Sec. 32-450. Definitions. - Connecticut Statutes

      Sec. 32-450. Definitions. As used in sections 32-450 to 32-457, inclusive:

      (1) "Awarding authority" means the Commissioner of Economic and Community Development, the board of directors of the Connecticut Development Authority and the board of directors of Connecticut Innovations, Incorporated.

      (2) "Economic development financial assistance" means any grant, loan or loan guarantee, or combination thereof, or any tax credits approved pursuant to section 32-9t, provided to a business for the purpose of economic development.

      (3) "Employee representatives" means representatives of any certified or recognized bargaining agents for employees of a business.

      (4) "Threshold project" means (A) a project for which a business operating in the state and having twenty-five or more full-time employees in the state submits a request to an awarding authority for economic development financial assistance in the form of (i) a grant in the amount of two hundred fifty thousand dollars or more or (ii) a combination of a grant and a loan or loan guarantee, totaling two hundred fifty thousand dollars or more, or (B) a project for which a business operating in the state and having one hundred or more full-time employees in the state submits a request to an awarding authority for economic development financial assistance in the form of (i) a loan or a loan guarantee, in the amount of one million dollars or more, or (ii) a combination of a loan and a loan guarantee, totaling one million dollars or more.

      (P.A. 94-231, S. 1, 9; P.A. 95-250, S. 1; P.A. 96-211, S. 1, 5, 6; 96-264, S. 2, 8; P.A. 06-189, S. 19.)

      History: P.A. 94-231 effective October 1, 1994, and applicable to applications for economic development financial assistance submitted on or after said date; P.A. 95-250 and P.A. 96-211 replaced Commissioner and Department of Economic Development with Commissioner and Department of Economic and Community Development; P.A. 96-264 amended Subdiv. (4) by designating existing provisions defining "threshold project" as Subpara. (A), applying Subpara. (A) to a grant or a combination of a grant and a loan or loan guarantee totaling $250,000 or more and adding Subpara. (B) re criteria for request for financial assistance in form of a loan or loan guarantee or a combination of a loan and a loan guarantee, effective July 1, 1996; P.A. 06-189 amended Subdiv. (2) to redefine "economic development financial assistance" by including tax credits approved pursuant to Sec. 32-9t.