House Bill No. 5583, also known as Special Act No. 26-32, authorizes the Commissioner of Transportation to convey specific parcels of state land located in Derby to the Connecticut Municipal Development Authority. The bill stipulates that the conveyance will occur at a cost equal to the fair market value, determined by the average of two independent appraisals, plus any administrative costs associated with the transaction. The parcels in question cover approximately 1.5 acres and are identified by specific lot numbers on the town's Tax Assessor's Map. The conveyance is subject to approval by the State Properties Review Board, which must complete its review within thirty days of receiving a proposed agreement from the Department of Transportation.

Additionally, the bill outlines that the land will remain under the care and control of the Department of Transportation until the conveyance is finalized. The State Treasurer is responsible for executing any necessary deeds or instruments for the conveyance, while the Commissioner of Transportation will handle all other aspects of the transaction. Any funds received from the sale of these parcels will be directed to the Special Transportation Fund. The bill effectively modifies existing law by inserting provisions related to the conveyance process and the responsibilities of the involved parties, while no deletions from current law are specified.