Sec. 32-9o. Industrial growth in areas of high unemployment. Legislative determination.
Sec. 32-9o. Industrial growth in areas of high unemployment. Legislative determination. It is hereby found and declared as a matter of legislative determination
that: (a) There is a serious need for the investment of private capital in business enterprises located in municipalities experiencing conditions of high unemployment, poverty,
aging housing stock and low or declining rates of growth in job creation, population
and per capita income; (b) high property tax rates and the unavailability or high cost of
credit to business organizations have discouraged industrial activity in such municipalities and perpetuated prevailing patterns of economic and social stress; (c) private capital
investment in the construction, renovation and expansion of manufacturing and other
industrial facilities will best contribute to increasing employment and an expanding tax
base in such municipalities and the development of a more productive and balanced
economy in the state; and (d) the tax, grant and other financial incentives provided
by subdivisions (59) and (60) of section 12-81 and sections 12-217e, 32-9p to 32-9s,
inclusive, and 32-23p to encourage such private investment are important and necessary
applications of the resources of the state in the exercise of its responsibility to preserve
and foster the health, safety and general welfare of the state and its people. Accordingly
the necessity, in the public interest and for the public benefit and good, of the provisions
under said sections is hereby declared as a matter of legislative determination.
(P.A. 78-357, S. 1, 16; June Sp. Sess. P.A. 98-1, S. 66, 121.)
History: June Sp. Sess. P.A. 98-1 made a technical change, effective June 24, 1998.