SB 2596

Abstract

Creates the Fan-Funded Stadium Act. Provides that, if any professional sports team (i) uses a tax-supported facility for most of its home games during the regular season of the professional sports league in which the team participates and (ii) receives financial assistance from the State or a political subdivision of the State, then that professional sports team shall not cease playing most of its home games at the tax-supported facility and begin playing most of its home games elsewhere unless the owner of the professional sports team enters into an agreement with the municipality in which the tax-supported facility is located permitting the team to play most of its home games elsewhere or gives the municipality in which the facility is located not less than 6 months' advance notice of the owner's intention for the team to cease playing most of its home games at the facility and gives the municipality or any individual or group of individuals who reside in the area the opportunity to purchase the team.