Bill > SB5460

This bill establishes a funding mechanism for community preservation and development authorities (CPDAs) by redirecting 30% of state sales tax revenue from specific large facilities, beginning January 1, 2026, into a dedicated account. A "qualified facility" is defined as either an open-air stadium with at least 68,000 fixed seats and 300,000 square feet of event space, or a venue with at least 47,000 seats and a retractable roof. The collected revenue will be equally split between operating and capital subaccounts. The legislature's policy objective is to support communities negatively impacted by major public infrastructure projects by providing funding that can help struggling small businesses, improve urban safety, address homelessness, and develop housing. The bill requires these CPDAs to submit biennial reports to the legislature detailing their strategic plans and community impacts. The Joint Legislative Audit and Review Committee will conduct a comprehensive review of the funding by December 1, 2034, to assess the authorities' effectiveness in enhancing economic vitality, community livability, and housing needs. If the review is positive, the legislature may extend the funding beyond its current expiration date of January 1, 2037.

Budget and Finance

https://app.leg.wa.gov/billsummary?BillNumber=5460&Year=2025&Initiative=false