House Bill No. 5583, as amended by House Amendment Schedule "A," authorizes the Commissioner of Transportation to convey approximately 1.5 acres of state land in Derby to the Connecticut Municipal Development Authority (CMDA). The conveyance will occur at a cost equal to the fair market value of the property, determined by the average of two independent appraisals, plus any administrative costs associated with the transfer. The specific parcels involved are identified on the town of Derby Tax Assessor's Maps and the conveyance is subject to the approval of the State Properties Review Board. The bill stipulates that the land will remain under the care of the Department of Transportation until the conveyance is finalized.

The amendment made to the bill requires the CMDA to pay the fair market value for the property, while removing a previous stipulation that would have required the CMDA to develop, sell, or lease the property within ten years or risk reverting it back to the Department of Transportation. This change is expected to result in a revenue gain for the Special Transportation Fund, as the Department of Transportation will receive funds equal to the fair market value of the property. The bill does not impose any municipal impact and is designed to facilitate the transfer of state land while ensuring that the state receives appropriate compensation.