Bill > LB314

This bill modifies the Sports Arena Facility Financing Assistance Act by expanding the conditions under which political subdivisions can apply for state assistance for sports arena facilities. The bill introduces new provisions for temporary approval of applications, including a requirement that for certain applications, a building permit must be issued within 24 months for the approval to become permanent. The legislation allows state assistance to be used for various purposes, such as paying back bonds for constructing public infrastructure, leasing sports complexes for governmental use, promoting sporting or cultural events, and potentially funding up to 100% of a large public stadium project's final cost if the application is approved after July 19, 2024. The bill also clarifies that lease agreements between co-applicants can be for up to 20 years at fair market rental value. Additionally, it limits the duration of state assistance for promoting arts, cultural, and sporting events to no more than 10 years, with a 5-year limit for sports complexes in smaller communities. The changes aim to provide more flexible financing options for sports and cultural arena projects while establishing clearer guidelines for state assistance approval and usage.

Budget and Finance

https://nebraskalegislature.gov/bills/view_bill.php?DocumentID=59258