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 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 a property tax and issue bonds up to $500 million for district projects. The bill specifies that 75% of net receipts from gross receipts and gaming taxes will be allocated to a special fund for the district, ensuring a dedicated revenue stream for its operations.

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 introduces provisions for the issuance and management of refunding bonds, allowing the board to set specific terms and conditions for these bonds, including repayment modifications based on state taxes. Additionally, a district development plan must be created to detail project financing and anticipated economic impacts. The bill also exempts the district from certain provisions of the Special District Procedures Act and the Community Service District Act, with an effective date of July 1, 2025.

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