Title
Theme Park Districts Extension Legislative Update
Description
This report provides the Workforce and Economic Development Subcommittee with information regarding the Theme Park District Reauthorization and Changes.
THIS ITEM IS FOR INFORMATION AND DISCUSSION.
Report
Summary
The Arizona Legislature passed House Bill (H.B.) 2835, which the Governor signed on April 28, 2021. This legislation authorizes the City of Phoenix and Maricopa County to jointly form a theme park district, which is an independent taxing authority with the ability to issue up to $2 billion in bonds. The previous theme park district sunset last year.
The bonds would be paid off by a new tax levied by the theme park district of up to nine percent on the sales or gross income derived from the theme park site, such as admissions and concessions. The board would be made up of four members, including a Phoenix City Councilmember, a Maricopa County Supervisor, and two members of the general public appointed by the Arizona Legislature. The definition of a theme park was expanded to include sports facilities. Should a developer approach the City about forming a theme park district, staff would return to the Subcommittee with details of any proposal.
Financial Impact
There is no impact to the General Fund as a result of this legislation.
Department
Responsible Department
This item is submitted by City Manager Ed Zuercher and the Office of Government Relations.