The proposed bill establishes the "State Fairgrounds District Act," creating a new political subdivision called the State Fairgrounds District, which includes the current state-owned land known as the State Fairgrounds and any future contiguous land acquisitions. The district is empowered to acquire land, modify its boundaries, and manage property, including the ability to levy property taxes and issue bonds up to $500 million for project financing. It also provides a tax exemption for the bonds and their income, while mandating that 75% of the net receipts from state gross receipts and gaming taxes within the district be allocated to a special fund for the district's use.

The governance of the district will be managed by a seven-member board, which includes government representatives and a community member appointed by the governor, ensuring transparency through open meetings and public records. The bill outlines the processes for property tax levies and bond management, and introduces modifications regarding the issuance of refunding bonds, including a repayment timeline of no more than twenty-five years. Additionally, it exempts the district from the Special District Procedures Act and the Community Service District Act, and requires annual reporting on the act's implementation starting in 2025, with the provisions taking effect on July 1, 2025.

Statutes affected:
CT substitute: 4-53-1, 4-54-1
Final Version: 4-53-1, 4-54-1