This bill enacts the Major Sporting Event Venue Zone Act and related provisions.
This bill:
- defines terms;
- establishes objectives and requirements for a municipality or county to create a major sporting event venue zone to capture property tax increment and local sales and use tax increment within a defined area around a major sporting event venue;
- defines permitted uses and administration of property tax increment and local sales and use tax increment generated pursuant to a major sporting event venue zone;
- authorizes a creating entity of a major sporting event venue to impose, under certain circumstances:
a resort communities sales and use tax within a major sporting event venue zone; andan additional resort communities sales and use tax within a major sporting event venue zone;
- provides that a county of the third class with three or more major sporting event venues may implement a resort communities tax in unincorporated areas, the same as if the county of the third class were an eligible municipality, and use the revenue from the tax on public infrastructure or transit;
- authorizes a creating entity of a major sporting event venue zone to designate a community reinvestment agency or a public infrastructure district as a fiscal agent for major sporting event venue zone funds;
- authorizes a creating entity to enter into an agreement with a person to utilize major sporting event venue zone funds in regard to owning, leasing, or operating a major sporting event venue;
- authorizes a creating entity to utilize major sporting venue zone funds to bond;
- provides a sales and use tax exemption for construction materials used for the remodeling, or refurbishing of a major sporting event venue;
- requires a municipality or county to submit a major sporting event venue zone proposal to the Governor's Office of Economic Opportunity;
- creates and defines the membership of a committee to review a proposed major sporting event venue zone;
- requires the committee to evaluate the proposed major sporting event venue zone and, if certain criteria are met, approve the proposal with or without modifications;
- requires participation from local taxing entities if the major sporting event venue zone meets statutory requirements;
- provides procedures for a major sports event venue that overlaps with a community reinvestment project, a housing and transit reinvestment zone, a first home investment zone, or a revitalization zone; and
- makes technical and conforming changes.Statutes affected:
Introduced: 10-1-303, 10-1-304, 10-1-403, 59-2-924, 59-12-103, 59-12-205, 59-12-352, 59-12-354, 59-12-401, 59-12-402, 59-12-405
Substitute #1: 10-1-303, 10-1-304, 10-1-403, 59-2-924, 59-12-104, 59-12-205, 59-12-352, 59-12-354, 59-12-401, 59-12-402, 59-12-405
Substitute #2: 10-1-303, 10-1-304, 10-1-403, 59-2-924, 59-12-104, 59-12-205, 59-12-352, 59-12-354, 59-12-401, 59-12-402, 59-12-405
Substitute #3: 10-1-303, 10-1-304, 10-1-403, 59-2-924, 59-12-104, 59-12-205, 59-12-352, 59-12-354, 59-12-401, 59-12-402, 59-12-405
Substitute #4: 59-2-924, 59-12-104, 59-12-205, 59-12-352, 59-12-354, 59-12-401, 59-12-402, 59-12-405
Enrolled: 59-2-924, 59-12-104, 59-12-205, 59-12-352, 59-12-354, 59-12-401, 59-12-402, 59-12-405
Substitute #5: 59-2-924, 59-12-104, 59-12-205, 59-12-352, 59-12-354, 59-12-401, 59-12-402, 59-12-405