The General Assembly Raised Bill No. 5583 proposes the conveyance of approximately 1.5 acres of state land located in the town of Derby to the Connecticut Municipal Development Authority. The bill stipulates that the conveyance will occur at a cost equal to the administrative expenses associated with the transfer and is subject to the approval of the State Properties Review Board. The specific parcels to be conveyed are identified on the town's Tax Assessor's Maps, and the Commissioner of Transportation will determine the precise size and area of the parcels. The bill also mandates that the Connecticut Municipal Development Authority must issue a request for proposals to develop these parcels for mixed-use redevelopment, which may include sale or lease options.

Additionally, the bill includes a provision that if the authority does not develop the parcels within ten years of the conveyance, ownership will revert back to the state of Connecticut. Any funds received from the sale or lease of the parcels must be promptly paid to the State Treasurer and deposited into the Special Transportation Fund. The State Properties Review Board is required to complete its review of the conveyance within thirty days of receiving a proposed agreement from the Department of Transportation, and the land will remain under the department's care until the conveyance is finalized. The bill introduces new legal language regarding the conveyance process and the responsibilities of the involved parties while deleting previous provisions that are no longer applicable.