1. The authority shall establish and administer the Iowa major events and tourism program to provide financial assistance to eligible entities that support events in this state, or support events involving a geographic region that includes this state, and the event generates large attendance, significant publicity, and has a measurable economic impact on this state.
2. The program shall be administered for the purpose of awarding financial assistance to an eligible entity for any of the following purposes:
a. To pay for or reimburse the costs incurred by the entity to apply or bid for selection as the site for the event.
b. To pay for or reimburse the costs incurred by the entity to plan or to conduct the event, including any fees charged by a site selection organization as a prerequisite to hosting the event, including but not limited to hosting fees, sanctioning fees, participation fees, operational fees, or bid fees.
NEW section