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Connecticut Senate Bill SB01101

Connecticut 2021 Regular Session

Connecticut Senate Bill SB01101 Compare Versions

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99 LCO No. 6649 1 of 19
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1111 General Assembly Raised Bill No. 1101
1212 January Session, 2021
1313 LCO No. 6649
1414
1515
1616 Referred to Committee on FINANCE, REVENUE AND
1717 BONDING
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1919
2020 Introduced by:
2121 (FIN)
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2626 AN ACT ESTABLISHING CT RENAISSANCE AND C ONCERNING
2727 INVESTMENTS IN RENAISSANCE ZONES.
2828 Be it enacted by the Senate and House of Representatives in General
2929 Assembly convened:
3030
3131 Section 1. (NEW) (Effective October 1, 2021) (a) As used in this section: 1
3232 (1) "Authority" means the Capital Region Development Authority 2
3333 established pursuant to section 32-601 of the general statutes; 3
3434 (2) "Community development corporation" means an entity that is a 4
3535 tax-exempt organization under Section 501(c) of the Internal Revenue 5
3636 Code of 1986, or any subsequent corresponding internal revenue code 6
3737 of the United States, as amended from time to time, that seeks to support 7
3838 and revitalize a community; 8
3939 (3) "Community renaissance account" means the account established 9
4040 under subsection (d) of this section; 10 Raised Bill No. 1101
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4646 (4) "Municipality" means a municipality that has: 11
4747 (A) Based on data published in the Office of Policy and 12
4848 Management's Municipal Fiscal Indicators report, (i) persistent poverty, 13
4949 as demonstrated by being among the ten municipalities in the state with 14
5050 the lowest per capita income in each of the three most recent years for 15
5151 which data are available, (ii) persistent unemployment, as demonstrated 16
5252 by being among the ten municipalities in the state with the highest 17
5353 unemployment rate in each of the three most recent years for which data 18
5454 are available, and (iii) a population density of more than five thousand 19
5555 residents per square mile, as of the most recent data available; 20
5656 (B) Based on the United States Census Bureau's 2014-2018 American 21
5757 Community Survey five-year estimates, a Black or African-American 22
5858 population that is among the ten highest in the state and a Hispanic or 23
5959 Latino population that is among the ten highest in the state; and 24
6060 (C) Overall needs that are consistently among the highest in the state, 25
6161 as measured by having a score among the ten highest on the public 26
6262 investment community eligibility index, calculated under section 7-545 27
6363 of the general statutes, in each of the last three fiscal years for which 28
6464 such scores are available; and 29
6565 (5) "Renaissance zone" means a geographic area designated by CT 30
6666 Renaissance, established pursuant to subsection (b) of this section, that 31
6767 is within an eligible municipality. 32
6868 (b) (1) (A) The authority shall establish a subsidiary to be known as 33
6969 CT Renaissance. The authority's board of directors shall adopt a 34
7070 resolution prescribing the purposes for such subsidiary and no further 35
7171 action shall be required for the establishment of such subsidiary. 36
7272 (B) CT Renaissance shall be deemed a quasi-public agency for 37
7373 purposes of chapter 12 of the general statutes. The authority may 38
7474 transfer to any such subsidiary any moneys and real or personal 39
7575 property. Each such subsidiary shall have all the privileges, immunities, 40
7676 tax exemptions and other exemptions of the authority. 41 Raised Bill No. 1101
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8282 (C) CT Renaissance may sue and shall be subject to suit, provided the 42
8383 liability of such subsidiary shall be limited solely to the assets, revenues 43
8484 and resources of such subsidiary and without recourse to the general 44
8585 funds, revenues, resources or any other assets of the authority. Such 45
8686 subsidiary shall have the power to do all acts and things necessary or 46
8787 convenient to carry out the purposes for which such subsidiary is 47
8888 established, including, but not limited to: (i) Solicit, receive and accept 48
8989 aid, grants or contributions from any source of money, property or labor 49
9090 or other things of value, subject to the conditions upon which such 50
9191 grants and contributions may be made, including, but not limited to, 51
9292 gifts, grants or loans from any department, agency or quasi-public 52
9393 agency of the United States or the state, or from any organization 53
9494 recognized as a nonprofit organization under Section 501(c)(3) of the 54
9595 Internal Revenue Code of 1986, or any subsequent corresponding 55
9696 internal revenue code of the United States, as amended from time to 56
9797 time; (ii) enter into agreements with persons upon such terms and 57
9898 conditions as are consistent with the purposes of such subsidiary; and 58
9999 (iii) acquire, take title, lease, purchase, own, manage, hold and dispose 59
100100 of real and personal property and lease, convey or deal in or enter into 60
101101 agreements with respect to such property. Such subsidiary shall act 61
102102 through its board of directors. 62
103103 (D) The provisions of section 1-125 of the general statutes and this 63
104104 section shall apply to any officer, director, designee or employee 64
105105 appointed as a member, director or officer of such subsidiary. Neither 65
106106 any such persons so appointed nor the directors, officers or employees 66
107107 of the authority shall be personally liable for the debts, obligations or 67
108108 liabilities of such subsidiary as provided in section 1-125 of the general 68
109109 statutes. Such subsidiary shall, and the authority may, provide for the 69
110110 indemnification to protect, save harmless and indemnify such officer, 70
111111 director, designee or employee as provided by section 1-125 of the 71
112112 general statutes. 72
113113 (E) The executive director and all officers, directors and employees of 73
114114 such subsidiary shall be state employees for purposes of sections 1-79 to 74
115115 1-89, inclusive, of the general statutes. 75 Raised Bill No. 1101
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121121 (F) The authority or such subsidiary may take such actions as are 76
122122 necessary to comply with the provisions of the Internal Revenue Code 77
123123 of 1986, or any subsequent corresponding internal revenue code of the 78
124124 United States, as amended from time to time, to qualify and maintain 79
125125 any such subsidiary as a corporation exempt from taxation under said 80
126126 Internal Revenue Code. 81
127127 (G) The authority may make loans or grants to, and may guarantee 82
128128 specified obligations of, such subsidiary, following standard authority 83
129129 procedures, from the authority's assets and the proceeds of its bonds, 84
130130 notes and other obligations, provided the source and security, if any, for 85
131131 the repayment of any such loans or guarantees is derived from the 86
132132 assets, revenues and resources of such subsidiary. 87
133133 (2) The primary purpose of CT Renaissance shall be to target 88
134134 investments in communities that have a high population of Black or 89
135135 African-American residents, or Hispanic or Latino residents, or both, 90
136136 high poverty rates, high unemployment rates and needs that are not 91
137137 being met, in order to combat the long-term effects, including economic 92
138138 effects, of racial discrimination and bias that have affected people who 93
139139 are Black or African-American, or Hispanic or Latino, or both. CT 94
140140 Renaissance shall do all things necessary and proper to carry out such 95
141141 purpose. 96
142142 (3) CT Renaissance shall not be an employer, as defined in section 5-97
143143 270 of the general statutes. 98
144144 (4) (A) CT Renaissance shall be overseen by a board of directors, 99
145145 which shall consist of the following members: 100
146146 (i) Two appointed by the speaker of the House of Representatives; 101
147147 (ii) Two appointed by the president pro tempore of the Senate; 102
148148 (iii) One appointed by the majority leader of the House of 103
149149 Representatives; 104
150150 (iv) One appointed by the majority leader of the Senate; 105 Raised Bill No. 1101
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156156 (v) One appointed by the minority leader of the House of 106
157157 Representatives; 107
158158 (vi) One appointed by the minority leader of the Senate; and 108
159159 (vii) Two appointed by the Governor. 109
160160 (B) Notwithstanding the provisions of subsection (a) of section 4-9b 110
161161 of the general statutes, appointing authorities shall, in cooperation with 111
162162 one another, make a good faith effort to ensure that, to the extent 112
163163 possible, the membership of the board of directors closely reflects the 113
164164 racial and ethnic demographics of the renaissance zones that will be 114
165165 served by CT Renaissance. Each appointing authority shall inform each 115
166166 of the others of such appointing authority's appointee or planned 116
167167 appointee to facilitate compliance with this subparagraph. 117
168168 (C) All initial appointments to the board shall be made not later than 118
169169 December 1, 2021, and shall terminate on December 1, 2024, and 119
170170 December 1, 2025, as applicable, regardless of when the initial 120
171171 appointment was made. Any appointed member may serve more than 121
172172 one term. 122
173173 (D) Appointed members of the board shall serve for four-year terms 123
174174 and members first appointed shall have the following terms: (i) 124
175175 Members appointed by the Governor and members appointed by the 125
176176 majority leader of the House of Representatives and the minority leader 126
177177 of the House of Representatives shall initially serve a term of three years, 127
178178 and (ii) members appointed by the speaker of the House of 128
179179 Representatives, the president pro tempore of the Senate, the majority 129
180180 leader of the Senate and the minority leader of the Senate shall initially 130
181181 serve a term of four years. Members shall continue to serve until their 131
182182 successors are appointed. 132
183183 (E) Any vacancy shall be filled by the appointing authority. Any 133
184184 vacancy occurring other than by expiration of term shall be filled for the 134
185185 balance of the unexpired term. 135 Raised Bill No. 1101
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191191 (F) The members of the board shall serve without compensation, but 136
192192 shall, within the limits of available funds, be reimbursed for expenses 137
193193 necessarily incurred in the performance of their duties. 138
194194 (5) The first meeting of the CT Renaissance board shall be held not 139
195195 later than December 31, 2021, on a date and at a time and place 140
196196 determined jointly by the speaker of the House of Representatives and 141
197197 the president pro tempore of the Senate. The chairperson of the board 142
198198 shall be chosen by the members of the board. The board shall meet at 143
199199 least quarterly and at such other times as the chairperson deems 144
200200 necessary. 145
201201 (6) A majority of the directors of the CT Renaissance board then 146
202202 seated shall constitute a quorum for the transaction of any business or 147
203203 the exercise of any power of the board. For the transaction of any 148
204204 business or the exercise of any power of the board, the board may act by 149
205205 a majority of the members present at any meeting at which a quorum is 150
206206 in attendance. 151
207207 (7) The CT Renaissance board shall appoint an executive director, 152
208208 who shall employ such individuals as may be necessary or desirable to 153
209209 review and make recommendations on (A) applications submitted for 154
210210 designation as a renaissance zone, (B) project plans proposed for 155
211211 renaissance zones, and (C) grant applications for projects in renaissance 156
212212 zones. Such executive director and individuals shall not be employees, 157
213213 as defined in section 5-270 of the general statutes. The board shall make 158
214214 a good faith effort to ensure that individuals appointed as the executive 159
215215 director and any assistants and individuals contracted with under this 160
216216 subdivision reflect the racial and ethnic demographics of the 161
217217 populations CT Renaissance will serve through the designation of 162
218218 renaissance zones. 163
219219 (8) CT Renaissance shall continue as long as it has obligations 164
220220 outstanding and until its existence is terminated by law, provided no 165
221221 such termination shall affect any outstanding contractual obligation of 166
222222 CT Renaissance and the state shall succeed to the obligations of CT 167 Raised Bill No. 1101
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228228 Renaissance under any contract. Upon the termination of the existence 168
229229 of CT Renaissance, all its rights and properties shall pass to and be 169
230230 vested in the authority. 170
231231 (c) (1) On or before April 1, 2022, the CT Renaissance board shall (A) 171
232232 develop an application process and an application form to allow 172
233233 community development corporations to apply to the board for a 173
234234 renaissance zone designation, (B) post such application form and any 174
235235 information the board deems necessary regarding the application 175
236236 process on the authority's Internet web site, and (C) issue a request for 176
237237 applications for renaissance zone designation. In addition to the initial 177
238238 round of applications, the board may consider additional applications 178
239239 on a schedule and in accordance with deadlines prescribed by the board. 179
240240 (2) Any community development corporation may submit an 180
241241 application to the CT Renaissance board for a renaissance zone 181
242242 designation within an eligible municipality. Such community 182
243243 development corporation shall consult with the legislative body of such 183
244244 eligible municipality prior to submitting such application to the board. 184
245245 (3) As part of the application, a community development corporation 185
246246 shall submit: 186
247247 (A) Information concerning the geographic boundaries of the 187
248248 proposed renaissance zone, including, but not limited to, a map 188
249249 indicating such boundaries; 189
250250 (B) Information on the residents of and businesses located within the 190
251251 proposed renaissance zone, including demographics, business success 191
252252 and failure rates, per capita income, unemployment rates, education 192
253253 levels, health levels and any other data or measures of well-being that 193
254254 the applicant deems relevant; 194
255255 (C) A detailed project plan on how grants from the community 195
256256 renaissance account will be used to serve the needs of residents of and 196
257257 businesses located within the renaissance zone in one or more of the 197
258258 following ways: 198 Raised Bill No. 1101
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264264 (i) Creating new housing or rehabilitating existing housing within the 199
265265 renaissance zone; 200
266266 (ii) Increasing the percentage of owner-occupied housing within the 201
267267 renaissance zone; 202
268268 (iii) Supporting the education needs of residents of the renaissance 203
269269 zone; 204
270270 (iv) Providing job training and employment to residents of the 205
271271 renaissance zone; 206
272272 (v) Providing financing to businesses within the renaissance zone; 207
273273 (vi) Improving public infrastructure within the renaissance zone; 208
274274 (vii) Providing entrepreneurship training and support to residents of 209
275275 or businesses within the renaissance zone; or 210
276276 (viii) Creating a loan guarantee fund to encourage broader lending 211
277277 participation by residents of and businesses located within the 212
278278 renaissance zone. 213
279279 (4) The CT Renaissance executive director and staff may assist any 214
280280 community development corporation in developing its application and 215
281281 project plan. The executive director and such staff shall review all 216
282282 applications submitted pursuant to subdivision (2) of this subsection 217
283283 and make recommendations to the CT Renaissance board regarding 218
284284 submitted applications. 219
285285 (5) (A) The CT Renaissance board shall select finalist applicants and 220
286286 shall hold at least one public hearing on each such finalist application. 221
287287 The hearing shall be held in the eligible municipality in which the 222
288288 proposed renaissance zone is located and shall consist of a presentation 223
289289 by the applicant on its application and public comments on such 224
290290 application. The chairperson of the board shall post (i) the date, time and 225
291291 place of such hearing at least ten days prior to the date of such hearing, 226
292292 in a conspicuous place in or near the town clerk's office of the eligible 227 Raised Bill No. 1101
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298298 municipality where the proposed renaissance zone is located and on 228
299299 such eligible municipality's Internet web site, and (ii) the applicant's 229
300300 submitted application and any other information the chairperson deems 230
301301 relevant to such application. 231
302302 (B) Any finalist applicant may submit a revised application to the 232
303303 board based on public comments received at such public hearing. The 233
304304 board may, but shall not be required to, hold another public hearing on 234
305305 such revised application. 235
306306 (C) (i) The board shall give preference to community development 236
307307 corporations with project plans that include diverse partners, 237
308308 partnerships with entities located within the proposed renaissance zone 238
309309 or substantial private funding. 239
310310 (ii) The board may (I) designate no more than two renaissance zones 240
311311 within an eligible municipality, (II) approve, at the time it approves a 241
312312 community development corporation's application for a renaissance 242
313313 zone designation, the community development corporation's project 243
314314 plan and authorize a grant from the community renaissance account to 244
315315 such community development corporation to assist with its project plan 245
316316 implementation, and (III) require modifications to the application, 246
317317 agreed to by the community development corporation, as a condition of 247
318318 approval. 248
319319 (6) Each community development corporation that receives approval 249
320320 of its proposed renaissance zone designation shall present such 250
321321 community development corporation's project plan, as approved by the 251
322322 CT Renaissance board, to a community bank or community credit union 252
323323 that (A) is located within such renaissance zone, and (B) receives 253
324324 investment funds pursuant to the program established under section 3-254
325325 24k of the general statutes, as amended by this act. Such community 255
326326 bank or community credit union shall coordinate, to the extent 256
327327 practicable, its lending activities under said section with the community 257
328328 development corporation's activities in the renaissance zone pursuant 258
329329 to the community development corporation's project plan. The 259 Raised Bill No. 1101
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335335 community development corporation and the community bank or 260
336336 community credit union shall seek to develop a relationship that 261
337337 maximizes the impact of each entity's activities within the renaissance 262
338338 zone. 263
339339 (7) Not later than ten days after the CT Renaissance board approves 264
340340 a renaissance zone designation pursuant to this section, the board shall 265
341341 notify the State Treasurer of the geographic boundaries of such 266
342342 renaissance zone and provide any information necessary for the State 267
343343 Treasurer to administer the program established under section 3-24k of 268
344344 the general statutes, as amended by this act. 269
345345 (8) (A) A community development corporation may apply to the CT 270
346346 Renaissance board, in such form and manner as prescribed by the board, 271
347347 for a grant to implement the community development corporation's 272
348348 project plan for the applicable renaissance zone. The board may approve 273
349349 a grant to a community development corporation in an amount not 274
350350 more than that which will allow the community development 275
351351 corporation to implement such project plan. The community 276
352352 development corporation may apply to the board for additional grants 277
353353 for projects within a renaissance zone, at any time after the board has 278
354354 approved a renaissance zone designation. The CT Renaissance executive 279
355355 director and staff may assist any community development corporation 280
356356 in developing its grant application. The executive director and such staff 281
357357 shall review all grant applications submitted to the board pursuant to 282
358358 this subdivision and make recommendations to the board regarding 283
359359 submitted grant applications. 284
360360 (B) Prior to awarding a grant, the board shall enter into an agreement 285
361361 with the community development corporation (i) concerning allowable 286
362362 grant expenses, and (ii) requiring the community development 287
363363 corporation to annually obtain a financial audit of grant expenditures 288
364364 until all grant moneys have been expended. Such audit shall be 289
365365 conducted by an independent auditor and submitted to the board. If the 290
366366 board determines that any grant moneys are being used for expenses 291
367367 that are not allowed under such agreement, the board may require the 292 Raised Bill No. 1101
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373373 community development corporation to repay such grant moneys. 293
374374 (C) A community development corporation shall use grant moneys 294
375375 for one or more of the purposes described under subparagraph (C) of 295
376376 subdivision (3) of this subsection and in accordance with the provisions 296
377377 of the agreement entered into with the board pursuant to subparagraph 297
378378 (B) of this subdivision. A community development corporation may use 298
379379 grant moneys for projects it develops within a renaissance zone or to 299
380380 fund projects requested by residents of or businesses located within a 300
381381 renaissance zone. 301
382382 (d) (1) The authority shall establish the community renaissance 302
383383 account which shall be held, administered, invested and disbursed by 303
384384 the authority. The account shall contain any moneys required or 304
385385 permitted by law to be deposited in the account and any public or 305
386386 private contributions, gifts, grants, donations, bequests or devises to the 306
387387 account. Moneys in the account shall be expended by CT Renaissance 307
388388 for the purposes of providing grants to community development 308
389389 corporations for projects within renaissance zones and for the 309
390390 operational and administrative costs of CT Renaissance. 310
391391 (2) The community renaissance account shall not be deemed an 311
392392 account within the General Fund and shall be used exclusively for the 312
393393 purposes set forth in subdivision (1) of this subsection. 313
394394 (3) The CT Renaissance board may request funds from the program 314
395395 established under section 4 of this act at any time from the State 315
396396 Treasurer, such funds to be deposited in the community renaissance 316
397397 account. The board and the State Treasurer may enter into an agreement 317
398398 regarding the transfer and use of such funds. 318
399399 (4) The CT Renaissance board shall approve all expenditures to be 319
400400 made from the community renaissance account. Any such approval 320
401401 shall be specific to an individual expenditure to be made. 321
402402 (e) Not later than January 1, 2023, and annually thereafter, the 322
403403 executive director of CT Renaissance shall submit a report, in 323 Raised Bill No. 1101
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409409 accordance with the provisions of section 11-4a of the general statutes, 324
410410 to the joint standing committee of the General Assembly having 325
411411 cognizance of matters relating to finance, revenue and bonding. The 326
412412 report shall include, but not be limited to, for the calendar year 327
413413 immediately preceding, the number and geographic boundaries of 328
414414 renaissance zones approved by the board, the number of grants and the 329
415415 amount of each grant approved and disbursed pursuant to this section, 330
416416 the projects undertaken or completed within a renaissance zone and the 331
417417 expenditures and operations of CT Renaissance. 332
418418 Sec. 2. Section 3-24j of the general statutes is repealed and the 333
419419 following is substituted in lieu thereof (Effective October 1, 2021): 334
420420 As used in this section and sections 3-24k, as amended by this act, 335
421421 and 3-24l: 336
422422 (1) "Community bank" means a bank that is domiciled in this state 337
423423 and has assets of not more than one billion dollars; 338
424424 (2) "Community credit union" means a federal credit union, as 339
425425 defined in section 36a-2, the membership of which is limited to persons 340
426426 or organizations within a well-defined local community, neighborhood 341
427427 or rural district as provided in the Federal Credit Union Act, 12 USC 342
428428 Section 1759(b)(3), as from time to time amended, that has assets of not 343
429429 more than one billion dollars or a state credit union that has assets of 344
430430 not more than one billion dollars; [and] 345
431431 (3) "CT Renaissance" means the subsidiary established under section 346
432432 1 of this act; 347
433433 (4) "Renaissance zone" has the same meaning as provided in section 348
434434 1 of this act; and 349
435435 [(3)] (5) "State credit union" means a cooperative, nonprofit financial 350
436436 institution that (A) is organized under chapter 667 and the membership 351
437437 of which is limited to persons within a well-defined community, 352
438438 neighborhood or rural district as provided in section 36a-438a, (B) 353 Raised Bill No. 1101
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444444 operates for the benefit and general welfare of its members with the 354
445445 earnings, benefits or services offered being distributed to or retained for 355
446446 its members, and (C) is governed by a volunteer board of directors 356
447447 elected by and from its membership. 357
448448 Sec. 3. Section 3-24k of the general statutes is repealed and the 358
449449 following is substituted in lieu thereof (Effective October 1, 2021): 359
450450 (a) (1) The State Treasurer [may] shall establish a program under 360
451451 which the State Treasurer [may, based on cash availability, make 361
452452 available a pool of funds not exceeding] shall invest a minimum of one 362
453453 hundred million dollars each fiscal year [for investment] with 363
454454 community banks and community credit unions. Such funds shall be 364
455455 obtained from the state’s operating cash managed by the State 365
456456 Treasurer. 366
457457 (2) On and after the date the CT Renaissance board of directors 367
458458 notifies the State Treasurer of the first designation of a renaissance zone, 368
459459 all investments under subdivision (1) of this subsection shall be made 369
460460 with community banks and community credit unions located within a 370
461461 renaissance zone. 371
462462 (3) Each community bank or community credit union that is located 372
463463 within a renaissance zone and receives investment funds under this 373
464464 section shall provide, to residents of and businesses within the 374
465465 renaissance zone served by such bank or credit union, (A) lower interest 375
466466 rates on loans than would otherwise be available to such residents and 376
467467 businesses, or (B) loans to such residents and businesses that would not 377
468468 otherwise be eligible for such loans, in order to promote community or 378
469469 economic development, job creation, neighborhood revitalization or 379
470470 community or generational wealth creation, within the renaissance 380
471471 zone. Such banks and credit unions shall seek to use the investment 381
472472 funds received under this section in a manner that coordinates with the 382
473473 activities of any community development corporation, as defined in 383
474474 section 1 of this act, that is implementing a project plan pursuant to 384
475475 section 1 of this act. 385 Raised Bill No. 1101
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481481 (b) The State Treasurer shall: [establish] 386
482482 (1) Utilize all resources necessary to effectively promote and 387
483483 publicize the program established under this section and educate 388
484484 community banks, community credit unions and the public about such 389
485485 program, with the goal of increasing participation in such program by 390
486486 such banks and credit unions; 391
487487 (2) Establish a schedule for making [such] investments under 392
488488 subsection (a) of this section with such banks and credit unions; [.] and 393
489489 [(c) The State Treasurer shall establish] (3) Establish a competitive 394
490490 bidding procedure under which such banks and credit unions may 395
491491 compete for investment-related services under [said] such program. 396
492492 [(d)] (c) The State Treasurer may establish capital standards for such 397
493493 banks and credit unions wishing to participate in [said] such program. 398
494494 Sec. 4. (NEW) (Effective October 1, 2021) (a) As used in this section, "CT 399
495495 Renaissance" means the subsidiary established under section 1 of this 400
496496 act, "community renaissance account" and "renaissance zone" have the 401
497497 same meanings as provided under section 1 of this act, and "state 402
498498 agency" has the same meaning as provided under section 5 of this act. 403
499499 (b) Not later than the date the CT Renaissance board of directors 404
500500 notifies the State Treasurer of the first designation of a renaissance zone 405
501501 pursuant to section 1 of this act, the State Treasurer shall establish a 406
502502 program under which the State Treasurer shall receive funds under 407
503503 sections 5 and 6 of this act and from any other individual or entity that 408
504504 chooses to contribute funds to the program. The program shall require 409
505505 the State Treasurer to (1) pool such funds, provided the State Treasurer 410
506506 shall separately account for funds received from each individual or 411
507507 entity, (2) transfer funds to the community renaissance account, upon 412
508508 request by the CT Renaissance board of directors, for grants to be 413
509509 provided in accordance with the provisions of section 1 of this act, (3) 414
510510 ensure the return of funds to the individual or entity that contributed 415
511511 the funds, with interest at a rate comparable to a time deposit, as defined 416 Raised Bill No. 1101
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517517 in section 36a-2 of the general statutes, and (4) manage the funds 417
518518 received and enter into agreements with the CT Renaissance board of 418
519519 directors as necessary, to achieve the goals of subdivisions (2) and (3) of 419
520520 this subsection. 420
521521 (c) Upon being notified by the CT Renaissance board of such first 421
522522 designation of a renaissance zone, the State Treasurer shall: 422
523523 (1) Notify each state agency and the State of Connecticut Health and 423
524524 Educational Facilities Authority established under section 10a-179 of the 424
525525 general statutes of such first designation and the requirements set forth 425
526526 in sections 5 and 6, respectively; and 426
527527 (2) Post a notice on the State Treasurer's Internet web site when the 427
528528 program under subsection (b) of this section is established and 428
529529 operational. Such notice shall provide information about participation 429
530530 in the program and the requirements set forth in sections 5 and 6 of this 430
531531 act. 431
532532 (d) The State Treasurer shall promote the benefits of participation in, 432
533533 and distribute informational materials about, the program established 433
534534 under subsection (b) of this section, to individuals and entities that may 434
535535 wish to participate voluntarily in such program. 435
536536 Sec. 5. (NEW) (Effective October 1, 2021) (a) As used in this section: (1) 436
537537 "Contract" means an agreement or a combination or series of agreements 437
538538 between a state agency and an individual, firm or corporation, having a 438
539539 total value of more than five hundred thousand dollars in a calendar or 439
540540 fiscal year, for (A) a project for construction, alteration or repair of any 440
541541 public building or public work, (B) services, including, but not limited 441
542542 to, consulting and professional services, (C) the procurement of 442
543543 supplies, materials or equipment, (D) a lease, or (E) a licensing 443
544544 agreement. "Contract" does not include an agreement or a combination 444
545545 or series of agreements between a state agency and a political 445
546546 subdivision of the state; (2) "CT Renaissance" means the subsidiary 446
547547 established under section 1 of this act; (3) "renaissance zone" has the 447
548548 same meaning as provided in section 1 of this act; and (4) "state agency" 448 Raised Bill No. 1101
549549
550550
551551
552552 LCO No. 6649 16 of 19
553553
554554 means any office, department, board, council, commission, institution, 449
555555 constituent unit of the state system of higher education, or other agency 450
556556 in the executive branch of state government. 451
557557 (b) Each state agency shall require any individual, firm or corporation 452
558558 that enters into a contract with such agency on or after the date the State 453
559559 Treasurer notifies a state agency pursuant to subsection (c) of section 4 454
560560 of this act of the first designation of a renaissance zone, to deposit funds 455
561561 to be invested by the State Treasurer under the program established 456
562562 under section 4 of this act. The amount of such funds to be invested shall 457
563563 be determined by the state agency and the duration of such investment 458
564564 shall be for one year or the length of the contract, whichever is longer. 459
565565 Each state agency shall include the requirements set forth in this section 460
566566 in the bid specifications or request for proposals for a contract subject to 461
567567 the provisions of this section. 462
568568 Sec. 6. (NEW) (Effective October 1, 2021) The State of Connecticut 463
569569 Health and Educational Facilities Authority, established under section 464
570570 10a-179 of the general statutes, shall require any institution for higher 465
571571 education, nursing home, health care institution or qualified nonprofit 466
572572 organization, as those terms are defined in section 10a-178 of the general 467
573573 statutes, that receives a loan, grant or other financial assistance totaling 468
574574 more than five hundred thousand dollars from the authority on or after 469
575575 the date the State Treasurer notifies the authority pursuant to subsection 470
576576 (c) of section 4 of this act of the first designation of a renaissance zone, 471
577577 to deposit funds to be invested by the State Treasurer under the program 472
578578 established under section 4 of this act. The amount of such funds to be 473
579579 invested shall be determined by the authority and the duration of such 474
580580 investment shall be for one year or the length of the loan, if applicable, 475
581581 whichever is longer. The authority shall post the requirements set forth 476
582582 in this section on its Internet web site and shall include such 477
583583 requirements in the application form or informational materials for any 478
584584 loan, grant or other financial assistance subject to this section. 479
585585 Sec. 7. (NEW) (Effective October 1, 2021) For each of the fiscal years 480
586586 ending June 30, 2023, to June 30, 2032, inclusive, the General Assembly 481 Raised Bill No. 1101
587587
588588
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590590 LCO No. 6649 17 of 19
591591
592592 may enact no legislation that authorizes general obligation bonds or 482
593593 increases the aggregate amount of general obligation bonds authorized 483
594594 under the following sections or for the following purposes and 484
595595 programs, unless such legislation requires twenty million dollars in 485
596596 each of said fiscal years to be deposited in the community renaissance 486
597597 account established under subsection (d) of section 1 of this act: 487
598598 (1) Section 4-66c of the general statutes or any successor statute 488
599599 thereof; 489
600600 (2) Section 8-336n of the general statutes or any successor statute 490
601601 thereof; 491
602602 (3) Section 32-235 of the general statutes or any successor statute 492
603603 thereof, for any job training program; 493
604604 (4) New general obligation bond authorizations or an increase in the 494
605605 aggregate amount of general obligation bonds authorized, for 495
606606 transportation projects; and 496
607607 (5) New general obligation bond authorizations or an increase in the 497
608608 aggregate amount of general obligation bonds authorized, for the 498
609609 brownfield remediation and revitalization program established under 499
610610 section 32-769 of the general statutes. 500
611611 Sec. 8. Subsection (b) of section 32-602 of the general statutes is 501
612612 repealed and the following is substituted in lieu thereof (Effective October 502
613613 1, 2021): 503
614614 (b) For these purposes, the authority shall have the following powers: 504
615615 (1) To have perpetual succession as a body corporate and to adopt 505
616616 procedures for the regulation of its affairs and the conduct of its business 506
617617 as provided in subsection (f) of section 32-601, to adopt a corporate seal 507
618618 and alter the same at its pleasure, and to maintain an office at such place 508
619619 or places within the city of Hartford as it may designate; (2) to sue and 509
620620 be sued, to contract and be contracted with; (3) to employ such 510
621621 assistants, agents and other employees as may be necessary or desirable 511 Raised Bill No. 1101
622622
623623
624624
625625 LCO No. 6649 18 of 19
626626
627627 to carry out its purposes, which employees shall be exempt from the 512
628628 classified service and shall not be employees, as defined in subsection 513
629629 (b) of section 5-270, to fix their compensation, to establish and modify 514
630630 personnel procedures as may be necessary from time to time and to 515
631631 negotiate and enter into collective bargaining agreements with labor 516
632632 unions; (4) to acquire, lease, hold and dispose of personal property for 517
633633 the purposes set forth in this section; (5) to procure insurance against 518
634634 any liability or loss in connection with its property and other assets, in 519
635635 such amounts and from such insurers as it deems desirable and to 520
636636 procure insurance for employees; (6) to invest any funds not needed for 521
637637 immediate use or disbursement in obligations issued or guaranteed by 522
638638 the United States of America or the state of Connecticut, including the 523
639639 Short Term Investment Fund, and the Tax-Exempt Proceeds Fund, and 524
640640 in other obligations which are legal investments for savings banks in 525
641641 this state and in time deposits or certificates of deposit or other similar 526
642642 banking arrangements secured in such manner as the authority 527
643643 determines; (7) notwithstanding any other provision of the general 528
644644 statutes, upon request of the Secretary of the Office of Policy and 529
645645 Management, to enter into an agreement for funding to facilitate the 530
646646 relocation of state offices within the capital city economic development 531
647647 district; (8) to enter into such memoranda of understanding as the 532
648648 authority deems appropriate to carry out its responsibilities under this 533
649649 chapter; (9) to assist the CT Renaissance board of directors in performing 534
650650 its functions under section 1 of this act; and [(9)] (10) to do all acts and 535
651651 things necessary or convenient to carry out the purposes of and the 536
652652 powers expressly granted by this section. 537
653653 This act shall take effect as follows and shall amend the following
654654 sections:
655655
656656 Section 1 October 1, 2021 New section
657657 Sec. 2 October 1, 2021 3-24j
658658 Sec. 3 October 1, 2021 3-24k
659659 Sec. 4 October 1, 2021 New section
660660 Sec. 5 October 1, 2021 New section
661661 Sec. 6 October 1, 2021 New section
662662 Sec. 7 October 1, 2021 New section Raised Bill No. 1101
663663
664664
665665
666666 LCO No. 6649 19 of 19
667667
668668 Sec. 8 October 1, 2021 32-602(b)
669669
670670 Statement of Purpose:
671671 To require the establishment of the CT Renaissance to implement
672672 investments and project financing in eligible municipalities through
673673 designated renaissance zones, and to increase the funds for state
674674 investments in community banks and credit unions to promote
675675 community or economic development in such zones.
676676 [Proposed deletions are enclosed in brackets. Proposed additions are indicated by underline, except
677677 that when the entire text of a bill or resolution or a section of a bill or resolution is new, it is not
678678 underlined.]
679679