5-1139
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5-1139. Conditional reduction of district taxes (Conditionally Rpld.) A. If, seventy-two months after the district is established, at least two major league baseball franchises have not executed binding contractual agreements for use of stadiums and other facilities in the district as their exclusive sites for spring training operations for terms of at least ten years, the respective tax rates prescribed by sections 5-1133 through 5-1137 are reduced by fifty per cent as provided by paragraph 2 of this subsection, and the district shall use all revenues produced by the reduced rates exclusively for the promotion of youth and amateur sports as provided by section 5-1107. If the condition described by this subsection occurs: 1. The executive director shall notify the department of revenue in writing on or before the date that is seventy-two months after the district is established. 2. The reduced tax rates are effective on the first day of the first month that is at least ninety days after the date of notification. B. If, at any subsequent time, at least two major league baseball franchises execute binding contractual agreements for use of stadiums and other facilities in the district as their exclusive sites for spring training operations for terms of at least ten years, the respective tax rates prescribed by sections 5-1133 through 5-1137 shall be reinstated at the full amounts as provided by paragraph 2 of this subsection, and the district shall use the revenues as provided by law without condition. If the condition described by this subsection occurs: 1. The executive director shall notify the department of revenue in writing on or before the date that the second contract is entered into. 2. The increased tax rates are effective on the first day of the first month that is at least ninety days after the date of notification. |