Section 10-1003 - [Expires 7/1/2029] Purpose(a) The purpose of the Authority is to maintain the State as a best-in-class thoroughbred horse racing venue.(b) The Authority may:(1) study and make any recommendations that the Authority finds are in the best interests of thoroughbred racing in the State;(2) in coordination with other State entities, develop new and existing horse racing and training facilities in the State;(3) subject to the approval of an agreement by the Board of Public Works, manage and oversee, in compliance with Title 11, Subtitle 5 of the Business Regulation Article:
(i) day-to-day thoroughbred horse racing operations;(ii) live racing days; and(iii) assets in the State; (4) in coordination with the Maryland Economic Development Corporation, acquire property or contractual interests consistent with § 11-521 of the Business Regulation Article and the procedures set forth in §§ 8-334 through 8-339 of the Transportation Article;(5) enter into any agreements, leases, partnerships, or contracts necessary to: (i) support and sustain Maryland thoroughbred racing and pari-mutuel wagering activity; and(ii) ensure compliance with State Racing Commission rules and regulations;(6) authorize or create a separate body, entity, or holding company to carry out any provisions of this subtitle;(7) adopt regulations to carry out the provisions of this subtitle; and(8) make any other recommendations the Authority deems necessary. (c)(1) The Authority shall prepare accrual basis financial statements at the close of each fiscal year.(2) The accrual basis financial statements shall describe the current financial conditions of the Authority for the year and provide a statement of operating profit or loss.(3) Subject to paragraph (4) of this subsection, beginning with the first full year of thoroughbred racing operations at the newly constructed Pimlico racing facility, 10% of the annual net income of the Authority shall be distributed each year in accordance with § 9-1 A -31(a)(3)(ii)of the State Government Article.(4) Prior to calculating the amount to be distributed under paragraph (3) of this subsection, the annual net income of the Authority shall be reduced by the cumulative operating losses carried forward, if any, from prior years of operation.(d)(1) At least 45 days before the Authority enters into a lease of the Pimlico racing facility site, the Authority shall submit a copy of the lease to the Legislative Policy Committee.(2) The Legislative Policy Committee shall have up to 45 days after the lease is submitted to the Committee under paragraph (1) of this subsection to review and comment on the lease.Amended by 2024 Md. Laws, Ch. 410,Sec. 3, eff. 6/1/2024.Added by 2023 Md. Laws, Ch. 111, Sec. 2, eff. 6/1/2023, exp. 7/1/2029.