§ 11-71-203 — Allowable uses of major sporting event venue zone revenue.

Utah § 11-71-203

• Jurisdiction: Utah
• Title 11: Cities, Counties, and Local Taxing Units
• Ch. 11-71: Major Sporting Event Venue Zones
• Part 11-71-2: Financing

Text

(1) A creating entity or fiscal agent shall use major sporting event venue zone revenue within, or for the direct benefit of:
(1)(a) the major sporting event venue zone;
(1)(b) a secondary project area, if any; and
(1)(c) an impacted primary area, if the creating entity finds that the use of the major sporting event venue zone revenue will directly benefit the major sporting event venue.
(2) A creating entity that receives major sporting event venue zone revenue shall allocate the revenue to:
(2)(a) development in the major sporting event venue zone, including:
(2)(a)(i) constructing, furnishing, maintaining, or operating a major sporting event venue;
(2)(a)(ii) demolishing or remodeling an existing major sporting event venue, or portions of a major sporting event venue;
(2)(a)(iii) public infrastructure and improvements supporting the major sporting event venue; and
(2)(a)(iv) realigning public infrastructure to better support the major sporting event venue;
(2)(b) public infrastructure and improvements in a secondary project area, if any;
(2)(c) public infrastructure and improvements in an impacted primary area; and
(2)(d) make the annual payment of principal, interest, premiums, and necessary reserves for any of the aggregate of bonds authorized under Subsection (3).
(3) A creating entity of a major sporting event venue zone may issue bonds, or cause bonds to be issued, as permitted by law, to pay all or part of the costs incurred for the purposes described in Subsections (2)(a) through (c), including the cost to issue and repay the bonds including interest.
(4) (4)(a) A creating entity or fiscal agent designated by a creating entity may create one or more public infrastructure districts within the major sporting event venue zone under Title 17D, Chapter 4, Public Infrastructure District Act, and pledge and utilize the major sporting event venue zone funds to guarantee the payment of public infrastructure bonds issued by a public infrastructure district.
(4)(b) A public infrastructure district created by a creating entity may be designated a fiscal agent by the creating entity.
(5) In addition to the purposes described in Subsection (2), a creating entity or fiscal agent may also allocate major sporting event venue zone funding:
(5)(a) to promote the major sporting event venue;
(5)(b) to mitigate the impacts of the major sporting event venue on local services, including solid waste disposal operations, law enforcement, and road repair and road upgrades; and
(5)(c) as described in Subsection (7).
(6) (6)(a) The creating entity may use major sporting event venue zone revenue to cover the costs of the creating entity to administer the major sporting event venue zone, not to exceed:
(6)(a)(i) 2% of the total annual major sporting event venue zone revenue collected by the creating entity for the benefit of the major sporting event venue zone; or
(6)(a)(ii) if the creating entity provides some major sporting event venue zone revenue to a fiscal agent, 2% of the total annual major sporting event zone revenue retained by the creating entity for the benefit of the major sporting event venue zone.
(6)(b) If the creating entity provides some or all of the major sporting event venue zone revenue to a fiscal agent, the interlocal agreement described in Subsection 11-71-202(3) shall provide that the fiscal agent expends no more than 2% of the major sporting event venue zone revenue allocated by the creating entity to the fiscal agent on the fiscal agent's administrative costs.
(7) A creating entity may provide major sporting event venue zone revenue to a person pursuant to a participation agreement or an agreement described in Section 11-71-301.

Legislative History

Enacted by Chapter 495, 2025 General Session