SB0326: Professional sports and convention development areas.

Legislative Summary

Professional sports and convention development areas. Adds certain city facilities located in the city of South Bend to the tax area of the South Bend professional sports and convention development area (PSCDA). Increases the maximum amount of covered taxes that may be captured in the PSCDA from $2,000,000 to $5,000,000. Provides that the first $2,500,000 of captured taxes each year shall be transferred to the city of South Bend to be used for capital improvements for a facility owned by the city and used by a professional sports franchise. Provides that the remaining captured taxes each year shall be transferred to the city of South Bend to be used consistent with specified uses under current law. Provides that the South Bend PSCDA terminates not later than June 30, 2044. Increases the amount of revenue that may be captured in a PSCDA (other than a PSCDA in Allen County or South Bend) to an amount that may not exceed $10 (instead of $5 under current law) per resident. Authorizes the city of Fishers to establish a professional sports development area. Provides that, for a professional sports development area established in the city of Fishers, the maximum amount of covered taxes that may be captured is $2,000,000 per year. Specifies the uses of the captured tax revenue. Provides that the professional sports development area terminates not later than June 30, 2044.