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 each coapplicant must adopt a resolution authorizing the pursuit of financing or bonds for the facility. Additionally, the bill expands the definition of eligible projects 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 arts, cultural, and sporting events.

Furthermore, the bill establishes a temporary approval process for applications based on certain conditions, such as the approval of general obligation bonds by voters or the issuance of building permits within a specified timeframe. It emphasizes the need for the board to assess the fiscal and economic capacity of applicants when determining the best interest of the state. The bill also repeals the original sections of the law that are being amended, ensuring that the updated provisions are clearly defined and harmonized with existing regulations.

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