Sec. 32-604. Feasibility and implementation study.
Sec. 32-604. Feasibility and implementation study. (a) The Capital City Economic Development Authority shall conduct a feasibility and implementation study
to determine the financial feasibility of the convention center project, as defined in
subdivision (3) of section 32-600, and the sportsplex and the parking facilities, each as
defined in section 32-651, which shall include, but not be limited to, consideration of
proper planning, engineering, siting, cost of construction, revenue and expense projections and operation as a multipurpose facility or facilities.
(b) The authority shall determine if the feasibility and implementation study clearly
establishes, considering all relevant factors, the financial viability of (1) the convention
center, (2) the sportsplex, (3) the parking facilities, or (4) any combination of the foregoing. The authority shall deliver the implementation and feasibility study, together with
its determination as to financial viability, to the Governor for submission to the General
Assembly as part of the master development plan pursuant to subsection (b) of section
32-654.
(c) The authority shall monitor the progress of all capital city projects and shall, on
a regular basis, determine the extent to which each such project has, up to that point,
met the purposes set forth in section 32-602. The authority shall report semiannually to
the Governor and the General Assembly in accordance with the provisions of section 11-4a with respect to the operations, finances and achievement of its economic development
objectives.
(d) The authority shall review and evaluate the progress of each capital city project
for which financing is provided and shall devise and employ techniques for forecasting
and measuring relevant indices of accomplishment of its goals of economic development, including, but not limited to, (1) the number of jobs created, or to be created, by
or as a result of the project, (2) the cost or estimated cost, to the authority, involved in
the creation of those jobs, (3) the amount of private capital investment in, or stimulated
by, a project, in proportion to the public funds invested in such project, (4) the number
of additional businesses created and associated jobs, and (5) the impact on tourism.
(P.A. 98-179, S. 5, 30; P.A. 99-241, S. 20, 66.)
History: P.A. 98-179 effective June 1, 1998; P.A. 99-241 deleted Subsec. (c) re economic viability determination,
amended Subsec. (b) to add parking facilities or any combination, required that study be delivered to the Governor as part
of the master development plan and made technical changes, effective July 1, 1999.