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 adjacent land acquired in the future. 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 district projects. Additionally, the bill allocates 75% of net receipts from the state portion of gross receipts and gaming taxes to a special fund for the district, ensuring financial support for its initiatives.

Governance of the district will be managed by a seven-member board, comprising representatives from various government levels and a community member appointed by the governor, with a focus on transparency through open meetings and public records. The bill also includes provisions for the issuance and management of refunding bonds, stipulating that repayment terms must not exceed twenty-five years from the issuance of the first bonds. Furthermore, the district is exempt from certain provisions of the Special District Procedures Act and the Community Service District Act, facilitating streamlined operations. The effective date for these provisions is set for July 1, 2025.

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