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1997 SESSION

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HB 2741 Hampton Roads Sports Facility Authority.

Introduced by: Jerrauld C. Jones | all patrons    ...    notes | add to my profiles

SUMMARY:

Hampton Roads Sports Facility Authority. Makes numerous changes intended to facilitate the attraction and operation of a National Hockey League franchise. Specific amendments will (i) eliminate the prohibition on using state funds to pay the salary of the Authority's executive director; (ii) allow the lease of Authority property to any political subdivision of the Commonwealth; (iii) exempt the Authority from the Virginia Public Procurement Act; (iv) reduce certain hearing and notice requirements from 60 to 30 days; (v) require review by the State Treasurer prior to the issuance of bonds, and approval of the General Assembly if the bond issuance would constitute tax-supported debt or adversely effect the Commonwealth's debt capacity or credit rating; (vi) declare that a locality may condemn property and convey such property to the Authority for the construction of a sports facility and that such condemnation shall be for a public purpose if the facility would enhance the economic development of the locality or region; (vii) make the creation of a Hampton Roads Sports Facility Financing Fund optional rather than mandatory; (viii) entitle the authority, subject to appropriation, to personal, pass-through entity, corporate income tax revenues generated by the operation of the facility; (ix) eliminate the requirement that state tax revenues be applied to repayment of the bonds; (x) allow the locality in which the sports facility is located to remit certain local taxes generated from the facility to the Authority, including sales and use taxes, admissions taxes, food and beverage taxes and business, professional and occupational license taxes; (xi) permit such locality to charge fees, ticket surcharges or other charges for such facility and to remit all or a portion of such charges to the Authority; (xii) allow any political subdivision to convey real or personal property to the Authority, make appropriations to the Authority and enter into certain contractual or lease agreements with the Authority; and (xiii) declare the Authority to be an "agency," and its members and agents to be "employees," within the meaning of the Virginia Tort Claims Act.


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