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General Assembly Raised Bill No. 1101
January Session, 2021
LCO No. 6649
Referred to Committee on FINANCE, REVENUE AND
BONDING
Introduced by:
(FIN)
AN ACT ESTABLISHING CT RENAISSANCE AND C ONCERNING
INVESTMENTS IN RENAISSANCE ZONES.
Be it enacted by the Senate and House of Representatives in General
Assembly convened:
Section 1. (NEW) (Effective October 1, 2021) (a) As used in this section: 1
(1) "Authority" means the Capital Region Development Authority 2
established pursuant to section 32-601 of the general statutes; 3
(2) "Community development corporation" means an entity that is a 4
tax-exempt organization under Section 501(c) of the Internal Revenue 5
Code of 1986, or any subsequent corresponding internal revenue code 6
of the United States, as amended from time to time, that seeks to support 7
and revitalize a community; 8
(3) "Community renaissance account" means the account established 9
under subsection (d) of this section; 10 Raised Bill No. 1101
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(4) "Municipality" means a municipality that has: 11
(A) Based on data published in the Office of Policy and 12
Management's Municipal Fiscal Indicators report, (i) persistent poverty, 13
as demonstrated by being among the ten municipalities in the state with 14
the lowest per capita income in each of the three most recent years for 15
which data are available, (ii) persistent unemployment, as demonstrated 16
by being among the ten municipalities in the state with the highest 17
unemployment rate in each of the three most recent years for which data 18
are available, and (iii) a population density of more than five thousand 19
residents per square mile, as of the most recent data available; 20
(B) Based on the United States Census Bureau's 2014-2018 American 21
Community Survey five-year estimates, a Black or African-American 22
population that is among the ten highest in the state and a Hispanic or 23
Latino population that is among the ten highest in the state; and 24
(C) Overall needs that are consistently among the highest in the state, 25
as measured by having a score among the ten highest on the public 26
investment community eligibility index, calculated under section 7-545 27
of the general statutes, in each of the last three fiscal years for which 28
such scores are available; and 29
(5) "Renaissance zone" means a geographic area designated by CT 30
Renaissance, established pursuant to subsection (b) of this section, that 31
is within an eligible municipality. 32
(b) (1) (A) The authority shall establish a subsidiary to be known as 33
CT Renaissance. The authority's board of directors shall adopt a 34
resolution prescribing the purposes for such subsidiary and no further 35
action shall be required for the establishment of such subsidiary. 36
(B) CT Renaissance shall be deemed a quasi-public agency for 37
purposes of chapter 12 of the general statutes. The authority may 38
transfer to any such subsidiary any moneys and real or personal 39
property. Each such subsidiary shall have all the privileges, immunities, 40
tax exemptions and other exemptions of the authority. 41 Raised Bill No. 1101
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(C) CT Renaissance may sue and shall be subject to suit, provided the 42
liability of such subsidiary shall be limited solely to the assets, revenues 43
and resources of such subsidiary and without recourse to the general 44
funds, revenues, resources or any other assets of the authority. Such 45
subsidiary shall have the power to do all acts and things necessary or 46
convenient to carry out the purposes for which such subsidiary is 47
established, including, but not limited to: (i) Solicit, receive and accept 48
aid, grants or contributions from any source of money, property or labor 49
or other things of value, subject to the conditions upon which such 50
grants and contributions may be made, including, but not limited to, 51
gifts, grants or loans from any department, agency or quasi-public 52
agency of the United States or the state, or from any organization 53
recognized as a nonprofit organization under Section 501(c)(3) of the 54
Internal Revenue Code of 1986, or any subsequent corresponding 55
internal revenue code of the United States, as amended from time to 56
time; (ii) enter into agreements with persons upon such terms and 57
conditions as are consistent with the purposes of such subsidiary; and 58
(iii) acquire, take title, lease, purchase, own, manage, hold and dispose 59
of real and personal property and lease, convey or deal in or enter into 60
agreements with respect to such property. Such subsidiary shall act 61
through its board of directors. 62
(D) The provisions of section 1-125 of the general statutes and this 63
section shall apply to any officer, director, designee or employee 64
appointed as a member, director or officer of such subsidiary. Neither 65
any such persons so appointed nor the directors, officers or employees 66
of the authority shall be personally liable for the debts, obligations or 67
liabilities of such subsidiary as provided in section 1-125 of the general 68
statutes. Such subsidiary shall, and the authority may, provide for the 69
indemnification to protect, save harmless and indemnify such officer, 70
director, designee or employee as provided by section 1-125 of the 71
general statutes. 72
(E) The executive director and all officers, directors and employees of 73
such subsidiary shall be state employees for purposes of sections 1-79 to 74
1-89, inclusive, of the general statutes. 75 Raised Bill No. 1101
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(F) The authority or such subsidiary may take such actions as are 76
necessary to comply with the provisions of the Internal Revenue Code 77
of 1986, or any subsequent corresponding internal revenue code of the 78
United States, as amended from time to time, to qualify and maintain 79
any such subsidiary as a corporation exempt from taxation under said 80
Internal Revenue Code. 81
(G) The authority may make loans or grants to, and may guarantee 82
specified obligations of, such subsidiary, following standard authority 83
procedures, from the authority's assets and the proceeds of its bonds, 84
notes and other obligations, provided the source and security, if any, for 85
the repayment of any such loans or guarantees is derived from the 86
assets, revenues and resources of such subsidiary. 87
(2) The primary purpose of CT Renaissance shall be to target 88
investments in communities that have a high population of Black or 89
African-American residents, or Hispanic or Latino residents, or both, 90
high poverty rates, high unemployment rates and needs that are not 91
being met, in order to combat the long-term effects, including economic 92
effects, of racial discrimination and bias that have affected people who 93
are Black or African-American, or Hispanic or Latino, or both. CT 94
Renaissance shall do all things necessary and proper to carry out such 95
purpose. 96
(3) CT Renaissance shall not be an employer, as defined in section 5-97
270 of the general statutes. 98
(4) (A) CT Renaissance shall be overseen by a board of directors, 99
which shall consist of the following members: 100
(i) Two appointed by the speaker of the House of Representatives; 101
(ii) Two appointed by the president pro tempore of the Senate; 102
(iii) One appointed by the majority leader of the House of 103
Representatives; 104
(iv) One appointed by the majority leader of the Senate; 105 Raised Bill No. 1101
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(v) One appointed by the minority leader of the House of 106
Representatives; 107
(vi) One appointed by the minority leader of the Senate; and 108
(vii) Two appointed by the Governor. 109
(B) Notwithstanding the provisions of subsection (a) of section 4-9b 110
of the general statutes, appointing authorities shall, in cooperation with 111
one another, make a good faith effort to ensure that, to the extent 112
possible, the membership of the board of directors closely reflects the 113
racial and ethnic demographics of the renaissance zones that will be 114
served by CT Renaissance. Each appointing authority shall inform each 115
of the others of such appointing authority's appointee or planned 116
appointee to facilitate compliance with this subparagraph. 117
(C) All initial appointments to the board shall be made not later than 118
December 1, 2021, and shall terminate on December 1, 2024, and 119
December 1, 2025, as applicable, regardless of when the initial 120
appointment was made. Any appointed member may serve more than 121
one term. 122
(D) Appointed members of the board shall serve for four-year terms 123
and members first appointed shall have the following terms: (i) 124
Members appointed by the Governor and members appointed by the 125
majority leader of the House of Representatives and the minority leader 126
of the House of Representatives shall initially serve a term of three years, 127
and (ii) members appointed by the speaker of the House of 128
Representatives, the president pro tempore of the Senate, the majority 129
leader of the Senate and the minority leader of the Senate shall initially 130
serve a term of four years. Members shall continue to serve until their 131
successors are appointed. 132
(E) Any vacancy shall be filled by the appointing authority. Any 133
vacancy occurring other than by expiration of term shall be filled for the 134
balance of the unexpired term. 135 Raised Bill No. 1101
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(F) The members of the board shall serve without compensation, but 136
shall, within the limits of available funds, be reimbursed for expenses 137
necessarily incurred in the performance of their duties. 138
(5) The first meeting of the CT Renaissance board shall be held not 139
later than December 31, 2021, on a date and at a time and place 140
determined jointly by the speaker of the House of Representatives and 141
the president pro tempore of the Senate. The chairperson of the board 142
shall be chosen by the members of the board. The board shall meet at 143
least quarterly and at such other times as the chairperson deems 144
necessary. 145
(6) A majority of the directors of the CT Renaissance board then 146
seated shall constitute a quorum for the transaction of any business or 147
the exercise of any power of the board. For the transaction of any 148
business or the exercise of any power of the board, the board may act by 149
a majority of the members present at any meeting at which a quorum is 150
in attendance. 151
(7) The CT Renaissance board shall appoint an executive director, 152
who shall employ such individuals as may be necessary or desirable to 153
review and make recommendations on (A) applications submitted for 154
designation as a renaissance zone, (B) project plans proposed for 155
renaissance zones, and (C) grant applications for projects in renaissance 156
zones. Such executive director and individuals shall not be employees, 157
as defined in section 5-270 of the general statutes. The board shall make 158
a good faith effort to ensure that individuals appointed as the executive 159
director and any assistants and individuals contracted with under this 160
subdivision reflect the racial and ethnic demographics of the 161
populations CT Renaissance will serve through the designation of 162
renaissance zones. 163
(8) CT Renaissance shall continue as long as it has obligations 164
outstanding and until its existence is terminated by law, provided no 165
such termination shall affect any outstanding contractual obligation of 166
CT Renaissance and the state shall succeed to the obligations of CT 167 Raised Bill No. 1101
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Renaissance under any contract. Upon the termination of the existence 168
of CT Renaissance, all its rights and properties shall pass to and be 169
vested in the authority. 170
(c) (1) On or before April 1, 2022, the CT Renaissance board shall (A) 171
develop an application process and an application form to allow 172
community development corporations to apply to the board for a 173
renaissance zone designation, (B) post such application form and any 174
information the board deems necessary regarding the application 175
process on the authority's Internet web site, and (C) issue a request for 176
applications for renaissance zone designation. In addition to the initial 177
round of applications, the board may consider additional applications 178
on a schedule and in accordance with deadlines prescribed by the board. 179
(2) Any community development corporation may submit an 180
application to the CT Renaissance board for a renaissance zone 181
designation within an eligible municipality. Such community 182
development corporation shall consult with the legislative body of such 183
eligible municipality prior to submitting such application to the board. 184
(3) As part of the application, a community development corporation 185
shall submit: 186
(A) Information concerning the geographic boundaries of the 187
proposed renaissance zone, including, but not limited to, a map 188
indicating such boundaries; 189
(B) Information on the residents of and businesses located within the 190
proposed renaissance zone, including demographics, business success 191
and failure rates, per capita income, unemployment rates, education 192
levels, health levels and any other data or measures of well-being that 193
the applicant deems relevant; 194
(C) A detailed project plan on how grants from the community 195
renaissance account will be used to serve the needs of residents of and 196
businesses located within the renaissance zone in one or more of the 197
following ways: 198 Raised Bill No. 1101
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(i) Creating new housing or rehabilitating existing housing within the 199
renaissance zone; 200
(ii) Increasing the percentage of owner-occupied housing within the 201
renaissance zone; 202
(iii) Supporting the education needs of residents of the renaissance 203
zone; 204
(iv) Providing job training and employment to residents of the 205
renaissance zone; 206
(v) Providing financing to businesses within the renaissance zone; 207
(vi) Improving public infrastructure within the renaissance zone; 208
(vii) Providing entrepreneurship training and support to residents of 209
or businesses within the renaissance zone; or 210
(viii) Creating a loan guarantee fund to encourage broader lending 211
participation by residents of and businesses located within the 212
renaissance zone. 213
(4) The CT Renaissance executive director and staff may assist any 214
community development corporation in developing its application and 215
project plan. The executive director and such staff shall review all 216
applications submitted pursuant to subdivision (2) of this subsection 217
and make recommendations to the CT Renaissance board regarding 218
submitted applications. 219
(5) (A) The CT Renaissance board shall select finalist applicants and 220
shall hold at least one public hearing on each such finalist application. 221
The hearing shall be held in the eligible municipality in which the 222
proposed renaissance zone is located and shall consist of a presentation 223
by the applicant on its application and public comments on such 224
application. The chairperson of the board shall post (i) the date, time and 225
place of such hearing at least ten days prior to the date of such hearing, 226
in a conspicuous place in or near the town clerk's office of the eligible 227 Raised Bill No. 1101
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municipality where the proposed renaissance zone is located and on 228
such eligible municipality's Internet web site, and (ii) the applicant's 229
submitted application and any other information the chairperson deems 230
relevant to such application. 231
(B) Any finalist applicant may submit a revised application to the 232
board based on public comments received at such public hearing. The 233
board may, but shall not be required to, hold another public hearing on 234
such revised application. 235
(C) (i) The board shall give preference to community development 236
corporations with project plans that include diverse partners, 237
partnerships with entities located within the proposed renaissance zone 238
or substantial private funding. 239
(ii) The board may (I) designate no more than two renaissance zones 240
within an eligible municipality, (II) approve, at the time it approves a 241
community development corporation's application for a renaissance 242
zone designation, the community development corporation's project 243
plan and authorize a grant from the community renaissance account to 244
such community development corporation to assist with its project plan 245
implementation, and (III) require modifications to the application, 246
agreed to by the community development corporation, as a condition of 247
approval. 248
(6) Each community development corporation that receives approval 249
of its proposed renaissance zone designation shall present such 250
community development corporation's project plan, as approved by the 251
CT Renaissance board, to a community bank or community credit union 252
that (A) is located within such renaissance zone, and (B) receives 253
investment funds pursuant to the program established under section 3-254
24k of the general statutes, as amended by this act. Such community 255
bank or community credit union shall coordinate, to the extent 256
practicable, its lending activities under said section with the community 257
development corporation's activities in the renaissance zone pursuant 258
to the community development corporation's project plan. The 259 Raised Bill No. 1101
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community development corporation and the community bank or 260
community credit union shall seek to develop a relationship that 261
maximizes the impact of each entity's activities within the renaissance 262
zone. 263
(7) Not later than ten days after the CT Renaissance board approves 264
a renaissance zone designation pursuant to this section, the board shall 265
notify the State Treasurer of the geographic boundaries of such 266
renaissance zone and provide any information necessary for the State 267
Treasurer to administer the program established under section 3-24k of 268
the general statutes, as amended by this act. 269
(8) (A) A community development corporation may apply to the CT 270
Renaissance board, in such form and manner as prescribed by the board, 271
for a grant to implement the community development corporation's 272
project plan for the applicable renaissance zone. The board may approve 273
a grant to a community development corporation in an amount not 274
more than that which will allow the community development 275
corporation to implement such project plan. The community 276
development corporation may apply to the board for additional grants 277
for projects within a renaissance zone, at any time after the board has 278
approved a renaissance zone designation. The CT Renaissance executive 279
director and staff may assist any community development corporation 280
in developing its grant application. The executive director and such staff 281
shall review all grant applications submitted to the board pursuant to 282
this subdivision and make recommendations to the board regarding 283
submitted grant applications. 284
(B) Prior to awarding a grant, the board shall enter into an agreement 285
with the community development corporation (i) concerning allowable 286
grant expenses, and (ii) requiring the community development 287
corporation to annually obtain a financial audit of grant expenditures 288
until all grant moneys have been expended. Such audit shall be 289
conducted by an independent auditor and submitted to the board. If the 290
board determines that any grant moneys are being used for expenses 291
that are not allowed under such agreement, the board may require the 292 Raised Bill No. 1101
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community development corporation to repay such grant moneys. 293
(C) A community development corporation shall use grant moneys 294
for one or more of the purposes described under subparagraph (C) of 295
subdivision (3) of this subsection and in accordance with the provisions 296
of the agreement entered into with the board pursuant to subparagraph 297
(B) of this subdivision. A community development corporation may use 298
grant moneys for projects it develops within a renaissance zone or to 299
fund projects requested by residents of or businesses located within a 300
renaissance zone. 301
(d) (1) The authority shall establish the community renaissance 302
account which shall be held, administered, invested and disbursed by 303
the authority. The account shall contain any moneys required or 304
permitted by law to be deposited in the account and any public or 305
private contributions, gifts, grants, donations, bequests or devises to the 306
account. Moneys in the account shall be expended by CT Renaissance 307
for the purposes of providing grants to community development 308
corporations for projects within renaissance zones and for the 309
operational and administrative costs of CT Renaissance. 310
(2) The community renaissance account shall not be deemed an 311
account within the General Fund and shall be used exclusively for the 312
purposes set forth in subdivision (1) of this subsection. 313
(3) The CT Renaissance board may request funds from the program 314
established under section 4 of this act at any time from the State 315
Treasurer, such funds to be deposited in the community renaissance 316
account. The board and the State Treasurer may enter into an agreement 317
regarding the transfer and use of such funds. 318
(4) The CT Renaissance board shall approve all expenditures to be 319
made from the community renaissance account. Any such approval 320
shall be specific to an individual expenditure to be made. 321
(e) Not later than January 1, 2023, and annually thereafter, the 322
executive director of CT Renaissance shall submit a report, in 323 Raised Bill No. 1101
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accordance with the provisions of section 11-4a of the general statutes, 324
to the joint standing committee of the General Assembly having 325
cognizance of matters relating to finance, revenue and bonding. The 326
report shall include, but not be limited to, for the calendar year 327
immediately preceding, the number and geographic boundaries of 328
renaissance zones approved by the board, the number of grants and the 329
amount of each grant approved and disbursed pursuant to this section, 330
the projects undertaken or completed within a renaissance zone and the 331
expenditures and operations of CT Renaissance. 332
Sec. 2. Section 3-24j of the general statutes is repealed and the 333
following is substituted in lieu thereof (Effective October 1, 2021): 334
As used in this section and sections 3-24k, as amended by this act, 335
and 3-24l: 336
(1) "Community bank" means a bank that is domiciled in this state 337
and has assets of not more than one billion dollars; 338
(2) "Community credit union" means a federal credit union, as 339
defined in section 36a-2, the membership of which is limited to persons 340
or organizations within a well-defined local community, neighborhood 341
or rural district as provided in the Federal Credit Union Act, 12 USC 342
Section 1759(b)(3), as from time to time amended, that has assets of not 343
more than one billion dollars or a state credit union that has assets of 344
not more than one billion dollars; [and] 345
(3) "CT Renaissance" means the subsidiary established under section 346
1 of this act; 347
(4) "Renaissance zone" has the same meaning as provided in section 348
1 of this act; and 349
[(3)] (5) "State credit union" means a cooperative, nonprofit financial 350
institution that (A) is organized under chapter 667 and the membership 351
of which is limited to persons within a well-defined community, 352
neighborhood or rural district as provided in section 36a-438a, (B) 353 Raised Bill No. 1101
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operates for the benefit and general welfare of its members with the 354
earnings, benefits or services offered being distributed to or retained for 355
its members, and (C) is governed by a volunteer board of directors 356
elected by and from its membership. 357
Sec. 3. Section 3-24k of the general statutes is repealed and the 358
following is substituted in lieu thereof (Effective October 1, 2021): 359
(a) (1) The State Treasurer [may] shall establish a program under 360
which the State Treasurer [may, based on cash availability, make 361
available a pool of funds not exceeding] shall invest a minimum of one 362
hundred million dollars each fiscal year [for investment] with 363
community banks and community credit unions. Such funds shall be 364
obtained from the state’s operating cash managed by the State 365
Treasurer. 366
(2) On and after the date the CT Renaissance board of directors 367
notifies the State Treasurer of the first designation of a renaissance zone, 368
all investments under subdivision (1) of this subsection shall be made 369
with community banks and community credit unions located within a 370
renaissance zone. 371
(3) Each community bank or community credit union that is located 372
within a renaissance zone and receives investment funds under this 373
section shall provide, to residents of and businesses within the 374
renaissance zone served by such bank or credit union, (A) lower interest 375
rates on loans than would otherwise be available to such residents and 376
businesses, or (B) loans to such residents and businesses that would not 377
otherwise be eligible for such loans, in order to promote community or 378
economic development, job creation, neighborhood revitalization or 379
community or generational wealth creation, within the renaissance 380
zone. Such banks and credit unions shall seek to use the investment 381
funds received under this section in a manner that coordinates with the 382
activities of any community development corporation, as defined in 383
section 1 of this act, that is implementing a project plan pursuant to 384
section 1 of this act. 385 Raised Bill No. 1101
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(b) The State Treasurer shall: [establish] 386
(1) Utilize all resources necessary to effectively promote and 387
publicize the program established under this section and educate 388
community banks, community credit unions and the public about such 389
program, with the goal of increasing participation in such program by 390
such banks and credit unions; 391
(2) Establish a schedule for making [such] investments under 392
subsection (a) of this section with such banks and credit unions; [.] and 393
[(c) The State Treasurer shall establish] (3) Establish a competitive 394
bidding procedure under which such banks and credit unions may 395
compete for investment-related services under [said] such program. 396
[(d)] (c) The State Treasurer may establish capital standards for such 397
banks and credit unions wishing to participate in [said] such program. 398
Sec. 4. (NEW) (Effective October 1, 2021) (a) As used in this section, "CT 399
Renaissance" means the subsidiary established under section 1 of this 400
act, "community renaissance account" and "renaissance zone" have the 401
same meanings as provided under section 1 of this act, and "state 402
agency" has the same meaning as provided under section 5 of this act. 403
(b) Not later than the date the CT Renaissance board of directors 404
notifies the State Treasurer of the first designation of a renaissance zone 405
pursuant to section 1 of this act, the State Treasurer shall establish a 406
program under which the State Treasurer shall receive funds under 407
sections 5 and 6 of this act and from any other individual or entity that 408
chooses to contribute funds to the program. The program shall require 409
the State Treasurer to (1) pool such funds, provided the State Treasurer 410
shall separately account for funds received from each individual or 411
entity, (2) transfer funds to the community renaissance account, upon 412
request by the CT Renaissance board of directors, for grants to be 413
provided in accordance with the provisions of section 1 of this act, (3) 414
ensure the return of funds to the individual or entity that contributed 415
the funds, with interest at a rate comparable to a time deposit, as defined 416 Raised Bill No. 1101
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in section 36a-2 of the general statutes, and (4) manage the funds 417
received and enter into agreements with the CT Renaissance board of 418
directors as necessary, to achieve the goals of subdivisions (2) and (3) of 419
this subsection. 420
(c) Upon being notified by the CT Renaissance board of such first 421
designation of a renaissance zone, the State Treasurer shall: 422
(1) Notify each state agency and the State of Connecticut Health and 423
Educational Facilities Authority established under section 10a-179 of the 424
general statutes of such first designation and the requirements set forth 425
in sections 5 and 6, respectively; and 426
(2) Post a notice on the State Treasurer's Internet web site when the 427
program under subsection (b) of this section is established and 428
operational. Such notice shall provide information about participation 429
in the program and the requirements set forth in sections 5 and 6 of this 430
act. 431
(d) The State Treasurer shall promote the benefits of participation in, 432
and distribute informational materials about, the program established 433
under subsection (b) of this section, to individuals and entities that may 434
wish to participate voluntarily in such program. 435
Sec. 5. (NEW) (Effective October 1, 2021) (a) As used in this section: (1) 436
"Contract" means an agreement or a combination or series of agreements 437
between a state agency and an individual, firm or corporation, having a 438
total value of more than five hundred thousand dollars in a calendar or 439
fiscal year, for (A) a project for construction, alteration or repair of any 440
public building or public work, (B) services, including, but not limited 441
to, consulting and professional services, (C) the procurement of 442
supplies, materials or equipment, (D) a lease, or (E) a licensing 443
agreement. "Contract" does not include an agreement or a combination 444
or series of agreements between a state agency and a political 445
subdivision of the state; (2) "CT Renaissance" means the subsidiary 446
established under section 1 of this act; (3) "renaissance zone" has the 447
same meaning as provided in section 1 of this act; and (4) "state agency" 448 Raised Bill No. 1101
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means any office, department, board, council, commission, institution, 449
constituent unit of the state system of higher education, or other agency 450
in the executive branch of state government. 451
(b) Each state agency shall require any individual, firm or corporation 452
that enters into a contract with such agency on or after the date the State 453
Treasurer notifies a state agency pursuant to subsection (c) of section 4 454
of this act of the first designation of a renaissance zone, to deposit funds 455
to be invested by the State Treasurer under the program established 456
under section 4 of this act. The amount of such funds to be invested shall 457
be determined by the state agency and the duration of such investment 458
shall be for one year or the length of the contract, whichever is longer. 459
Each state agency shall include the requirements set forth in this section 460
in the bid specifications or request for proposals for a contract subject to 461
the provisions of this section. 462
Sec. 6. (NEW) (Effective October 1, 2021) The State of Connecticut 463
Health and Educational Facilities Authority, established under section 464
10a-179 of the general statutes, shall require any institution for higher 465
education, nursing home, health care institution or qualified nonprofit 466
organization, as those terms are defined in section 10a-178 of the general 467
statutes, that receives a loan, grant or other financial assistance totaling 468
more than five hundred thousand dollars from the authority on or after 469
the date the State Treasurer notifies the authority pursuant to subsection 470
(c) of section 4 of this act of the first designation of a renaissance zone, 471
to deposit funds to be invested by the State Treasurer under the program 472
established under section 4 of this act. The amount of such funds to be 473
invested shall be determined by the authority and the duration of such 474
investment shall be for one year or the length of the loan, if applicable, 475
whichever is longer. The authority shall post the requirements set forth 476
in this section on its Internet web site and shall include such 477
requirements in the application form or informational materials for any 478
loan, grant or other financial assistance subject to this section. 479
Sec. 7. (NEW) (Effective October 1, 2021) For each of the fiscal years 480
ending June 30, 2023, to June 30, 2032, inclusive, the General Assembly 481 Raised Bill No. 1101
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may enact no legislation that authorizes general obligation bonds or 482
increases the aggregate amount of general obligation bonds authorized 483
under the following sections or for the following purposes and 484
programs, unless such legislation requires twenty million dollars in 485
each of said fiscal years to be deposited in the community renaissance 486
account established under subsection (d) of section 1 of this act: 487
(1) Section 4-66c of the general statutes or any successor statute 488
thereof; 489
(2) Section 8-336n of the general statutes or any successor statute 490
thereof; 491
(3) Section 32-235 of the general statutes or any successor statute 492
thereof, for any job training program; 493
(4) New general obligation bond authorizations or an increase in the 494
aggregate amount of general obligation bonds authorized, for 495
transportation projects; and 496
(5) New general obligation bond authorizations or an increase in the 497
aggregate amount of general obligation bonds authorized, for the 498
brownfield remediation and revitalization program established under 499
section 32-769 of the general statutes. 500
Sec. 8. Subsection (b) of section 32-602 of the general statutes is 501
repealed and the following is substituted in lieu thereof (Effective October 502
1, 2021): 503
(b) For these purposes, the authority shall have the following powers: 504
(1) To have perpetual succession as a body corporate and to adopt 505
procedures for the regulation of its affairs and the conduct of its business 506
as provided in subsection (f) of section 32-601, to adopt a corporate seal 507
and alter the same at its pleasure, and to maintain an office at such place 508
or places within the city of Hartford as it may designate; (2) to sue and 509
be sued, to contract and be contracted with; (3) to employ such 510
assistants, agents and other employees as may be necessary or desirable 511 Raised Bill No. 1101
LCO No. 6649 18 of 19
to carry out its purposes, which employees shall be exempt from the 512
classified service and shall not be employees, as defined in subsection 513
(b) of section 5-270, to fix their compensation, to establish and modify 514
personnel procedures as may be necessary from time to time and to 515
negotiate and enter into collective bargaining agreements with labor 516
unions; (4) to acquire, lease, hold and dispose of personal property for 517
the purposes set forth in this section; (5) to procure insurance against 518
any liability or loss in connection with its property and other assets, in 519
such amounts and from such insurers as it deems desirable and to 520
procure insurance for employees; (6) to invest any funds not needed for 521
immediate use or disbursement in obligations issued or guaranteed by 522
the United States of America or the state of Connecticut, including the 523
Short Term Investment Fund, and the Tax-Exempt Proceeds Fund, and 524
in other obligations which are legal investments for savings banks in 525
this state and in time deposits or certificates of deposit or other similar 526
banking arrangements secured in such manner as the authority 527
determines; (7) notwithstanding any other provision of the general 528
statutes, upon request of the Secretary of the Office of Policy and 529
Management, to enter into an agreement for funding to facilitate the 530
relocation of state offices within the capital city economic development 531
district; (8) to enter into such memoranda of understanding as the 532
authority deems appropriate to carry out its responsibilities under this 533
chapter; (9) to assist the CT Renaissance board of directors in performing 534
its functions under section 1 of this act; and [(9)] (10) to do all acts and 535
things necessary or convenient to carry out the purposes of and the 536
powers expressly granted by this section. 537
This act shall take effect as follows and shall amend the following
sections:
Section 1 October 1, 2021 New section
Sec. 2 October 1, 2021 3-24j
Sec. 3 October 1, 2021 3-24k
Sec. 4 October 1, 2021 New section
Sec. 5 October 1, 2021 New section
Sec. 6 October 1, 2021 New section
Sec. 7 October 1, 2021 New section Raised Bill No. 1101
LCO No. 6649 19 of 19
Sec. 8 October 1, 2021 32-602(b)
Statement of Purpose:
To require the establishment of the CT Renaissance to implement
investments and project financing in eligible municipalities through
designated renaissance zones, and to increase the funds for state
investments in community banks and credit unions to promote
community or economic development in such zones.
[Proposed deletions are enclosed in brackets. Proposed additions are indicated by underline, except
that when the entire text of a bill or resolution or a section of a bill or resolution is new, it is not
underlined.]