The bill, Substitute House Bill No. 7283, proposes the conveyance of a 0.40-acre parcel of state land located at 92 Farmington Avenue in Hartford from the Department of Administrative Services (DAS) to the Capital Region Development Authority (CRDA) at no cost. This transfer is subject to the approval of the State Properties Review Board and must occur within one year after the removal of contents from the parcel. The CRDA is required to use the land for housing or economic development purposes, and if it fails to develop the parcel within ten years, ownership will revert back to the state of Connecticut.

Additionally, the bill outlines that the State Properties Review Board must complete its review of the conveyance within thirty days of receiving a proposed agreement from DAS. The State Treasurer is responsible for executing any necessary deeds or instruments for the conveyance, which will include provisions to ensure the land is developed as intended. The bill also includes a fiscal impact statement indicating a loss of asset value for the General Fund and a gain for the CRDA, reflecting the transfer of the land.