(a)(1) The Department of Economic and Community Development shall establish a first five plus program to encourage business expansion and job creation. As part of said program, the department may provide substantial financial assistance to up to twenty eligible business development projects by June 30, 2019.
(2) A business development project eligible for financial assistance under the first five plus program shall commit, in the manner prescribed by the Commissioner of Economic and Community Development, to (A) create not less than two hundred new jobs within twenty-four months from the date such application is approved; or (B) invest not less than twenty-five million dollars and create not less than two hundred new jobs not later than five years after the date such application is approved.
(3) The Commissioner of Economic and Community Development may give preference to a business development project that (A) involves the relocation of an out-of-state or international manufacturer or corporate headquarters, (B) involves the relocation of jobs involved in research, invention or innovation to the state, (C) is a redevelopment project that the commissioner believes will create jobs sooner than the schedule set forth in subdivision (2) of this subsection, (D) is located in a distressed municipality, as defined in section 32-9p, or (E) involves a targeted industry referenced in the economic development strategic plan for the state prepared pursuant to section 32-1o.
(4) The Commissioner of Economic and Community Development may, in awarding financial assistance to an eligible business development project, work with Connecticut Innovations, Incorporated, to secure financing for such project.
(5) The Commissioner of Economic and Community Development shall certify to the Governor for his or her approval that a business development project applicant has satisfied all the eligibility criteria in the program. Financial assistance awarded through the first five plus program shall be with the written consent of the Governor.
(b) (1) Financial assistance for the first five plus program for eligible business development projects shall be exempt from the provisions of subsection (c) of section 32-223, section 32-462, subsection (q) of section 32-9t and, at the commissioner's discretion, section 12-211a for the fiscal years ending June 30, 2012, June 30, 2013, June 30, 2014, June 30, 2015, June 30, 2016, June 30, 2017, June 30, 2018, June 30, 2019, and June 30, 2020.
(2) For any assistance agreements originally executed on December 22, 2011, financial assistance for the first five plus program for eligible business development projects shall be exempt from the provisions of subsection (c) of section 32-223, section 32-462, subsection (q) of section 32-9t and, at the commissioner's discretion, section 12-211a for any of the fiscal years ending June 30, 2021, to June 30, 2024, inclusive.
(c) The commissioner may take such action as the commissioner deems necessary or appropriate to enforce such commitment, including, but not limited to, establishing terms and conditions for the repayment of any financial assistance awarded pursuant to the provisions of this section.
(d) On or before September 1, 2013, January 1, 2014, September 1, 2014, January 1, 2015, September 1, 2015, January 1, 2016, September 1, 2016, January 1, 2017, September 1, 2017, January 1, 2018, September 1, 2018, January 1, 2019, and September 1, 2019, the Commissioner of Economic and Community Development shall report in accordance with the provisions of section 11-4a to the joint standing committees of the General Assembly having cognizance of matters relating to commerce and finance, revenue and bonding on (1) the projects funded through the first five plus program, (2) the number of jobs created, (3) the net rate of return to the state for the entire portfolio of the program, taking into account all loans that have been forgiven and all tax credits that have been allowed in accordance with this section, (4) the impact on the economy of this state, and (5) based on such information, recommendations for any modifications to the program, including, but not limited to, whether the program should continue. Not later than February 1, 2019, said joint standing committees shall convene a joint public hearing on the most recent report submitted by the commissioner pursuant to this section.
(P.A. 11-86, S. 1; Oct. Sp. Sess. P.A. 11-1, S. 38; June 12 Sp. Sess. P.A. 12-1, S. 209; P.A. 13-247, S. 132; June Sp. Sess. P.A. 15-5, S. 42; May Sp. Sess. P.A. 16-3, S. 18; P.A. 17-219, S. 1; P.A. 19-117, S. 384.)
History: P.A. 11-86 effective July 1, 2011; Oct. Sp. Sess. P.A. 11-1 changed “first five program” to “first five plus program”, amended Subsec. (a) to increase number of eligible business development projects from 5 to 10 and specify that up to 10 projects would be provided assistance in fiscal year ending June 30, 2012, and up to 5 projects in fiscal year ending June 30, 2013, in Subdiv. (1) and to add Subpara. (A) re relocation of out-of-state or international manufacturers and corporate headquarters and designate provision re redevelopment project as Subpara. (B) in Subdiv. (3), and amended Subsec. (d) to require additional report on or before September 1, 2012, effective October 27, 2011; June 12 Sp. Sess. P.A. 12-1 amended Subsec. (a) by replacing provision re ten eligible business development projects in fiscal year ending June 30, 2012, and five such projects in fiscal year ending June 30, 2013, with provision re fifteen such projects by June 30, 2013, in Subdiv. (1), making a technical change in Subdiv. (2)(B), adding new Subpara. (B) re relocation of jobs outside the U.S. and redesignating existing Subpara. (B) as Subpara. (C) in Subdiv. (3), and deleting reference to Connecticut Development Authority in Subdiv. (4), effective June 15, 2012; P.A. 13-247 amended Subsec. (a)(1) to replace “2013” with “2015” and made conforming and technical changes in Subsecs. (b) and (d), effective July 1, 2013; June Sp. Sess. P.A. 15-5 amended Subsec. (a)(1) to replace “2015” with “2016”, amended Subsec. (b) to add “June 30, 2016, and June 30, 2017”, and amended Subsec. (d) to add “January 1, 2016, and September 1, 2016,”, effective July 1, 2015; May Sp. Sess. P.A. 16-3 amended Subsec. (a)(1) to increase number of eligible business development projects from 15 to 20 and to replace “June 30, 2016” with “June 30, 2019”, amended Subsec. (a)(3) to replace reference to jobs outside the United States with reference to jobs involved in research, invention or innovation in Subpara. (B), to add Subpara. (D) re distressed municipality and to add Subpara. (E) re targeted industry referenced in economic development strategic plan, amended Subsec. (b) to add “June 30, 2018, June 30, 2019, and June 30, 2020”, amended Subsec. (d) to add “January 1, 2017, September 1, 2017, January 1, 2018, September 1, 2018, January 1, 2019, and September 1, 2019,” and made technical and conforming changes, effective July 1, 2016; P.A. 17-219 amended Subsec. (d) by designating provision re first five plus program as Subdiv. (1), designating provision re number of jobs created as Subdiv. (2), adding Subdiv. (3) re net rate of return to state for entire portfolio of program, designating provision re impact on economy of state as Subdiv. (4), adding Subdiv. (5) re recommendations for modifications to program, and adding provision re public hearing on most recent report, effective July 1, 2017; P.A. 19-117 amended Subsec. (b) by designating existing provision re exemptions as Subdiv. (1) and adding Subdiv. (2) re extension of exemptions for any assistance agreements originally executed on December 22, 2011, effective June 26, 2019.