Connecticut House Bill HB07277

Connecticut 2019 Regular Session

• Introduced: 2/28/19
• Refer: 2/28/19
• Report Pass: 3/25/19
• Refer: 4/5/19
• Report Pass: 4/11/19
• Engrossed: 5/20/19
• Report Pass: 5/22/19
• Chaptered: 6/25/19
• Enrolled: 6/28/19
• Passed: 7/12/19

Caption

An Act Concerning The Creation Of Land Bank Authorities.

Impact

The introduction of land bank authorities is expected to have significant implications for state and local laws regarding property management. Specifically, the bill allows municipalities to reclaim and repurpose abandoned or underutilized properties, which can lead to enhanced property values and community revitalization. The authorities will also be exempt from state and local taxation on properties held, creating a financial incentive for municipalities to establish these entities. This exemption helps allocate resources efficiently, as funds otherwise spent on taxes can be redirected towards development projects.

Summary

House Bill 07277 establishes the framework for the creation of land bank authorities in municipalities across the state. A land bank authority is defined as a charitable nonstock corporation that municipalities can establish to acquire, maintain, and dispose of real property to support local development goals. The bill details the powers and responsibilities of these authorities, including acquiring properties, issuing bonds, and collecting taxes related to properties managed by the authority. By providing a structured approach to property management, the bill aims to reduce blight and improve local economies by facilitating the effective reuse of real property.

Sentiment

The sentiment around HB 07277 is largely positive, with advocates highlighting its potential to drive economic growth and revitalization in communities facing issues with vacant and blighted properties. Local governments express optimism about having more tools at their disposal to address real estate challenges within their jurisdictions. However, there are concerns from some segments regarding oversight and transparency related to how land banks will operate, particularly in terms of how properties will be acquired and sold, and how decisions will be made regarding those properties.

Contention

While the bill is seen as a progressive step towards property management reform, there are notable points of contention. Critics raise concerns about the potential concentration of power within these authorities, which could lead to decisions that may not align with community interests. Issues related to transparency and accountability are also paramount, especially in regards to the governance structure of the land bank authorities and the manner in which properties are disposed of or transferred. Ongoing discussions are likely to focus on refining governance procedures to ensure that community interests are prioritized.