Conn. Gen. Stat. § 22a-260b: Capital Region Development Authority as successor to Materials Innovation and Recycling Authority for South Meadows site. Definition. Transfer. Generated state revenue. Memoranda of understanding. Tax of property.

(a) The Capital Region Development Authority shall constitute a successor authority to the Materials Innovation and Recycling Authority in accordance with the provisions of subsections (a) to (d), inclusive, and (f) of section 4-38d and section 4-38e with respect to the ownership, functions, powers and duties of the Materials Innovation and Recycling Authority pertaining to the South Meadows site. As used in this section, “South Meadows site” means the properties located at 300 Maxim Road in Hartford and 100 Reserve Road in Hartford.

(b) On June 30, 2025, after the close of business for the Capital Region Development Authority, the South Meadows site and any tangible or intangible personal property associated therewith shall be transferred from the MIRA Dissolution Authority to the Capital Region Development Authority and the balance of the resources of the MIRA Dissolution Authority relating to the South Meadows site, after the transfer under section 436 of public act 25-168* has been made, shall be transferred to the Capital Region Development Authority. The transferred funds shall be deposited in a separate bank account or accounts from all other funds of the Capital Region Development Authority and shall be used in such amounts and at such times as determined by the Capital Region Development Authority for the purposes of maintaining, remediating, developing, redeveloping or taking any other action associated with the South Meadows site that is deemed necessary by the Capital Region Development Authority. The Capital Region Development Authority may hire managers previously employed by the MIRA Dissolution Authority with expertise in engineering, construction, power assets, and environmental compliance to carry out any activity the Capital Region Development Authority is authorized or required to undertake with respect to the South Meadows site.

(c) Any state tax revenue generated within the South Meadows site by any completed project under section 22a-260c shall be retained by the Capital Region Development Authority to be reinvested in said site.

(d) The Capital Region Development Authority may enter into one or more memoranda of understanding with any state agency to facilitate said authority's functions, powers and duties with respect to the South Meadows site.

(e) (1) Commencing June 30, 2025, the South Meadows site and any personal property located thereon shall not be subject to the tax imposed by chapter 203 until the commencement of a development or redevelopment project under section 22a-260c.

(2) The property transferred under this section shall be included in the MIRA Dissolution Authority's financial reports for the fiscal year ending June 30, 2025, and shall not be included in the Capital Region Development Authority's financial report for the fiscal year ending June 30, 2025. For the purposes of such financial reports, the property shall be treated as having been transferred to the Capital Region Development Authority on July 1, 2025, with current carrying values.

(f) Notwithstanding any provision of the general statutes, the South Meadows site shall be included as a basis for any payment in lieu of taxes made by the state to the city of Hartford for any such payment made on or after June 30, 2025, until such site is redeveloped.