reglab/statecodes huggingface dataset:
Connecticut Administrative Code › Title 32 - Commerce and Economic and Community Development › 13 - Insuring of Industrial Mortgages › Section 32-13-33 - Requirements re insured equipment

Current through July 10, 2024
A security agreement to be eligible for insurance shall be on machinery and equipment held (1) in fee simple, certified as new equipment by the original manufacturer, or (2) in fee simple, refurbished and remodeled heavy duty capital machinery and equipment which has been guaranteed by the manufacturer with the same guarantee as new machinery and equipment with a usable life of at least twice the term of the loan request.
Connecticut Administrative Code › Title 32 - Commerce and Economic and Community Development › 13 - Insuring of Industrial Mortgages › Section 32-13-34 - Requirements of commitment

Current through July 10, 2024
The commitment for insurance on machinery and equipment shall require (1) that the debtor execute a certificate of the actual cost of any machinery and equipment to be insured; (2) that the debtor file with the secured party and the commission copies of invoices or other documentary evidence of the cost of any machinery and equipment to be insured; (3) that any excess of loan proceeds over statutory limitations based on actual cost be applied to reduction of the principal of the loan committed for insurance by the commission.
Connecticut Administrative Code › Title 32 - Commerce and Economic and Community Development › 13 - Insuring of Industrial Mortgages › Section 32-13-35 - Limitation on commitment

Current through July 10, 2024
Upon receipt of the debtor's affidavit of actual cost, if the principal of the loan committed by the commission exceeds eighty per cent of such cost, the commitment shall be reduced by the amount of such excess and the loan shall be similarly restricted in amount for insurance.
Connecticut Administrative Code › Title 32 - Commerce and Economic and Community Development › 13 - Insuring of Industrial Mortgages › Section 32-13-37 - Documents to be furnished prior to insurance

Current through July 10, 2024
Prior to the insurance of the loan, the debtor or the secured party, without expense to the commission, shall furnish (1) a bill of sale or other sufficient title instrument for the machinery and equipment to be insured and (2) a certificate from the secretary of the state that as of the date of the security agreement there are no liens or encumbrances on file under the Uniform Commercial Code on any machinery and equipment to be insured.
Connecticut Administrative Code › Title 32 - Commerce and Economic and Community Development › 13 - Insuring of Industrial Mortgages › Section 32-13-38 - Premium payments

Current through July 10, 2024
The secured party, upon execution of the insurance contract, shall pay to the commission a first insurance premium equal to two per cent of the original face amount of the loan or such lesser percentage as the commission shall require in its formal commitment to insure the loan payments. Premiums thereafter shall be at the rate aforesaid on the unpaid principal balance on the anniversary date of the loan each year, and shall be payable by the secured party at the beginning of each year and shall be payable in advance. If premiums are not paid when due, such nonpayment shall constitute a default and if such default is not cured within thirty days thereafter, insurance benefits shall terminate.
Connecticut Administrative Code › Title 32 - Commerce and Economic and Community Development › 13 - Insuring of Industrial Mortgages › Section 32-13-40 - Debtor's default

Current through July 10, 2024
(a) The failure of the debtor to abide by the terms of the security agreement and note shall be considered a default.
(b) The note or security agreement shall contain a provision that the failure of the debtor to make a payment of an instalment of principal and interest due under the note within not more than thirty days of the due date shall constitute a default. Upon the occurrence of any such default, any and all sums due and owing by the debtor under the security agreement and note shall, at the option of the secured party, become immediately due and payable.
Connecticut Administrative Code › Title 32 - Commerce and Economic and Community Development › 13 - Insuring of Industrial Mortgages › Section 32-13-41 - Notice of default to commission

Current through July 10, 2024
If a default as defined in section 32-13-40 occurs, the secured party shall, within thirty days thereafter, notify the commission in writing that the security agreement is in default and of such action as the secured party intends to take to correct such default.
Connecticut Administrative Code › Title 32 - Commerce and Economic and Community Development › 13 - Insuring of Industrial Mortgages › Section 32-13-42 - Procedure on default

Current through July 10, 2024
If such default continues for more than sixty days, or within such other time as may be agreed upon by the commission and secured party in writing:
(1) The secured party shall notify the commission of its opinion of the prudence of revising the terms of financing, and, if such revision appears to the commission to be prudent, appropriate papers satisfactory to the commission shall be drawn and executed by the debtor and secured party.
(2) If a revision of the terms of financing does not appear prudent to the commission and it is deemed advisable by the secured party or commission to institute foreclosure proceedings, reduce the claim to judgment or utilize any other available judicial procedure, then the secured party shall institute such proceedings and obtain possession of the collateral taking whatever judicial process may be necessary to so obtain possession. After obtaining possession of the collateral the secured party shall, with the approval of the commission, proceed to sell, lease or otherwise dispose of any or all collateral in its then condition or following any commercially reasonable preparation or processing and shall apply the proceeds therefrom as required under the laws of this state. Upon the institution of any legal proceedings after default the secured party shall furnish the commission with copies of any and all papers filed in court and shall, within thirty days after rendering of any judgment, file with the commission a certified copy thereof.
(3) If title to the collateral passes to the commission, the secured party shall submit the following documents to the commission:
(A) A bill of sale covering the machinery and equipment or other security to which the secured party is entitled by reason of the security agreement, conveying title to such property satisfactory to the commission;
(B) an assignment of all claims of the secured party against the debtor or others arising out of the security agreement, except such claims as may have been released with the consent of the commission;
(C) an assignment of the security interest under the Uniform Commercial Code.
Connecticut Administrative Code › Title 32 - Commerce and Economic and Community Development › 13 - Insuring of Industrial Mortgages › Section 32-13-43 - Payment of insurance

Current through July 10, 2024
Upon sale of the secured property by the secured party, or upon assignment to the commission of the insured indebtedness and all security therefor, or upon the passing of title to the secured property to the commission, all in accordance with the provisions of 32-15-19a, the secured party shall be entitled to the benefits of the insurance provided in section 32-16 of the 1969 supplement to the general statutes, after the deduction of any sums received from the sale, lease or other disposition of the secured property.
Connecticut Administrative Code › Title 32 - Commerce and Economic and Community Development › 13 - Insuring of Industrial Mortgages › Section 32-13-44 - Inspections by secured party. Care and insuring of property against damage

Current through July 10, 2024
(a) So long as the loan for machinery and equipment is an insured loan, the secured party shall ascertain the general physical condition of the security in each calendar year commencing with the calendar year following date of the note. The secured party shall furnish the commission and the debtor with a copy of its inspection report, which shall contain the secured party's recommendations for any necessary corrective action.
(b) If, at any time, it is determined by the secured party that, in addition to ordinary wear and tear, the security is being subjected to permanent or substantial injury, through unreasonable use, abuse or neglect, the secured party shall, unless adequate provision satisfactory to a prudent lender is made for prompt restoration of the machinery and equipment, forthwith take such action as may be available to it under the security agreement and appropriate to the particular case, for the protection and preservation of the machinery and equipment.
(c) The machinery and equipment shall at all times be insured against fire and other hazards as provided in the security agreement. The secured party shall provide coverage if the debtor fails to do so. If the secured party fails to pay any premiums necessary to keep the security so insured, the contract of insurance may be terminated at the election of the commission.
(d) If at the time claim is filed for payment of mortgage insurance, the machinery and equipment has been damaged by fire or other hazards and the loss has been sustained by reason of failure to keep the security insured as provided in the security agreement, the amount of such loss may be deducted from the amount of the insurance settlement.
(e) If a loss has occurred to machinery and equipment under any policy of fire or other hazard insurance, and the debtor or secured party has received the proceeds therefrom, they shall be applied to the indebtedness on such machinery and equipment unless the commission shall approve the application of such proceeds for the purpose of repairing or rebuilding such machinery and equipment. If such proceeds are applied to the indebtedness and result in payment in full thereof, the contract of insurance made with the commission shall terminate.
Connecticut Administrative Code › Title 32 - Commerce and Economic and Community Development › 13 - Insuring of Industrial Mortgages › Section 32-13-45 - Transfer of mortgage

Current through July 10, 2024
(a) An insured mortgage on machinery and equipment may be transferred with the prior written approval of the commission. Such a transferee shall meet all the conditions and obligations of the original secured party. Upon such transfer and the assumption by the transferee of all obligations under the contract of insurance, the transferor shall be released from its obligations under the contract of insurance.
(b) The contract of insurance shall terminate upon the transfer by the secured party to any person, firm or corporation, public or private, without the prior approval required by subsection (a).
Connecticut Administrative Code › Title 32 - Commerce and Economic and Community Development › 13 - Insuring of Industrial Mortgages › Section 32-13-47 - Effect of regulation amendment

Current through July 10, 2024
These regulations may be amended by the commission at any time and from time to time, in whole or in part, but such amendments may not adversely affect the interest of a secured party under the contract of insurance of any mortgage on machinery and equipment already insured or to be insured on which the commission has made a commitment to insure.
Connecticut Administrative Code › Title 32 - Commerce and Economic and Community Development › 23o - Small Contractor Loan Program › Section 32-23o-1 - Definitions

Current through July 10, 2024
"Commissioner" shall mean the commissioner of the department of economic development or his deputy.
"Department" shall mean the department of economic development.
"Authority" shall mean the Connecticut development authority.
"Loan" shall mean a working capital loan or line of credit.
Connecticut Administrative Code › Title 32 - Commerce and Economic and Community Development › 23o - Small Contractor Loan Program › Section 32-23o-1a - Eligibility

Current through July 10, 2024
To be eligible for a loan, a small contractor
(a) Must have been engaged in the construction, manufacturing or services business and maintained its principal office and place of business in Connecticut for a period of not less than one year prior to the date of application for a loan, have gross revenues not in excess of $1,000,000 in its most recently completed fiscal year, and
(b) Must meet the following size standards:
(1) In the case of a contractor or subcontractor, have not more than 15 full time employees;
(2) In the case of a manufacturer, have not more than 25 full time employees;
(3) In the case of a service company, have not more than 10 full time employees.
Connecticut Administrative Code › Title 32 - Commerce and Economic and Community Development › 23o - Small Contractor Loan Program › Section 32-23o-2 - Loan application and agreement

Current through July 10, 2024
(a) Application for a loan shall be submitted on department of economic development small contractor loan application forms. No application shall be considered unless the exhibits required by such form are furnished.
(b) Upon approval of an application by the authority or, if the authority so determines, by a committee of the authority consisting of the chairman and either one other member of the authority or its executive director, as specified in the determination, the department and the borrower sall enter into a loan agreement which shall set forth the terms and conditions required by these regulations and other terms and conditions applicable to the particular loan, which may be set by the authority or said committee of the authority.
(c) Each loan agreement shall be effective only upon execution by the commissioner and the borrower.
(d) Such loan agreement shall provide, without limitation, that the borrower agrees:
(1) That the funds provided will not be used to repay existing obligations, purchase fixed assets, or to finance receivables;
(2) To provide the department with such financial and other reports as the commissioner, in his discretion, may require from time to time;
(3) To notify the department promptly of any material adverse change in the financial condition or business prospects of the borrower;
(4) To represent and warrant that it has the power and authority to enter into the loan agreement and to incur the obligations therein provided for, and that all documents and agreements executed and delivered in connection with the loan will be valid and binding upon the borrower in accordance with their respective terms;
(5) To provide such security for the loan as the authority or the committee of the authority may require pursuant to section 32-23o-3(a) of these regulations and to execute and deliver all documents in connection therewith;
(6) To the extent the loan is secured by a contract or contracts, to:
(A) Notify the department of the modification of any provision of a contract which is security for the loan when said modification affects the total amount due under the contract, affects the time or manner of payment, or in any other way substantially affects the contract or the manner of performance of said contract;
(B) Notify the department of the termination of any part of a contract or the termination of the entire contract by any party to the contract;
(C) Notify the department of the failure of either party to a contract to perform any of its obligations under such contract;
(D) Notify the department of the rejection of any material or article delivered in the performance of a contract;
(E) Use the funds advanced only to pay for labor and material on the pledged contract.
Connecticut Administrative Code › Title 32 - Commerce and Economic and Community Development › 23o - Small Contractor Loan Program › Section 32-23o-3 - Loans

Current through July 10, 2024
(a) The loan may be secured or unsecured as the authority or the committee of the authority determines to be appropriate in the particular circumstances. If the loan is to be secured, the authority or said committee of the authority may require the borrower to provide the department as security any or all of the following: real property, accounts, chattel paper, documents, instruments, general intangibles, goods, equipment, inventory or other personal property, and may further require the borrower to have executed and delivered to the department security agreements, financing statements, mortgages, pledges, assignments, subordinations, guarantees or other documents or evidences of security as and in the form required by the authority or said committee of the authority.
(b) The term of a working capital loan shall not exceed twelve months from the date or the first disbursement and the term of an extension of credit on a line of credit shall not exceed twelve months from the date on which the proceeds were disbursed.
(c) No loan shall exceed $200,000.00 and if the loan is to be secured, the amount of the loan shall not exceed the value of the security provided pursuant to section 32-23o-3(a) of these regulations.
(d) The loan shall be repaid on an amortized schedule of periodic payments or upon such other periodic method of payment of principal and interest as the authority or the committee of the authority considers necessary and appropriate in the particular circumstances, but in no event shall the periodic payments be scheduled to exceed twelve months from the relevant date of disbursement referred to in section 32-23o-3(b) of these regulations.
(e) Disbursement of the loan shall be made at the discretion of the commissioner in accordance with the provisions of the loan agreement and the instructions of the authority.
Connecticut Administrative Code › Title 32 - Commerce and Economic and Community Development › 23o - Small Contractor Loan Program › Section 32-23o-4 - Note

Current through July 10, 2024
(a) Each loan shall be evidenced by a promissory note which shall contain a provision permitting the borrower to prepay the loan in whole or in part upon any interest payment date.
(b) The promissory note shall provide for the payment of interest at a rate not to exceed 1% above the interest paid by the state of Connecticut on the latest general obligation bonds issued prior to the date of approval of the loan application.
(c) The promissory note may provide for the collection of a late charge, not to exceed two percent of any instalment more than fifteen days in arrears. Late charges shall be separately charged to and collected from the borrower.
(d) The failure of the borrower to abide by the terms of the loan agreement, the promissory note, or other documents signed by the borrower in connection with such loan shall be considered a default under such promissory note.
(e) The promissory note shall contain a provision that the failure of the borrower to make a payment of any instalment of principal or interest due under the promissory note within fifteen days from the due date shall constitute a default.
(f) The promissory note shall provide that upon default, any and all sums owing by the borrower under the promissory note shall, at the option of the commissoiner, become immediately due and payable.
(g) The promissory note shall provide that in the event of default, interest on the promissory note shall automatically increase to twelve percent per annum and shall apply not only after default, but after any judgment rendered upon said promissory note.
(h) The promissory note shall provide for payment of reasonable attorneys' fees and legal costs in the event the borrower shall default in the payment of the note.
(i) The promissory note shall contain such other clauses and covenants as the authority, in its discretion, may require.
Connecticut Administrative Code › Title 32 - Commerce and Economic and Community Development › 23z - Business Environmental Clean Up Revolving Loan Fund Program › Section 32-23z-1 - Definitions

Current through July 10, 2024
The following definitions apply to Section 1 to Section 6 inclusive of these Regulations:
(a) "Applicant" means any business which makes application to the department for a loan or line of credit in accordance with Section 6 of Public Act 89-365 and these Regulations.
(b) "Authority" means the Connecticut Development Authority.
(c) "Borrower" means any business which has been issued a commitment for a loan or line of credit in accordance with Section 6 of Public Act 89-365 and these Regulations.
(d) "Business" means any sole proprietorship, partnership, corporation or other entity in the State of Connecticut which:
(1) has been in business for a period of at least one year prior to the date of its application for a loan or line of credit;
(2) has gross revenues, including revenues of affiliates, of less than three million dollars ($3,000,000) in the most recent fiscal year prior to the date of its application for a loan or line of credit or has fewer than one hundred fifty (150) employees; and
(3) has been doing business and has maintained its principal office and place of business in the State of Connecticut for a period of at least one year prior to the date of its application for a loan or line of credit.
Connecticut Administrative Code › Title 32 - Commerce and Economic and Community Development › 23z - Business Environmental Clean Up Revolving Loan Fund Program › Section 32-23z-3 - Procedures for loans or lines of credit

Current through July 10, 2024
(a) Applications shall be reviewed and approved by the commissioner or his designee and authorized by the authority or, if the authority so determines, by a committee of the authority consisting of the chairman and either one other member of the authority or its executive director, as specified in the determination of the authority.
(b) Upon approval by the commissioner and authorization by the authority, the borrower shall be issued a commitment letter which shall set forth the terms and conditions applicable to the loan or line of credit, including but not limited to the amount for which such loan or line of credit was made and approved, a description of the type and amount of security required to be provided the department, the term of the loan or line of credit, loan guaranty requirements, the rate of interest, affirmative action requirements, requirements concerning legal opinions to be submitted by the borrower's attorney, requirements concerning the provision of financial statements to the department or the authority and the permitted use of the proceeds of the loan or line of credit.
(c) Each commitment letter shall be effective only upon execution by the commissioner and the borrower.
(d) If, upon examination of the application, supporting information and results of any investigation, the department and the authority reject such application, then the loan or line of credit shall not be made and the department shall cause the applicant to be notified that the application has been denied.
Connecticut Administrative Code › Title 32 - Commerce and Economic and Community Development › 23z - Business Environmental Clean Up Revolving Loan Fund Program › Section 32-23z-4 - Loans and lines of credit

Current through July 10, 2024
(a) The loan or line of credit may be secured or unsecured as the authority determines to be appropriate under the particular circumstances. If the loan or line of credit is to be secured, the authority may require the borrower to provide the department as security mortgages or security interests in any or all of the following: real property, accounts, chattel paper, documents, instruments, general intangibles, goods, equipment, inventory or other personal property. The authority may further require the borrower to have executed and delivered to the department security agreements, financing statements, mortgages, pledges, assignments, subordinations, guarantees or other documents or evidence of security as and in the form required by the authority.
(b) The term of a loan or line of credit shall not exceed ten (10) years from the date of the first disbursement.
(c) No loan or line of credit provided to any single business shall exceed a total of two hundred thousand dollars ($200,000) in any period of twelve consecutive months.
(d) The loan or line of credit shall be repaid on an amortized schedule of payments or upon such other method of payment of principal and interest as the authority considers necessary or appropriate in the particular circumstances, but in no event shall the payments be scheduled to exceed ten (10) years from the date of the first disbursement, as set forth in Section 4 (b) of these Regulations.
(e) Disbursement of the loan or line of credit shall be made at the discretion of the commissioner in accordance with the provisions of the commitment letter and the instructions of the authority.
Connecticut Administrative Code › Title 32 - Commerce and Economic and Community Development › 23z - Business Environmental Clean Up Revolving Loan Fund Program › Section 32-23z-5 - Note

Current through July 10, 2024
(a) Each loan or line of credit shall be evidenced by a promissory note which shall contain a provision permitting the borrower to prepay the loan in whole or in part upon any interest payment date.
(b) The promissory note shall provide for the payment of interest at a rate not to exceed prime plus one percent (1%) as designated by the Wall Street Journal, at the time of closing. In determining such interest rate the department and authority shall consider factors such as the financial strength of the borrower and loan guarantors, if any, and the amount of security provided by the borrower.
(c) The promissory note may provide for the collection of a late charge, not to exceed two percent of any installment which is not paid within ten days of the due date thereof. Late charges shall be separately charged to and collected from the borrower.
Connecticut Administrative Code › Title 32 - Commerce and Economic and Community Development › 23z - Business Environmental Clean Up Revolving Loan Fund Program › Section 32-23z-6 - Default and remedy

Current through July 10, 2024
(a) The failure of the borrower to abide by the terms of the commitment letter, promissory note or other document delivered by the borrower to the authority or the department in connection with a loan or line of credit shall be considered a default under such promissory note.
(b) The promissory note shall contain a provision that the failure of the borrower to make a payment of principal or interest due under the promissory note within fifteen days from the due date shall constitute a default.
(c) The promissory note shall provide that upon default, any and all sums owing by the borrower under the promissory note shall, at the option of the commissioner, become immediately due and payable.
(d) The promissory note shall contain a provision that it shall be an event of default if the project, as proposed or constructed, fails to comply with all federal, state and local health, environmental and safety laws and regulations.
(e) The promissory note shall provide that upon default, interest on the promissory note shall automatically increase two percent per annum above the rate of the promissory note and such increased interest rate shall apply not only after default, but after any judgement rendered upon said promissory note.
(f) The promissory note shall provide for payment of reasonable attorneys fees and legal costs in the event the borrower shall default in the payment of the note.
(g) The promissory note shall contain such other clauses and covenants as the commissioner in his discretion may require for the purpose of protecting the financial investment made by the state.
Connecticut Administrative Code › Title 32 - Commerce and Economic and Community Development › 36 - Implementation of the Connecticut Product Development Corporation Act › Section 32-36-1 - Definitions

Current through July 10, 2024
Board of Directors shall mean the Board of Directors of the Connecticut Product Development Corporation.
Chairman shall mean the Chairman of the Board of Directors of the Connecticut Product Development Corporation.
Secretary shall mean the Secretary of the Board of Directors of the Connecticut Product Development Corporation.
President shall mean the President of the Connecticut Product Development Corporation.
Corporation shall mean the Connecticut Product Development Corporation. Eligible person shall mean any individual, partnership, corporation or joint venture carrying on business, or proposing to early on business, within the State of Connecticut.
Connecticut Administrative Code › Title 32 - Commerce and Economic and Community Development › 36 - Implementation of the Connecticut Product Development Corporation Act › Section 32-36-2 - Application for financial aid

Current through July 10, 2024
(a) Application for financial aid shall be submitted to the President by each person on the Connecticut Product Development Corporation form titled "Request for Product Development Funds." Each application shall be accompanied by an application fee as prescribed on the "Request for Product Development Funds" form.
(b) The application fee is non-returnable once the application has been placed on the agenda of a regular meeting of the Board of Directors of the Corporation.
(c) The Corporation shall not be liable for expenses incurred by the person in the preparation and submission to the Corporation of an application for financial aid.
Connecticut Administrative Code › Title 32 - Commerce and Economic and Community Development › 36 - Implementation of the Connecticut Product Development Corporation Act › Section 32-36-3 - Evaluation of financial aid application

Current through July 10, 2024
(a) The President shall forward each application for financial aid to the staff of the Corporation for an investigation and report concerning the advisability of approving the application for financial aid and concerning any other factors deemed relevant by the Corporation.
(b) The investigation and report on the application for financial aid shall include, but shall not be limited to, such facts as the person's history, wage standards, job opportunities, stability of employment, past and present financial condition and structure, pro-forma income statements, present and future markets and prospects, integrity of management and the reasonableness of the basis, if any, on which funds are available for the project from commercial sources, as well as the state of development of the proposed product and the likelihood of its commercial feasibility.
(c) After receipt and consideration of the staff report, the Board shall approve the application for financial aid, reject it or return it to the staff for further information and analysis.
(d) The person shall be promptly notified of the action taken by the Corporation regarding his application for financial aid.
(e) Approval or denial of an application for financial aid shall be at the sole discretion of the Corporation.
(f) Approval of an application for financial aid by the Corporation shall be conditioned on the execution of a financial aid agreement between the person and the Corporation.
(g) Because matters of commercial importance to the person will be involved, the Corporation will make every effort to maintain the confidentiality of the material contained in the application for financial aid and in any additional material furnished by the person to the Corporation.
(h) The Corporation shall be free to approve any application for financial aid without regard to the existence of any other application for financial aid, and shall not be liable to any other person submitting an application for financial aid in doing so.
(i) Neither the Corporation nor the person submitting an application for financial aid shall make or authorize the making of any public statement concerning the application for financial aid without the consent of the other party.
Connecticut Administrative Code › Title 32 - Commerce and Economic and Community Development › 36 - Implementation of the Connecticut Product Development Corporation Act › Section 32-36-4 - Repayment of financial aid

Current through July 10, 2024
(a) The financial aid provided by the Corporation shall take the form of risk capital such that in the event that the product or process developed with financial aid from the Corporation does not prove to be marketable, the Corporation shall stand to lose its investment.
(b) The financial aid provided by the Corporation for the development of a product shall be repaid to the Corporation through the medium of a royalty arrangement, which is tied to the sale of the product that has been developed with financial aid from the Corporation or to the sale of products which are produced from the process that has been developed with financial aid from the Corporation, or through such other forms of repayment as the Corporation shall deem appropriate.
(c) Unless otherwise provided for in the financial aid agreement, the royalty return to the Corporation from the sale of the product developed with financial aid from the Corporation shall continue for the life of this product.
Connecticut Administrative Code › Title 32 - Commerce and Economic and Community Development › 36 - Implementation of the Connecticut Product Development Corporation Act › Section 32-36-5 - Disbursement and use of financial aid

Current through July 10, 2024
(a) Disbursement of the financial aid being provided by the Corporation shall be made at the sole discretion of the Corporation.
(b) The financial aid being provided by the Corporation shall be used only to pay for expenses incurred in the performance of projects whose purpose is the development and exploitation of specific inventions and products.
(c) The Corporation's purpose in making available financial aid is not to provide funds to repay a person for financial obligations that are incurred other than in the performance of a project whose purpose is the development and exploitation of specific inventions and products.
Connecticut Administrative Code › Title 32 - Commerce and Economic and Community Development › 36 - Implementation of the Connecticut Product Development Corporation Act › Section 32-36-6 - Financial aid agreement

Current through July 10, 2024
(a) As part of the consideration for the Corporation providing financial aid to a person, that person shall enter into a financial aid agreement jointly with the Corporation.
(b) Each such financial aid agreement shall, at least, include terms and conditions relating to the following:
(1) The identity of the parties to the Agreement;
(2) A definition of the project which is to be performed with the financial aid that is being provided by the Corporation;
(3) The dates of commencement and completion of the project;
(4) The amount of financial aid which the person and the Corporation shall each contribute towards the cost of performing the project;
(5) The manner in which the financial aid being provided by the Corporation shall be repaid to the Corporation;
(6) The method which the Corporation shall employ to monitor the performance of the project;
(7) Methods by which termination of the project may be effected;
(8) Requirements that the benefits of increased employment and tax revenues derived from the project shall remain in and accrue to the State of Connecticut;
(9) Inclusion of all relevant Executive Orders;
(10) Signatures in behalf of the person, the Corporation, and any other appropriate parties.
Connecticut Administrative Code › Title 32 - Commerce and Economic and Community Development › 70 - Enterprise Zone Designation › Section 32-70-1 - Application procedure

Current through July 10, 2024
If a municipality contains a census tract that meets the criteria set forth in Section 1 (a) of Public Act 81-445, as amended, the Commissioner of Economic Development shall notify the municipality of its eligibility to submit an application to have the area designated as an enterprise zone. The application shall be made on forms prescribed by the Department of Economic Development and available at its office on written request. The application may require the following information in order to allow the Commissioner to evaluate the enterprise zone designation proposals:
(a) a copy of the approved ordinance with the seal of the municipality affixed, referred to in section 3 (a) of Public Act 81-445, as amended;
(b) maps and information delineating the specific boundaries of the proposed enterprise zone;
(c) an inventory of the existing land use in the proposed enterprise zone area;
(d) information detailing the local activities and programs that will encourage development within the enterprise zone area, and
(e) other factors that will contribute to the success of the development of the enterprise zone area.
The commissioner will base his decision on the information contained in the application, the local capacity to effectively administer a development program in the enterprise zone area, the innovation of the proposed program for the enterprise zone area, and the likelihood of success of the enterprise zone program.
Connecticut Administrative Code › Title 32 - Commerce and Economic and Community Development › 75 - Enterprise Zone Program: Non-Eligible Businesses › Section 32-75-1 - Definitions

Current through July 10, 2024
As used in section 32-75-2, of the Regulations of Connecticut State Agencies:
(1) "Commissioner" means the Commissioner of Economic and Community Development;
(2) "Department" means the Department of Economic and Community Development;
(3) "Enterprise zone benefits" means those tax abatements and tax credits provided under the Connecticut General Statutes to companies locating in designated enterprise zones;
(4) "Relocation" means the transferring of personnel or employment positions from one or more existing locations to another location.
Connecticut Administrative Code › Title 32 - Commerce and Economic and Community Development › 75 - Enterprise Zone Program: Non-Eligible Businesses › Section 32-75-2 - Eligibility requirements

Current through July 10, 2024
(a) A business facility applying for continuations of enterprise zone benefits, relocating from either a municipality's enterprise zone which has been designated under the provisions of section 32-70 of the Connecticut General Statutes, or a distressed municipality to an enterprise zone designated under the provisions of section 32-70 of the Connecticut General Statutes, shall show either:
(i) an increase in operations through the submission of a lease to the Commissioner that indicates a net increase of at least 100 square feet in the number of square feet being occupied in the new enterprise zone versus the amount of square feet currently occupied in the existing enterprise zone municipality or distressed municipality; or
(ii) an increase in employment by a minimum of one new full time job, the existence of which shall be attested to on an applicant's pre-application.
Connecticut Administrative Code › Title 32 - Commerce and Economic and Community Development › 75a - Railroad Depot Zone Designation › Section 32-75a-1 - Definitions

Current through July 10, 2024
As used in sections 32-75a-1 to 32-75a-6, inclusive, of these regulations:
(1) "Applicant" means a company which completes a preliminary questionnaire and an application for certification of eligibility;
(2) "Certificate of Eligibility" means a document issued by the department pursuant to section 32-9r of the Connecticut General Statutes as they may be amended from time to time evidencing its determination that a facility for which an application for assistance has been submitted qualifies as a manufacturing facility and is eligible for assistance under section 12-217e of the Connecticut General Statutes as they may be amended from time to time and subsections (59) and (60) of section 12-81 of the Connecticut General Statutes as they may be amended from time to time;
(3) "Chief Executive Officer" of a municipality means one of the following: the first selectman; a chief administrative officer appointed by the board of selectmen; a mayor elected by the electors of the municipality; a warden elected by the electors of the borough; a town, city of borough manager appointed by the board of selectmen, the council, the board of directors, the board of aldermen or the board of burgesses; or a chief administrative officer appointed by the mayor;
(4) "Commissioner" means the Commissioner of the Department of Economic and Community Development;
(5) "Department" means the Department of Economic and Community Development;
(6) "Manufacturing Facility" means any plant, building, or other real property improvement as defined in section 32-9p(d) of the Connecticut General Statutes as they may be amended from time to time;
(7) "Municipality" means city, town or borough;
(8) "Personal Property" means machinery, equipment and furnishings which are not considered real property and are subject to a local property tax;
(9) "Railroad Depot" means an area within a municipality containing an enterprise zone but located outside the enterprise zone that abuts an active or inactive rail line and contains one or more vacant or underutilized manufacturing facilities which are or were, all or partially, dependent on railroad access to operate;
(10) "Real Property Improvement" means land, buildings and other structures and improvements thereto, subterranean or subsurface rights, any and all easements, air rights and franchises of any kind or nature; and
(11) "Substantial Rehabilitation" means a construction or renovation project which requires a building permit and has a cost which is greater than 50% of the assessed value of the real property.
Connecticut Administrative Code › Title 32 - Commerce and Economic and Community Development › 75a - Railroad Depot Zone Designation › Section 32-75a-2 - Railroad depot zone designation application process

Current through July 10, 2024
The application to have a railroad depot zone designated shall be made on application forms provided by the commissioner and available at the department upon request. The application may require the following information:
(1) A certified copy of the minutes of the governing body of the municipality at which a vote was taken the chief executive officer of the municipality to apply to the commissioner for the establishment of a railroad depot zone pursuant to section 32-75a of the Connecticut General Statutes as they may be amended from time to time;
(2) Mylar maps delineating the specific boundaries of the proposed railroad depot zone. The scale of the maps shall meet standards established by the commissioner;
(3) Certification from the chief elected official that the proposal is in conformance with the plan of development for the municipality;
(4) Information detailing the local activities and programs that will encourage development for the purposes of this act;
(5) An inventory of the existing land uses in the proposed railroad depot zone;
(6) An administrative plan for operation of the program by the municipality;
(7) A professionally prepared market study that evaluates the effect of the proposal on the economic development of the municipality, the region and the state, taking into consideration market potential, specific development plans and private commitments to the area;
(8) The goals, objectives and timetables of the railroad depot zone designation including, but not limited to, increasing private investment, expanding the tax base, providing job training and job creation for residents of railroad depot zones and reducing property abandonment and housing blight in railroad depot zones; and
(9) A description of other factors that will contribute to the success of the development of the railroad depot zone.
Connecticut Administrative Code › Title 32 - Commerce and Economic and Community Development › 75a - Railroad Depot Zone Designation › Section 32-75a-3 - Railroad depot zone designation approval process

Current through July 10, 2024
The commissioner shall base his decision on the information contained in the application, the local capacity to effectively administer a development program in the railroad depot zone, the innovation of the proposed program for the railroad depot zone and the likelihood of success of the railroad depot zone program.
Connecticut Administrative Code › Title 32 - Commerce and Economic and Community Development › 75a - Railroad Depot Zone Designation › Section 32-75a-4 - Railroad depot business application process

Current through July 10, 2024
The two-step application process for businesses located in a railroad depot zone consists of a preliminary questionnaire and an application for certificate of eligibility. Application forms shall be approved by the commissioner. The information required shall include:
(1) Name, owner and location of company;
(2) Location, size and type of business activity;
(3) Standard Industrial Classification number of the company;
(4) Number of jobs that will be created or retained;
(5) Owner of proposed facility;
(6) Owner of equipment (if applicable); and
(7) Other factors that the commissioner deems necessary to complete the certification process.
Connecticut Administrative Code › Title 32 - Commerce and Economic and Community Development › 75a - Railroad Depot Zone Designation › Section 32-75a-5 - Railroad depot business approval process

Current through July 10, 2024
The commissioner shall review the application for certification of eligibility and shall notify the applicant, in writing, of his findings. Upon approval, certificates of eligibility shall be issued to the owner(s) of the manufacturing facility and the owner(s) of the equipment (if applicable), and notification shall be provided to the assessor of the municipality and the Secretary of the Office of Policy and Management and the Commissioner of the Department of Revenue Services. If the application for certification of eligibility is disapproved, the commissioner shall indicate the reasons for disapproval.
Connecticut Administrative Code › Title 32 - Commerce and Economic and Community Development › 75a - Railroad Depot Zone Designation › Section 32-75a-6 - Reporting procedures

Current through July 10, 2024
The municipality shall submit completed activity reports on or before July 1 annually to the department which shall describe the progress made towards meeting the goals and objectives described in section 32-75a-2(8) and (9) of this regulation. The first reports shall be due no later than July first of the year subsequent to receipt of the certificate of eligibility.