Section 10-621 - Sale of seat licenses.

§ 10-621. Sale of seat licenses.
 

(a)  Use of proceeds.- Except as provided in subsection (b) of this section, proceeds derived from the sale of permanent seat licenses at a professional sports stadium constructed in the State by the Authority for a professional sports team that relocates from another jurisdiction to the State may be used only for: 

(1) amounts that are owed to a national sports league or association as a result of the costs of the relocation of a professional sports team from another jurisdiction to the State; 

(2) the design and construction costs of necessary training facilities; 

(3) the reasonable costs of moving and relocation, including: 

(i) the physical movement of property; 

(ii) land and air travel costs; 

(iii) employee severance costs; and 

(iv) employee relocation costs; 

(4) amounts owed to the other jurisdiction and other interested parties claiming rights because of the relocation of the professional sports team to the State, including any amounts paid to the other jurisdiction or interested parties to resolve the claims; 

(5) the repayment of bonds or other indebtedness incurred by or for the benefit of the team in connection with facilities that the relocated professional sports team used or occupied in the other jurisdiction; 

(6) payments to the Authority; or 

(7) other reasonable costs and expenses incurred or losses sustained because of the relocation. 

(b)  Use of excess proceeds.- Proceeds derived from the sale of personal seat licenses that exceed the costs described in subsection (a) of this section: 

(1) may not accrue directly to the benefit of an individual or private entity; and 

(2) shall be held by the Authority for stadium construction and maintenance of the professional sports stadium in the State the relocated professional sports team uses. 
 

[FI § 13-724; 2008, ch. 306, § 2.]