Bill > HB3004

This bill amends Chapter 131 of the Private Acts of 1969, as amended, relating to Shelby County. The key provisions of the bill are: 1. Through fiscal year 2025, the Convention and Visitors Bureau (CVB) will receive an annual funding amount that increases by 5% each year, subject to availability of funds. If the hotel occupancy tax revenues are not sufficient to generate $11.4 million in fiscal year 2025 to cover the County's commitments to fund debt service for a new or renovated indoor sports facility and the FedEx Forum, the difference will be refunded to the County by the CVB. 2. Starting in fiscal year 2026, the hotel occupancy tax revenues will be allocated as follows: 35.75% to the CVB, up to $11.4 million (plus any growth) to the County for its commitments related to the new/renovated sports facility and FedEx Forum, the remainder up to 61.25% to the CVB, and any excess to the County for any permitted purpose. After the new arena bonds are retired, 61.25% will go to the CVB and 35.75% will go to the County. 3. The bill requires local approval by a two-thirds vote of the Shelby County legislative body before it can take effect.

Government Affairs

https://wapp.capitol.tn.gov/apps/Billinfo/default.aspx?BillNumber=HB3004&ga=113