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CT SB00548
CT SB00548An Act Amending A Conveyance Of A Parcel Of Land To The Catherine Violet Hubbard Foundation, Inc.
summary
Introduced
01/14/2025
01/14/2025
In Committee
01/14/2025
01/14/2025
Crossed Over
Passed
Dead
06/04/2025
06/04/2025
Introduced Session
2025 General Assembly
Bill Summary
To amend the prior conveyance of land to the Catherine Violet Hubbard Foundation, Inc. to permit leasing of the parcel and permit the parcel to be used as security for a loan and subjected to potential foreclosure, in order to enable the foundation to secure a loan.
AI Summary
This bill amends a previous special act (14-13) to provide the Catherine Violet Hubbard Foundation with more flexibility in using a previously conveyed parcel of land. Specifically, the bill allows the foundation to lease the land, use the parcel as collateral for a loan to fund the construction of an educational barn and future facilities, and potentially subject the property to foreclosure if they default on the loan. The purpose of this amendment is to help the foundation secure financing for its planned facilities, which appear to be related to an animal-related educational and veterinary project. By modifying the original land conveyance restrictions, the bill enables the foundation to leverage the property financially while maintaining its ultimate development goals.
Sponsors (1)
Last Action
Referred to Joint Committee on Government Oversight (on 01/14/2025)
bill text
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.cga.ct.gov/asp/cgabillstatus/cgabillstatus.asp?selBillType=Bill&bill_num=SB00548&which_year=2025 |
| BillText | https://www.cga.ct.gov/2025/TOB/S/PDF/2025SB-00548-R00-SB.PDF |
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