Title 32 — Title 32: Commerce and Economic and Community Development

Sec. 32-260. Legislative finding. It is hereby found and declared that there exists a credit crisis in Connecticut, that because of such crisis many economic base firms in the state are losing existing financing and are unable to obtain new financing, that such crisis is resultin…

Sec. 32-261. Guarantees of loans and other investments. (a) There is created within the corporation the Connecticut Works Guarantee Fund. The corporation may issue or make advance commitments to issue guarantees of loans and guarantees of other investments. No guarantee or commit…

Sec. 32-262. Bond authorization. (a) For the purposes described in subsection (b) of this section, the State Bond Commission shall have the power, from time to time, to authorize the issuance of bonds of the state in one or more series and in principal amounts not exceeding in th…

Sec. 32-262a. Guarantees in effect or pending on June 14, 1993, deemed to be funded from the Connecticut Works Guarantee Fund. Section 31-262a is repealed, effective October 1, 2002. (P.A. 93-360, S. 11, 19; P.A. 95-334, S. 3, 13; S.A. 02-12, S. 1.)

Sec. 32-263. Small and medium-sized business line of credit program. (a) There is established a two-year pilot small and medium-sized business line of credit program under which Connecticut Innovations, Incorporated shall make loans and loan guarantees to small and medium-sized c…

Sec. 32-264. Bond authorization. Section 32-264 is repealed, effective July 1, 1993. (P.A. 92-236, S. 5, 48; P.A. 93-382, S. 67, 69; June Sp. Sess. P.A. 93-1, S. 34, 45.)

Sec. 32-265. Connecticut Capital Access Fund. Written procedures. Bond authorization for Capital Access Fund and small business assistance program. (a) As used in this section: (1) “Corporation” means Connecticut Innovations, Incorporated, and (2) “financial institution” means an…

Sec. 32-266. Definitions. As used in sections 32-266 to 32-284, inclusive: (1) “Corporation” means Connecticut Innovations, Incorporated; and (2) “Regional corporation” means a corporation formed by three or more municipal development corporations, a regional economic development…

Sec. 32-267. Grants to regional corporations for regional revolving loan funds or participating agreements with small business lending corporations. The state, acting through the corporation, shall provide grants to not more than four regional corporations for the purpose of esta…

Sec. 32-268. Eligibility. To be eligible for a grant under section 32-267, a regional corporation shall: (1) Have available to it staff with sufficient expertise to analyze applications for financial assistance, to regularly monitor financial assistance to clients, and have made …

Sec. 32-269. Applications. (a) Applications to the corporation for a grant under section 32-267 shall: (1) Describe the applicant corporation, including its organization, membership, loan committee, staff and sources of other funds, if any; (2) Identify the geographic region to b…

Sec. 32-270. Selection of regional corporations. The corporation shall select, from among eligible applicants, regional corporations on the basis of: (1) The ability of the regional corporation to administer a regional revolving loan fund authorized under sections 32-271 to 32-28…

Sec. 32-271. Grants to be used for job creation or retention. A regional corporation awarded a grant by the corporation under section 32-267 shall use such grant to provide financial assistance to businesses for projects that demonstrate a substantial likelihood of providing incr…

Sec. 32-272. Decisions by regional corporations to approve or reject applications for financial assistance. The decision to approve or reject an application for financial assistance pursuant to the provisions of sections 32-271 to 32-284, inclusive, shall be made in accordance wi…

Sec. 32-273. Conflict of interest prohibited. No employee or officer of any regional corporation shall be a party to or have any financial interest in any project that receives financial assistance pursuant to sections 32-271 to 32-284, inclusive. No officer shall, in such office…

Sec. 32-274. Priorities for financial assistance provided by regional corporations. A regional corporation, in approving applications for financial assistance, shall give priority to projects: (1) That will provide increases in net new permanent jobs; (2) Of minority or women-own…

Sec. 32-275. Working capital loan guarantees. The funds allocated to each regional corporation under sections 32-271 to 32-284, inclusive, may be used to guarantee the repayment of a working capital loan provided by a banking organization to finance an eligible project. In no eve…

Sec. 32-276. Loans. Funds allocated to each regional corporation pursuant to sections 32-271 to 32-284, inclusive, may be used to provide loans for eligible projects. The interest rate on such loans shall be determined by the regional corporation, but in no event shall the intere…

Sec. 32-277. Conditions for financial assistance. A regional corporation shall not provide any financial assistance authorized by sections 32-271 to 32-284, inclusive, unless the following conditions are met: (1) The applicant has demonstrated that there is little prospect of obt…

Sec. 32-278. Restrictions. Financial assistance from a regional revolving loan fund shall not be made available for: (1) Projects that would result in the relocation of any business operation from one municipality within the state to another, except when the regional corporation …

Sec. 32-279. Fees. A regional corporation may charge application, commitment and loan guarantee fees pursuant to a schedule of fees adopted by such regional corporation. (P.A. 92-236, S. 20, 48.)

Sec. 32-280. Written procedures. The corporation shall adopt written procedures in accordance with the provisions of section 1-121 setting forth the process to be followed by, and the responsibilities and obligations of regional corporations and the corporation under sections 32-…

Sec. 32-281. Positions opened as a result of assistance. For any positions opened as a result of assistance provided in sections 32-271 to 32-284, inclusive, businesses so assisted shall first consider persons referred by the Labor Department. (P.A. 92-236, S. 22, 48.) History: (…

Sec. 32-282. Audits of regional corporations receiving grants. Each regional corporation receiving a grant under section 32-267 shall annually have a full audit conducted of the books and accounts of the regional corporation for the preceding fiscal year to ensure conformity of a…

Sec. 32-283. Reports by regional corporations. Section 32-283 is repealed, effective October 1, 2002. (P.A. 92-236, S. 24, 48; P.A. 93-382, S. 15, 69; S.A. 02-12, S. 1.)

Sec. 32-284. Bond authorization. (a) For the purposes described in subsection (b) of this section, the State Bond Commission shall have the power, from time to time, to authorize the issuance of bonds of the state in one or more series and in principal amounts not exceeding in th…

Sec. 32-285. Tax incremental financing program. Application and approval procedure. Bond authorization. Reports. Independent financial analyses. (a)(1) There is hereby established a tax incremental financing program, under which the incremental hotel taxes collected under subpara…

Sec. 32-285a. Community Investment Fund 2030 Board. Bond authorization. Report. (a) As used in this section: (1) “Administrative costs” means the costs paid or incurred by the administrator of the Community Investment Fund 2030 Board established under subsection (b) of this secti…

Sec. 32-286. Qualified data centers. Tax exemptions. Negotiated host municipality fee agreement. (a) As used in this section: (1) “Colocation tenant” means a person that contracts with the owner or operator of a qualified data center to use or occupy all or part of a qualified da…

Secs. 32-287 to 32-289. Reserved for future use.

Sec. 32-290. Financial assistance for entrepreneurial development of low-income persons. Section 32-290 is repealed, effective July 1, 2011. (P.A. 92-236, S. 40, 48; P.A. 93-262, S. 1, 87; 93-382, S. 16, 69; P.A. 95-250, S. 1; P.A. 96-211, S. 1, 5, 6; June 18 Sp. Sess. P.A. 97-2,…

Sec. 32-290a. Entrepreneurial training program. (a) The Commissioner of Economic and Community Development, in consultation with the Commissioner of Social Services and the Labor Commissioner, may establish, within available appropriations, an entrepreneurial training program for…

Sec. 32-291. Bond authorization. Section 32-291 is repealed, effective July 1, 2011. (P.A. 92-236, S. 46, 48; P.A. 95-250, S. 1; P.A. 96-211, S. 1, 5, 6; P.A. 11-131, S. 5.)

Secs. 32-292 to 32-298. Reserved for future use.

Sec. 32-299. Broad interpretation of powers. The powers enumerated in this chapter shall be interpreted broadly to effectuate the purposes of this chapter and shall not be construed as a limitation of powers. (P.A. 93-360, S. 12, 19.) History: P.A. 93-360 effective June 14, 1993.…