§ 11-71-202 — Major sporting event venue zone revenue.

(1) The following are approved revenue sources for a major sporting event venue zone:
(1)(a) property tax increment for:
(1)(a)(i) the major sporting event venue zone, for at least 25 years but no more than 40, as approved by the committee; and
(1)(a)(ii) if applicable, the secondary project area, for at least 25 years but no more than 40, as approved by the committee;
(1)(b) local sales and use tax increment for the major sporting event venue zone, for at least 25 years but no more than 40, as approved by the committee; and
(1)(c) revenue generated by a tax described in Section 11-71-201.
(2) Revenue generated from a source described in Subsection (1):
(2)(a) is major sporting event venue zone revenue; and
(2)(b) shall be administered by the creating entity or a fiscal agent designated by the creating entity.
(3) If a creating entity designates a fiscal agent to administer major sporting event venue zone revenue, the creating entity and fiscal agent shall first enter into an interlocal agreement:
(3)(a) governing the administration, distribution, use, and management of major sporting event zone revenue; and
(3)(b) with terms that are consistent with this chapter and Title 63N, Chapter 3, Part 17, Major Sporting Event Venue Zone Act.

Legislative History

Enacted by Chapter 495, 2025 General Session