OFFICE OF FISCAL ANALYSIS
Legislative Office Building, Room 5200
Hartford, CT 06106 ↓ (860) 240-0200
AN ACT ESTABLISHING THE TRANSIT CORRIDOR DEVELOPMENT ASSISTANCE AUTHORITY.
LCO No.: 4886
File Copy No.: 672
Senate Calendar No.: 275
OFA Fiscal Note
The amendment strikes the underlying bill and its associated fiscal impact.
The amendment expands the Capital Region Development Authority (CRDA) to, among other things, stimulate new investment and economic and transit-oriented development near transit stations.
This results in a cost of up to $250,000 for one program manager, administrative staff and other administrative expenses necessary for this expansion. The CRDA's current administrative expenses are funded through a General Fund appropriation, so it is anticipated that the cost would impact the General Fund.
The amendment may also result in an increase in bond fund expenditures by CRDA in order to facilitate the objectives outlined in the amendment. Future General Fund debt service costs may be incurred sooner to the degree that General Obligation (GO) bond funds are expended more rapidly than they otherwise would have been.
Background: The state provides CRDA with GO bond authorizations to support major projects and initiatives such as residential housing development and economic development objectives as outlined in CGS 32-602.
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.