposes of information, summarization and explanation and does not represent the intent of the General Assembly or either chamber thereof for any purpose. In general, fiscal impacts are based upon a variety of informational sources, including the analyst's professional knowledge. Whenever applicable, agency data is consulted as part of the analysis, however final products do not necessarily reflect an assessment from any specific department.