Signed by Governor Janet Napolitano

Vote Smart's Synopsis:

Vote to pass a bill that authorizes the creation of "regional attraction districts" featuring theme parks.

Highlights:

-Authorizes the creation in qualifying cities of "regional attraction districts," which are corporate and political bodies with the rights, powers, and immunities of a municipal corporation that encompass between 200 and 950 acres and feature theme parks (Sec. 2). -Mandates that a board of directors consisting of five members (two of which are local city government officials and three of which are appointed by state government officials) shall govern the "regional attraction district" (Sec. 2). -Specifies that the district shall be responsible for the construction, financing, use, furnishing, improvement, operation, marketing, promotion, and maintenance of a theme park (Sec. 2). -Allows the district to enter into agreements with contractors, developers, and architects to arrange for the construction of the theme park (Sec. 2). -Allows the district to issue up to $750 million in bonds to provide for expenses associated with the theme park (Sec. 2). -Allows the district to levy sales or income taxes of up to 10 percent (Sec. 2).

Full Bill Text

Vote Smart's Synopsis:

Vote to pass a bill that authorizes the establishment of Regional Attraction Districts for the purpose of levying taxes and issuing up to $750 million in revenue bonds to fund theme parks.

Highlights:

- 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).

Full Bill Text