OFFICE OF FISCAL ANALYSIS
Legislative Office Building, Room 5200
Hartford, CT 06106 (860) 240-0200
http://www.cga.ct.gov/ofa
HB-6935
AN ACT AMENDING A CONVEYANCE OF A PARCEL OF STATE
LAND IN THE CITY OF BRIDGEPORT.
Primary Analyst: EMG 5/19/23
Contributing Analyst(s):
OFA Fiscal Note
State Impact:
Agency Affected Fund-Effect FY 24 $ FY 25 $
Resources of the Special
Transportation Fund
TF - Potential
Revenue Loss
See Below See Below
Department of Transportation TF - Precludes
Potential Gain of
Asset
See Below See Below
Note: TF=Transportation Fund
Municipal Impact: None
Explanation
The bill, which amends a conveyance from SA 07-11 as amended by
PA 10-1 and SA 15-1, allows for the parcel of land conveyed to the
Bridgeport Port Authority (BPA) to be leased or sold for $119,000, the
approximate sale price previously entered into by BPA and a private
party buyer, while removing the requirement the sale be for the fair
market value. Department of Transportation (DOT) commissioned
appraisals for the fair market value of the property averaged $417,500.
This results in a revenue loss for the Special Transportation Fund of
$298,500.
The bill also precludes the potential gain of asset to DOT of the
property, as the existing conveyance requires that the property revert to
the State of Connecticut if not sold or leased at fair market value.
There is no impact to BPA, as the proceeds of the sale of the property 2023HB-06935-R000814-FN.DOCX Page 2 of 2
remain required to be transferred to the Special Transportation Fund
and the property has already been sold out of BPA control.