Pennsylvania § 17135 Initial financial plan

Pennsylvania Statutes

§ 17135 — Initial financial plan

Pennsylvania·Title 16 COUNTIES·Part PART IV·Ch. 171 SOUTHWESTERN PENNSYLVANIA REGIONAL RENAISSANCE INITIATIVE·Subch. REGIONAL RENAISSANCE AUTHORITY

(a)Agreements.--Immediately upon the creation of the authority, the board shall commence the negotiation, with public or private entities as it considers appropriate, of agreements relating to the construction of regional destination facilities. Agreements regarding the construction of the baseball park and the football stadium shall provide that those facilities may not be owned by the teams that will be the principal tenants but that the authority shall either own or enter into long-term leases with the owner of the land, building and fixtures for each of those facilities regardless of what public or private entities are responsible for the construction of those facilities. Each agreement regarding a regional destination facility shall provide for:

(1)The development of long-term plan

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(a) Agreements.--Immediately upon the creation of the authority, the board shall commence the negotiation, with public or private entities as it considers appropriate, of agreements relating to the construction of regional destination facilities. Agreements regarding the construction of the baseball park and the football stadium shall provide that those facilities may not be owned by the teams that will be the principal tenants but that the authority shall either own or enter into long-term leases with the owner of the land, building and fixtures for each of those facilities regardless of what public or private entities are responsible for the construction of those facilities. Each agreement regarding a regional destination facility shall provide for:

(1) The development of long-term plans for the financing, development and operation of the facility.

(2) Performance and financial goals, objectives and standards for the operation of the facility.

(3) Assurances that adequate measures will be undertaken to maintain and improve the facility.

(4) Assurances that the operating and capital budgeting for the facility will occur in a financially responsible manner.

(b) Budgets.--Prior to the start of the first full fiscal year of the authority, the board shall adopt, in addition to the operating and capital budgets required under sections 17136 (relating to capital budgets) and 17137 (relating to operating budget), long-term budgets for the Regional Destination Facilities Fund and the Regional Growth Fund. The long-term budget for the Regional Destination Facilities Fund shall estimate the total revenues required to complete the construction of all projects included in a regional destination facility and the amount of revenues to be received by the authority during the first seven calendar years of its existence. At least 90 days before commencement of the second and third full fiscal years of the authority, the board shall update and revise the operating and capital budgets as required under the long-term budget.

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