OFFICE OF FISCAL ANALYSIS
Legislative Office Building, Room 5200
Hartford, CT 06106 (860) 240-0200
http://www.cga.ct.gov/ofa
HB-6682
AN ACT CONCERNING THE CONVEYANCE OF A PARCEL OF
STATE LAND IN THE CITY OF HARTFORD AT 30 TRINITY STREET
TO THE CAPITAL REGION DEVELOPMENT AUTHORITY.
Primary Analyst: EMG 5/28/21
Contributing Analyst(s):
Reviewer: CW
OFA Fiscal Note
State Impact:
Agency Affected Fund-Effect FY 22 $
Department of Administrative Services GF - Loss of Asset 2,630,000
Department of Administrative Services GF - Precludes
Revenue Gain
Potential
Capital Region Development Authority (quasi-
public)
Resources of
CRDA - Gain of
Asset
2,630,000
Capital Region Development Authority (quasi-
public)
Resources of
CRDA - Cost
See Below
Note: GF=General Fund
Municipal Impact: None
Explanation
The bill conveys a parcel of land totaling approximately 0.79 acres
and any improvements on the same from the Department of
Administrative Services (DAS) to the Capital Region Development
Authority (CRDA), which results in an asset transfer (most recently
valued at $2,630,000) at a cost to CRDA of the administrative costs of
the conveyance.
The property in question, along with an adjacent property, was
made subject to possible sale through an invitation to submit a request
for proposals by DAS on April 16, 2021, with offers due by July 9, 2021.
To the extent DAS receives and selects a purchase proposal,
conveyance of the property would preclude potential revenue gain 2021HB-06682-R000763-FN.DOCX Page 2 of 2
from the sale.
The land conveyance is subject to the review and approval of the
State Properties Review Board. The asset would revert to state control
if the land is not developed for housing and economic development
purposes within ten years.