This bill amends the Sports Arena Facility Financing Assistance Act by updating the eligibility criteria for applicants seeking state assistance for sports arena facilities. It introduces a new requirement that coapplicants must adopt a resolution authorizing the pursuit of financing or bonds for eligible projects. Additionally, it expands the definition of eligible facilities to include privately owned sports complexes and concert venues, while also specifying the conditions under which state assistance can be utilized for these facilities. The bill clarifies that state assistance can be used for promoting public events and outlines the limitations on funding duration for various types of events and facilities.

Furthermore, the bill establishes a temporary approval process for applications based on specific conditions, such as the approval of general obligation bonds or the issuance of building permits within a designated timeframe. If these conditions are met, the temporary approval can become permanent. The amendments aim to harmonize existing provisions and ensure that state assistance aligns with the best interests of the state, taking into account the fiscal and economic capacity of the applicants. The original sections of the law being amended are repealed as part of this legislative update.

Statutes affected:
Introduced: 13-3103, 13-3106