Senate Bill 2987 amends Chapter 131 of the Private Acts of 1969, specifically addressing funding for the Convention and Visitors Bureau (CVB) in Shelby County. The bill stipulates that through Fiscal Year 2025, the CVB will receive an initial funding amount of $3,300,000, with a 5% annual increase, contingent on available funds. If the tax revenues do not meet the required $11,400,000 for the County's debt service related to a new or renovated indoor sports facility, the CVB must refund the difference to the County. Additionally, starting in Fiscal Year 2026, the allocation of tax revenues will be structured to provide a percentage to the CVB, cover the County's debt service, and allow for any remaining funds to be used by the County.

The bill also introduces provisions for the CVB to provide two seats on its Board of Directors for individuals nominated by the Shelby County Mayor and approved by the County Board of Commissioners. The allocation of tax revenues will be divided, with 35.75% going to the CVB, up to $11,400,000 for the County's debt service, and the remainder allocated to the CVB and the County for permitted purposes. Upon the retirement of the New Arena Bonds, the revenue distribution will shift to favor the CVB. The act requires a two-thirds vote from the legislative body of Shelby County for approval.