Bill > HB2704

This bill: Establishes a comprehensive framework for creating and operating a county stadium district, primarily focused on supporting a major league baseball facility in a county with over 1.5 million residents. The bill creates a complex financing mechanism that allows the district to receive tax revenues from various sources, including state transaction privilege taxes, county excise taxes, and city and town taxes related to businesses operating at or near the baseball facility. The bill specifically outlines the structure of the district's board of directors, which will consist of nine members appointed by various government officials, including the governor, senate president, and house speaker. The board will have oversight of a major league baseball facility and potentially adjacent buildings. The tax revenues collected will be limited to $500 million (with annual 3% increases) and can only be used for capital repairs, reconstruction, maintenance, and infrastructure improvements to the facility. The bill includes several key provisions to protect the public's interests, such as requiring the professional baseball franchise to contribute at least $250 million of its own funds for facility improvements and imposing financial penalties if the franchise leaves the facility before certain dates. If the franchise terminates its lease or the district gives up ownership, the real property and improvements would be automatically conveyed to the municipality at no cost. The tax revenue collection and transmission mechanisms are set to expire on December 31, 2055, with various reporting requirements and restrictions on how the funds can be used. The legislation aims to provide financial support for maintaining and improving a major league baseball facility while establishing clear guidelines for the district's operation and funding.

Budget and Finance, Business and Industry

https://apps.azleg.gov/BillStatus/BillOverview/82754