State SealARIZONA HOUSE OF REPRESENTATIVES

 

HB 2456: stadium district; extension; Rio Nuevo

PRIME SPONSOR: Representative Finchem, LD 11

BILL STATUS: Ways & Means

 

Legend: District- Rio Nuevo Multipurpose Facilities District IGA- intergovernmental agreement TPT- transaction privilege tax Amendments – BOLD and Stricken (Committee)

Abstract

☐ Prop 105 (45 votes) ☐ Prop 108 (40 votes) ☐ Emergency (40 votes) ☐ Fiscal NoteRelating to extending Rio Nuevo District funding.

Provisions

1.       Continues the distribution of shared revenue to the District until July 1, 2035 or upon the completion of the scheduled debt service, whichever occurs later. (Sec. 1)

2.       Authorizes monies paid to the District to be used for:

a.       Debt service for bonds issued by the district before January 1, 2025; and

b.       Contractual obligations incurred by the district before June 1, 2025. (Sec. 2)

3.       Makes technical changes. (Sec. 1, 2)

Additional Information

The Rio Nuevo Multipurpose Facilities District was formed in 1999 through an IGA by the municipalities of the City of Tucson, the Town of Sahuarita, and the City of South Tucson as a tax-levying public improvement district and a separate legal entity from the City of Tucson. The District receives an incremental portion of state-shared funds derived from TPT, which are collected within District boundaries to be invested in public projects. Expenditure of the funds collected is disbursed and managed by the reconstituted Rio Nuevo Multipurpose Facilities District Board of Directors who, as of 2010, are appointed by the Governor, President of the Senate, and Speaker of the House of Representatives (Rio Nuevo Multipurpose Facilities District).

Current Law

The state disburses TPT revenues through state shared revenue to stadium districts to be used for the components for a multipurpose facility that are owned by the District or that are publicly owned to pay for: 

·         Debt service for bonds issued by the District before January 1, 2009;

·         Contractual obligations incurred by the District before June 1, 2009;

·         Fiduciary, legal and administrative expenses of the District; and

·         The design of construction of a hotel and convention center located on the facility site (A.R.S. 48-4204).

TPT disbursements are authorized until the earlier of either July 1, 2025 or until all authorized debt service payments are completed (A.R.S 42-5031).  

 

 

 

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Fifty-third Legislature                  HB 2456

Second Regular Session                               Version 1: Ways & Means

 

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