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 its property, including the ability to levy a property tax and issue bonds up to $500 million for financing 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 resources for development and community benefits.

The governance of the district will be managed by a seven-member board, which includes representatives from various government levels and a community member appointed by the governor. The bill outlines the issuance and management of refunding bonds, stipulating that their repayment is subject to modifications of state-imposed taxes and must be completed within twenty-five years. It also requires the district to create a comprehensive development plan detailing project costs and job creation. Furthermore, the district will receive 75% of net receipts from gross receipts and gaming taxes starting July 1, 2025, and is exempt from the Special District Procedures Act and the Community Service District Act. Annual financial reporting will commence in 2025, with the act's provisions effective from July 1, 2025.

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