SB727: Virginia Football Stadium Authority; established, definitions, report.

Legislative Summary

Virginia Football Stadium Authority. Establishes the Virginia Football Stadium Authority as a political subdivision charged with financing the construction of a football stadium and related facilities. The Authority is authorized to hire independent contractors, enter contracts, acquire property, borrow money, and exercise other similar powers. The Authority is exempt from the Personnel Act and the Public Procurement Act. The Authority may issue bonds with a maximum maturity date of 40 years. Virginia Football Stadium Authority. Establishes the Virginia Football Stadium Authority as a political subdivision charged with financing the construction of a football stadium and related facilities. The Authority is authorized to hire independent contractors, enter contracts, acquire property, borrow money, and exercise other similar powers. The Authority is exempt from the Personnel Act and the Public Procurement Act. The Authority may issue bonds with a maximum maturity date of 40 years. The bill entitles the Authority to sales tax revenues from transactions at the stadium but would exclude certain revenues that current law dedicates to transportation and education. The bill also entitles the Authority to corporate income tax revenues from football teams that use the stadium and personal income tax revenues from income generated by employment or the conduct of business at the stadium. The Authority receives all corporate income tax revenues but only 4.25 percent of personal income tax revenues. Remaining personal income tax revenues accrue to the general fund. The Authority is made up of nine members appointed by the Governor and subject to confirmation by the General Assembly. Four of the nine members are appointed from a list chosen by the football team that primarily will use the stadium. The bill enables localities to exercise their eminent domain power to acquire property and convey it to the Authority. It also authorizes localities to appropriate tax revenues to the Authority.