This bill establishes funding mechanisms for community preservation and development authorities in Washington State, specifically targeting areas impacted by major public facilities and capital projects. Starting January 1, 2026, 30 percent of the estimated revenue from state taxes on retail sales at qualified facilities will be deposited into the community preservation and development authority account. This funding will be allocated equally between operating and capital subaccounts beginning January 1, 2027. A "qualified facility" is defined as either an open-air stadium with a minimum seating capacity of 68,000 or a facility with at least 47,000 seats and a retractable roof.

Additionally, the bill mandates that community preservation and development authorities submit biennial reports on their strategic plans and funding impacts to the legislature. The legislature aims to review the effectiveness of the funding by December 1, 2034, with the possibility of extending the funding if the authorities demonstrate positive economic and community impacts. The act is set to expire on January 1, 2037, and is deemed necessary for the immediate preservation of public peace, health, or safety, taking effect immediately upon passage.