Connecticut § 32-23hh - Definitions.

§ 32-23hh. Definitions.

Sec. 32-23hh. Definitions. As used in sections 32-23gg to 32-23ll, inclusive:

(1) “Corporation” means Connecticut Innovations, Incorporated, created under section 32-35;

(2) “Chief executive officer” means the chief executive officer of Connecticut Innovations, Incorporated;

(3) “Financial assistance” means any and all forms of loans, extensions of credit, guarantees, equity investments or any other form of financing or refinancing to persons for the purchase, acquisition, construction, expansion, continued operation, reconstruction, financing, refinancing or placing in operation of an economic development project, including, but not limited to, fixed assets, working capital, equity participations and acquisitions, employee buyouts, refinancing, financial restructuring, and other purposes which the corporation determines further the purposes of sections 32-23gg to 32-23ll, inclusive;

(4) “Economic development project” means any project (A) which is to be used or occupied by any person for manufacturing, industrial, research or product warehousing or distribution purposes, or any combination thereof, and which the corporation determines will tend to maintain or provide gainful employment, maintain or increase the tax base of the economy, or maintain, expand or diversify industry in the state, or for any other purpose which the corporation determines will materially support the economic base of the state, by creating or retaining jobs, promoting the export of products or services beyond state boundaries, encouraging innovation in products or services, or otherwise contributing to, supporting or enhancing existing activities that are important to the economic base of the state and (B) which is unable to obtain conventional financing in satisfactory amounts or on satisfactory terms in the sole judgment of the corporation, or whose ability, in the judgment of the corporation, to start, continue to operate, expand, or maintain operations or relocate to Connecticut, is dependent upon financial assistance;

(5) “Person” means a person as defined in subsection (s) of section 32-23d; and

(6) “Return on investment” means any and all forms of principal or interest payments, insurance premiums or guarantee fees, equity participations, options, warrants, debentures and any or all other forms of remuneration to the corporation in return for any financial assistance provided or offered.

(P.A. 91-319, S. 2, 7; June Sp. Sess. P.A. 91-3, S. 149, 168; P.A. 93-360, S. 6, 19; P.A. 13-123, S. 21.)

History: June Sp. Sess. P.A. 91-3 changed the definition of “major development project” to “economic development project” and removed the significance and minimum employment levels for such a project; P.A. 93-360 redefined “person”, effective June 14, 1993; (Revisor's note: In 2013, references to “Connecticut Development Authority” and “authority” were changed editorially by the Revisors to “Connecticut Innovations, Incorporated” and “corporation”, respectively, to conform with changes made by June 12 Sp. Sess. P.A. 12-1, S. 148, 152); P.A. 13-123 replaced reference to Sec. 32-11a with reference to Sec. 32-35 in Subdiv. (1) and replaced definition of “executive director” with definition of “chief executive officer” in Subdiv. (2), effective June 18, 2013.