Bill Text: CT SB00484 | 2014 | General Assembly | Comm Sub
Bill Title: An Act Concerning Municipal Assessments Of Property Used For Wholesale And Retail Business Use.
Spectrum: Committee Bill
Status: (Introduced - Dead) 2014-04-23 - Referred by Senate to Committee on Finance, Revenue and Bonding [SB00484 Detail]
Download: Connecticut-2014-SB00484-Comm_Sub.html
General Assembly |
||
February Session, 2014 |
*_____SB00484PD____042114____* |
AN ACT CONCERNING MUNICIPAL ASSESSMENTS OF PROPERTY USED FOR WHOLESALE AND RETAIL BUSINESS USE.
Be it enacted by the Senate and House of Representatives in General Assembly convened:
Section 1. Section 12-65b of the 2014 supplement to the general statutes is repealed and the following is substituted in lieu thereof (Effective October 1, 2014):
(a) Any municipality may, by affirmative vote of its legislative body, enter into a written agreement with any party owning or proposing to acquire an interest in real property in such municipality, or with any party owning or proposing to acquire an interest in air space in such municipality, or with any party who is the lessee of, or who proposes to be the lessee of, air space in such municipality in such a manner that the air space leased or proposed to be leased shall be assessed to the lessee pursuant to section 12-64, fixing the assessment of the real property or air space which is the subject of the agreement, and all improvements thereon or therein and to be constructed thereon or therein, subject to the provisions of subsection (b) of this section, (1) for a period of not more than seven years, provided the cost of such improvements to be constructed is not less than three million dollars, (2) for a period of not more than two years, provided the cost of such improvements to be constructed is not less than five hundred thousand dollars, [or] (3) to the extent of not more than fifty per cent of such increased assessment, for a period of not more than three years, provided the cost of such improvements to be constructed is not less than ten thousand dollars, or (4) for a period of years specified in an ordinance, for improvements to be constructed on land used or to be used for any retail business in an area designated in such ordinance. For purposes of this section, "improvements to be constructed" includes the rehabilitation of existing structures for retail business use.
(b) The provisions of subsection (a) of this section shall only apply if the improvements are for at least one of the following: (1) Office use; (2) retail use; (3) permanent residential use; (4) transient residential use; (5) manufacturing use; (6) warehouse, storage or distribution use; (7) structured multilevel parking use necessary in connection with a mass transit system; (8) information technology; (9) recreation facilities; (10) transportation facilities; or (11) mixed-use development, as defined in section 8-13m.
Sec. 2. Section 12-65h of the general statutes is repealed and the following is substituted in lieu thereof (Effective October 1, 2014):
Any municipality may, by affirmative vote of its legislative body, enter into a written agreement with any party owning or proposing to acquire an interest in real property in such municipality, or with any party owning or proposing to acquire an interest in air space in such municipality, or with any party who is the lessee of, or who proposes to be the lessee of, air space in such municipality in such a manner that the air space leased or proposed to be leased shall be assessed to the lessee pursuant to section 12-64, upon which is located or proposed to be located a manufacturing facility, as defined in subdivision (72) of section 12-81, or a wholesale and retail business, as defined in subdivision (54) of section 12-81, fixing the assessment of the personal property located in the facility [which] that is the subject of the agreement, (1) for a period of not more than seven years, provided the increase in the assessed value of such personal property in such facility or wholesale and retail business is not less than three million dollars, (2) for a period of not more than two years, provided the increase in the assessed value of such personal property in such facility or wholesale and retail business is not less than five hundred thousand dollars, or (3) to the extent of not more than fifty per cent of such increased assessment, for a period of not more than three years, provided the increase in the assessed value of such personal property in such facility or wholesale and retail business is not less than twenty-five thousand dollars.
This act shall take effect as follows and shall amend the following sections: | ||
Section 1 |
October 1, 2014 |
12-65b |
Sec. 2 |
October 1, 2014 |
12-65h |
CE |
Joint Favorable Subst. |
|
PD |
Joint Favorable |