The bill, General Assembly Raised Bill No. 5576, proposes amendments to Special Act 23-27 regarding the conveyance of two parcels of state land to the city of New Haven. The first parcel is approximately 5.23 acres, and the second is about 2 acres, both designated for economic development, municipal, utility, or institutional purposes. The city may sell or lease these parcels, with the stipulation that if they are not utilized for the specified purposes within three years, the parcels will revert to the state. The bill also establishes that any sale must reflect the fair market value as determined by independent appraisals, with proceeds going to the State Treasurer for the General Fund.

Significantly, the bill removes the requirement for a memorandum of understanding between the city of New Haven and APT Foundation, Inc., which was previously a condition for the conveyance. Additionally, it outlines that the conveyance is contingent upon the city providing a separate parcel of land for development related to transportation and automotive education, as well as the execution of agreements for such development. The bill mandates that the city and the Board of Regents for Higher Education prepare a schedule for the timely completion of these actions within sixty days of the bill's effective date.