Page 205

House Bill No. 5506

Public Act No. 22-118 205 of 739

(c) On and after July 1, 2021, and until [July 1] June 30, 2024, the [Commissioner] Department of Economic and Community Development may establish a [competitive grant program to provide matching grants of not more than ten million dollars for major projects selected pursuant to subsection (b) of this section. Each major project selected pursuant to subsection (b) of this section shall be eligible for a matching grant under this subsection not more than two times a year. The commissioner shall establish eligibility criteria, an application process, evaluation criteria and reporting requirements for the competitive grant program] Connecticut Communities Challenge program, which shall provide community development grants. The department shall develop a competitive application process and criteria consistent with the purposes of the state's Economic Action Plan to (1) evaluate applications submitted pursuant to this subsection, and (2) select community development projects for funding pursuant to subdivision (2) of subsection (a) of this section. Sec. 156. Subsection (h) of section 10-416c of the general statutes is repealed and the following is substituted in lieu thereof (Effective from passage): (h) The Department of Economic and Community Development may charge any owner seeking a tax credit pursuant to subsection (b) of this section an application fee in an amount not to exceed ten thousand dollars to (1) cover the cost of administering the program established pursuant to this section, and (2) fund programs that advance historic preservation in the state. Sec. 157. Subparagraph (C) of subdivision (2) of subsection (a) of section 32-1m of the 2022 supplement to the general statutes is repealed and the following is substituted in lieu thereof (Effective October 1, 2022): (C) An investment analysis, including (i) total portfolio value, (ii) total investment by industry, (iii) portfolio dollar per job average, and