Substitute Senate Bill No. 519 amends a prior conveyance of state land to the Bridgeport Port Authority by modifying the terms under which a specific parcel of land, approximately 1.008 acres in size, will be conveyed. The bill stipulates that the Commissioner of Transportation will convey the land at a cost equal to the administrative expenses of the conveyance, and the parcel is to be used for economic development or waterfront-related purposes. If the Bridgeport Port Authority fails to utilize the land for these purposes or sells or leases it for other uses, the land will revert to the state.

Additionally, the bill changes the valuation method for any sale or lease of the parcel. Instead of requiring the sale or lease to be at "the fair market value" determined by independent appraisals, the new language specifies a fixed amount of "one hundred nineteen thousand dollars." Any funds received from such transactions will be directed to the State Treasurer for deposit in the Special Transportation Fund. The bill also establishes a right of way from Stratford Avenue to the parcel and sets a timeline for the State Properties Review Board to complete its review of the conveyance.