Md. Code Ann., Econ. Dev. § 10-644
Redline — January 1, 2019 → current.View current text →
Current — January 1, 2023
As of January 1, 2019
(a) Except as allowed by § 10-639 of this subtitle, to finance acquisition and construction of any segment of a sports facility, the Authority shall comply with this section.
(a) Except as allowed by § 10-639 of this subtitle, to finance acquisition and construction of any segment of a sports facility, the Authority shall comply with this section.
(b) The Authority shall provide certification to the Legislative Policy Committee and the Board of Public Works, supported by a detailed report, that the Authority has attempted: (1) to maximize private investment in the sports facility proposed to be financed; and (2) with respect to a baseball or football stadium, to maximize the State’s ability to ensure that the professional baseball and football franchises will remain permanently in the State.
(b) The Authority shall provide certification to the Legislative Policy Committee and the Board of Public Works, supported by a detailed report, that the Authority has: (1) attempted to maximize private investment in the sports facility proposed to be financed; and (2) with respect to a baseball or football stadium, negotiated a lease or a renewal or extension of a lease that will not terminate prior to the maturity date or payoff of any bonds issued for the stadium.
(c) The Authority shall provide to the fiscal committees of the General Assembly, at least 45 days before seeking approval of the Board of Public Works for each bond issue or other borrowing, a comprehensive financing plan for the relevant segment of the facility, including the effect of the financing plan on financing options for other segments of the facility and anticipated revenues from private investment.
(c) The Authority shall provide to the fiscal committees of the General Assembly, at least 45 days before seeking approval of the Board of Public Works for each bond issue or other borrowing, a comprehensive financing plan for the relevant segment of the facility, including the effect of the financing plan on financing options for other segments of the facility and anticipated revenues from private investment.
(d) The Authority shall obtain the approval of the Board of Public Works of the proposed bond issue and the financing plan.
(d) The Authority shall obtain the approval of the Board of Public Works of the proposed bond issue, the lease or a renewal or extension of a lease described under subsection (b)(2) of this section, and the financing plan.
(e) The Authority shall secure, as approved by the Board of Public Works:
(1) with respect to site acquisition and the construction of a baseball stadium, a long-term lease for a major league professional baseball team; or
(2) subject to § 10-617 of this subtitle, with respect to site acquisition and the construction of a football stadium:
(i) a franchise for a National Football League team; and
(ii) a long-term lease that includes a provision requiring the football team that leases the stadium to agree to reimburse the Authority:
1. for $24,000,000 in stadium construction costs, including the construction, fitting out, and furnishing of the private suites that are part of the football stadium; and
2. on the terms and conditions determined by the Authority.
Official source: Maryland General Assembly. Reproduced from public-domain Maryland statutes; confirm against the official source for the current text. Not legal advice.