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1995 SESSION

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HB 2012 Baseball Stadium Authority.

Introduced by: Vincent F. Callahan, Jr. | all patrons    ...    notes | add to my profiles

SUMMARY:

Virginia Baseball Stadium Authority. Makes numerous amendments intended to facilitate the use of the Authority as a provider of a stadium for a major league baseball team in Virginia. The bill (i) adds office, restaurant, concessions, retail and lodging facilities which are adjacent to a major league baseball stadium to the definition of “facility”; (ii) defines several new terms; (iii) declares that the Authority is a political subdivision, rather than an instrumentality, of the Commonwealth; (iv) states that at least four members of the nine-member Authority shall be residents of the locality in which the facility is proposed to be located; (v) provides that special meetings of the Authority shall be held when requested by two or more members in writing; (vi) directs that the Executive Director of the Authority shall be paid from the funds received by the Authority; (vii) reduces the required period of time between the announcement of a proposed stadium site and the selection of the site by the Authority from 90 to 60 days but allows the site locality to extend the time period for an additional 60 days; (viii) creates a 12-member local advisory board to provide input into the design and operation of the stadium; (ix) provides that if the Authority issues bonds to finance a stadium, the Authority shall be entitled to all state sales and use tax revenues that are levied pursuant to the Virginia Retail Sales and Use Tax Act and that are generated by transactions taking place within the stadium for the life of the bonds, not to exceed 30 years; (x) authorizes the governing body of the locality in which a stadium is located to direct that all local sales and use tax revenues be applied to repayment of stadium bonds; (xi) allows the Authority to enter into cooperative agreements with other political subdivisions; (xii) provides immunity to the Commonwealth and other political subdivisions for actions of the Authority; and (xiii) makes numerous technical amendments. SB 944 is identical.


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