VA HB1514 | 2024 | Regular Session
Status
Spectrum: Bipartisan Bill
Status: Engrossed on February 12 2024 - 50% progression
Action: 2024-03-09 - Left in Finance and Appropriations
Pending: Senate Finance and Appropriations Committee
Text: Latest bill text (Comm Sub) [HTML]
Status: Engrossed on February 12 2024 - 50% progression
Action: 2024-03-09 - Left in Finance and Appropriations
Pending: Senate Finance and Appropriations Committee
Text: Latest bill text (Comm Sub) [HTML]
Summary
Virginia Sports and Entertainment Authority and Financing Fund established; report. Establishes the Virginia Sports and Entertainment Authority as a political subdivision charged with financing the construction of a sports and entertainment campus. The Authority is composed of nine members, six of whom are appointed by the Governor and three of whom are appointed by the governing body of the City of Alexandria. Each appointed member is subject to specific criteria for appointment. The bill authorizes the Authority to hire independent contractors, enter contracts, acquire property, borrow money, and exercise other similar powers and exempts it from the Personnel Act and the Public Procurement Act. Under the bill, the Authority may issue bonds with a maximum maturity date of 40 years. Virginia Sports and Entertainment Authority and Financing Fund established; report. Establishes the Virginia Sports and Entertainment Authority as a political subdivision charged with financing the construction of a sports and entertainment campus. The Authority is composed of nine members, six of whom are appointed by the Governor and three of whom are appointed by the governing body of the City of Alexandria. Each appointed member is subject to specific criteria for appointment. The bill authorizes the Authority to hire independent contractors, enter contracts, acquire property, borrow money, and exercise other similar powers and exempts it from the Personnel Act and the Public Procurement Act. Under the bill, the Authority may issue bonds with a maximum maturity date of 40 years. The bill entitles the Authority to the following revenues: (i) sales tax revenues from construction and transactions on the campus, defined in the bill, but certain revenues that current law dedicates to transportation and education are excluded; (ii) all pass-through entity tax revenues and corporate income tax revenues from income generated by the company, defined in the bill, or any professional sports team or any affiliates as well as in the development and construction of the campus; and (iii) all personal income tax revenues from income generated through employment and business activity on the campus. It also authorizes the City of Alexandria to appropriate tax revenues to the Authority. The revenues shall be deposited in the Virginia Sports and Entertainment Authority Financing Fund, created in the bill, from which the Authority will deposit revenues into priority accounts for Authority revenues, debt service, subordinate debt service, reserves, and capital expenditures and maintenance. If the Authority determines that all such accounts are sufficiently funded, the bill directs the Authority to issue the excess to the Commonwealth and the City of Alexandria if so provided for in any bond or financing agreements.
Title
Virginia Sports and Entertainment Authority and Financing Fund; established, report.
Sponsors
Roll Calls
2024-02-13 - House - House: VOTE: Passage (59-Y 40-N) (Y: 59 N: 40 NV: 0 Abs: 1) [PASS]
2024-02-09 - House - House: Reported from Appropriations with substitute (17-Y 3-N) (Y: 17 N: 3 NV: 0 Abs: 2) [PASS]
2024-02-09 - House - House: Reported from Appropriations with substitute (17-Y 3-N) (Y: 17 N: 3 NV: 0 Abs: 2) [PASS]
History
| Date | Chamber | Action |
|---|---|---|
| 2024-03-09 | Senate | Left in Finance and Appropriations |
| 2024-02-14 | Senate | Referred to Committee on Finance and Appropriations |
| 2024-02-14 | Senate | Constitutional reading dispensed |
| 2024-02-13 | House | VOTE: Passage (59-Y 40-N) |
| 2024-02-13 | House | Read third time and passed House (59-Y 40-N) |
| 2024-02-12 | House | Engrossed by House - committee substitute HB1514H1 |
| 2024-02-12 | House | Committee substitute agreed to 24107456D-H1 |
| 2024-02-12 | House | Read second time |
| 2024-02-11 | House | Read first time |
| 2024-02-09 | House | Committee substitute printed 24107456D-H1 |
| 2024-02-09 | House | Reported from Appropriations with substitute (17-Y 3-N) |
| 2024-01-19 | House | Referred to Committee on Appropriations |
| 2024-01-19 | House | Presented and ordered printed 24103206D |
Same As/Similar To
SB718 (Similar To) 2024-02-14 - Left in Finance and Appropriations
