Conn. Agencies Regs. § 8-37y-6 - Exchange process

Current through March 4, 2022

(a) Any person that enters into an agreement with the Department to exchange real property for surplus property, shall provide the following:
(1) His social security number;
(2) His principal place of business and the telephone number;
(3) Any additional information which the Commissioner determines is necessary.
(b) Any entity that enters into an agreement with the Department to exchange real property for state surplus property, shall provide the following:
(1) its principal place of business and the telephone number;
(2) Name, address and telephone number of principals;
(3) Proof of type of entity and certificate of good standing if a corporation;
(4) Any additional information which the Commissioner determines is necessary;
(5) Authorizing resolution, if applicable.
(c) In addition to the requirements above, a person or entity shall provide:
(1) Proof of clear title to the property;
(2) A-2 survey;
(3) Legal Description;
(4) Proof of all applicable local approvals;
(5) A certified check for the cost of an independent appraisal secured by the Department;
(6) A detailed description of:
(i) the reason for the exchange;
(ii) property to be exchanged and its estimated value;
(iii) proposed time frame for the exchange;
(iv) any other documentation required by the Commissioner.
(d) Evaluation for a proposed exchange shall be based on appraised value, number units, cost of development, completion of local approval process, and any other terms and conditions that the Commissioner may impose to insure that the exchange is in the State's best interest.
(e) An exchange shall include real property; however, the state may accept cash as part of the exchange agreement.
(f) An exchange is subject to the approval of the municipality, Commissioner of Public Works, Secretary of the Office of Policy and Management and the State Properties Review Board.
(g) Any statutory restrictions shall be released from the surplus property and be placed on the new property. Such restrictions shall run with the land and be binding on each subsequent owner of the property.
(h) The property received in the exchange shall be used for an emergency shelter, transitional living facility for homeless persons or for the construction, rehabilitation or renovation of housing for persons and families of low and moderate income.
(i) The following conditions shall be met prior to finalizing an exchange:
(1) The municipality shall approve the conveyance of the property to be developed to the selected developer; and
(2) the owner of the property to be exchanged shall secure all required local zoning approvals necessary to develop the property in the manner approved by the Commissioner and the municipality.

Notes

Conn. Agencies Regs. § 8-37y-6
Effective November 26, 1993

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