Introduced House Bill (H)

Authored by

DIGEST

Professional sports development areas. Allows the city of Terre Haute to establish a professional sports development area, subject to review by the budget committee and approval by the budget agency. Specifies the facilities that would be included in the area. Provides that up to $5 million per year of state sales tax revenue attributable to the operation of facilities in the area shall be distributed to the city of Terre Haute and used to construct or equip a convention center or a facility that is used or will be used principally for convention or tourism related events serving national or Professional sports development areas. Allows the city of Terre Haute to establish a professional sports development area, subject to review by the budget committee and approval by the budget agency. Specifies the facilities that would be included in the area. Provides that up to $5 million per year of state sales tax revenue attributable to the operation of facilities in the area shall be distributed to the city of Terre Haute and used to construct or equip a convention center or a facility that is used or will be used principally for convention or tourism related events serving national or regional markets (including the financing of such a capital improvement or lease payments for such a capital improvement). Provides that if a tax area is established in the city of Terre Haute, a development area oversight board (board) is established. Specifies the membership of the board and the powers and duties of the board. Provides that in addition to any other required approvals, the following are also subject to approval by the board: (1) The use and distribution of any taxes distributed to the tax area. (2) The issuance of any bonds or the entering into of any lease for which taxes distributed to the tax area have been pledged. Extends the expiration of the law governing professional sports development areas from December 31, 2027, to December 31, 2046. ... View more