Bill Text: CT SB00307 | 2016 | General Assembly | Comm Sub

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Bill Title: An Act Concerning Knowledge Center Enterprise Zones.

Spectrum: Committee Bill

Status: (Introduced - Dead) 2016-03-21 - Favorable Change of Reference, House to Committee on Finance, Revenue and Bonding [SB00307 Detail]

Download: Connecticut-2016-SB00307-Comm_Sub.html

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General Assembly		Raised Bill No. 307
February Session, 2016		LCO No. 2020
		*_____SB00307CE_FIN031616____*
Referred to Committee on COMMERCE
Introduced by:
(CE)

AN ACT CONCERNING KNOWLEDGE CENTER ENTERPRISE ZONES.

Be it enacted by the Senate and House of Representatives in General Assembly convened:

Section 1. (NEW) (Effective October 1, 2016) (a) Notwithstanding the provisions of section 32-70 of the general statutes, the Commissioner of Economic and Community Development may establish a knowledge center enterprise zone surrounding any college, university or other institution of higher learning in the state upon receipt from such college, university or institution of a proposal recommending the establishment of such a zone, provided: (1) The commissioner determines that the economic development benefits of establishing such a knowledge center enterprise zone outweigh the anticipated costs to the state and the affected municipalities; and (2) such proposal complies with the state plan of conservation and development adopted pursuant to chapter 297 of the general statutes. The commissioner may establish not more than ten knowledge center enterprise zones.

(b) Any proposal submitted by a college, university or other institution of higher learning pursuant to subsection (a) of this section shall include, but not be limited to: (1) The geographic scope of the proposed knowledge center enterprise zone, including designation of all census blocks that such institution proposes incorporating into such zone, provided no zone shall extend beyond a two-mile radius of such college, university or institution; (2) the nature of business and industry that will be developed and how such business and industry align with the mission of such college, university or institution; (3) how such business and industry will collaborate with such college, university or institution to create jobs and the anticipated number of jobs to be created; (4) such college, university or institution's experience with business collaboration or plan for such collaboration; (5) any other economic and community developments anticipated from the establishment of such zone; and (6) the anticipated lost revenue to the state and municipalities as a result of establishing such zone.

(c) The commissioner may modify the geographic scope of any proposed knowledge center enterprise zone to improve the balance between the anticipated economic benefit and the cost to the state and affected municipalities.

(d) Businesses located within a knowledge center enterprise zone shall be entitled to the same benefits, subject to the same conditions, under the general statutes for which businesses located in an enterprise zone qualify.

(e) The commissioner shall adopt regulations in accordance with the provisions of chapter 54 of the general statutes to implement the provisions of this section. Such regulations shall include, but not be limited to: (1) A review and approval process for proposals submitted pursuant to subsection (a) of this section; (2) goals and performance standards for knowledge center enterprise zones; and (3) procedures to assess the performance of knowledge center enterprise zones.

(f) Not less than ten years from the original date of approval of a knowledge center enterprise zone, the commissioner shall assess the performance of such zone. The commissioner may remove the designation of such knowledge center enterprise zone if such zone fails to meet the goals and performance standards set forth in the regulations adopted pursuant to subsection (e) of this section.

This act shall take effect as follows and shall amend the following sections:
Section 1	October 1, 2016	New section

CE

Joint Favorable C/R

FIN