- Requires the District be established by a petition of owners of at least 200 acres of property, located in a city with a population between 10,000 and 20,000, and within a county with a population between 250,000 and 350,000 (Sec. 2).
- Requires the District be governed by a board of directors consisting of two members from the city government and three members from the general public who have professional experience in finance, real estate, tourism, or entertainment marketing. Members of the board are not to be compensated for their service (Sec. 2).
- Authorizes the District to levy an excise tax on business activity in the district at a rate no higher than ten percent of the gross proceeds of sales or gross income derived from the business, including admission and user fees (Sec. 2).
- Requires the District to provide for the construction, financing, use, furnishing, improvement, operation, marketing, promotion, and maintenance of the regional attraction venue of the District (Sec. 2).
- Exempts the District from ad valorem property taxation (Sec. 2).
- Prohibits board members from having any direct or indirect financial interest in any property, contract, corporation, or other entity related to the District (Sec. 2).
- Prohibits the board from issuing bonds unless private non-governmental entities contribute at least $100 million to the regional attraction venue (Sec. 2).
- Terminates the District if the board fails to issue any bonds by December 31, 2015 (Sec. 2).