Bill > S0922

This bill allows a professional sports franchise facility that has already been certified to receive a new certification if it meets specific criteria, such as having at least $80 million in planned improvements, the franchise existing for at least 15 years, the facility use agreement having at least 15 years remaining, and the facility generating at least $4 million annually in tax revenues. This additional certification is for the purpose of improving the facility to meet or exceed league standards, which are defined as the equipment standards set by the league's commissioner. If an applicant receives this additional certification, the Department of Economic Opportunity will inform the Department of Revenue, and the facility will be eligible for an additional monthly distribution of $166,667 from sales tax revenues collected under chapter 212, which are taxes on the sale of goods and services. This new provision amends existing law that already allows certified facilities to receive similar monthly distributions for facility acquisition, construction, or renovation.