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(a) Any Connecticut nonstock corporation may apply to the Commissioner of Economic and Community Development for certification as a Connecticut brownfield land bank by submitting to the commissioner, on forms provided by the commissioner, an application containing such information as the commissioner deems necessary, including, but not limited to:
(1) The certificate of incorporation and bylaws of the applicant;
(2) A list of the current officers and directors of the applicant;
(3) A proposed land banking agreement with one or more municipalities;
(4) Information concerning the financial and technical capability of the applicant to fulfill the purposes of a Connecticut brownfield land bank, as described in section 32-773; and
(5) A proposed business plan for such land bank.
(b) The commissioner may approve or reject any application for certification properly submitted in accordance with this section. In reviewing an application and determining whether to approve such application, the commissioner shall consider the following criteria:
(1) The financial and technical capabilities of the applicant to fulfill the purposes of a Connecticut brownfield land bank, as described in section 32-773;
(2) The relative economic condition of the municipalities the applicant intends to serve;
(3) The level of support for such applicant from municipalities;
(4) The quality of the applicant's business plan; and
(5) Such other criteria consistent with the purposes of this section and sections 32-772 to 32-775, inclusive, as the commissioner may establish.
(c) If the commissioner approves an application for certification as a Connecticut brownfield land bank, the commissioner shall issue a Connecticut brownfield land bank certificate to the successful applicant and such applicant shall be granted the rights, privileges and immunities provided under this section and sections 32-772 to 32-775, inclusive.
(d) Not later than January thirty-first, annually, each Connecticut brownfield land bank shall report to the commissioner on its activities for the preceding year and provide the commissioner any such information as the commissioner deems necessary, including, but not limited to: (1) An updated list of its current officers and directors; (2) an updated business plan; (3) a complete operating and financial statement; and (4) a copy of any land banking agreements entered into during the preceding year.
(e) The commissioner shall review the annual report of each Connecticut brownfield land bank and determine whether each land bank is in compliance with the provisions of subsection (d) of this section. If the commissioner determines that a Connecticut brownfield land bank is not in compliance with such provisions, the commissioner shall notify the officers of such land bank, in writing, that the commissioner shall decertify the land bank after the one-hundred-twentieth day after the date of mailing the notice unless such land bank submits a revised annual report that the commissioner determines is compliant with the provisions of subsection (d) of this section. The commissioner, at his or her discretion, may grant a sixty-day extension for such land bank to submit such revised annual report.
(f) Any Connecticut brownfield land bank that is decertified by the commissioner shall not enter into any additional land banking agreement. Decertification of a Connecticut brownfield land bank shall not terminate the rights or obligations of such land bank under this section and sections 32-772 to 32-775, inclusive, with respect to any property acquired or land banking agreement entered into prior to the date of decertification. Any Connecticut brownfield land bank that is decertified by the commissioner may apply for re-certification under subsection (a) of this section.
Cite this article: FindLaw.com - Connecticut General Statutes Title 32. Commerce and Economic and Community Development § 32-771. Connecticut brownfield land banks. Application for certification. Annual report. Decertification - last updated June 28, 2021 | https://codes.findlaw.com/ct/title-32-commerce-and-economic-and-community-development/ct-gen-st-sect-32-771/
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