This bill amends section 13-2610 of the Revised Statutes Supplement, 2025, to enhance the Convention Center Facility Financing Assistance Act by introducing provisions for the recapture of funding distributed from the Convention Center Support Fund to certain recipients. Specifically, it establishes that recipients of funding must maintain their principal place of business within areas of high poverty for at least three years following the receipt of funds. If a recipient fails to comply, the county may recapture the funding on a pro-rata basis, which will then be returned to the Convention Center Support Fund or an applicable development fund. Additionally, the bill outlines the responsibilities of committees formed to manage these funds, including the requirement for public hearings and the submission of itemized reports on fund usage.

The bill also specifies that ten percent of the funds appropriated to cities of metropolitan class will be allocated to areas with high poverty concentrations, with a focus on reducing street and gang violence and promoting small business growth. Furthermore, it clarifies that state assistance will cease upon the retirement of bonds related to the facilities or when the assistance reaches a specified limit. The act is set to become operative on January 1, 2027, and it repeals the original section 13-2610.

Statutes affected:
Introduced: 13-2610