Section 63N-3-1401 - DefinitionsAs used in this part:
(1) "Committee" means the Revitalization Zone Committee created in Section 63N-3-1407.(2) "Franchise agreement" means a legally binding and valid agreement under which:(a) a major professional sports league has awarded a franchise to a franchise recipient; and(b) the major professional sports league team that is the subject of the agreement is playing, or will play, home games in a qualified stadium that exists or will be constructed within the project area.(3) "Local government" means the municipality in which the project area is located.(4) "Major professional sports league" means the National Basketball Association or the National Hockey League.(5) "Project area" means the area created and designated to receive funds and revenue according to the terms and requirements of this part.(6) "Project participant" means a person that is approved to participate in the use of public funds in a project area according to the procedures and requirements of this part.(7) "Qualified stadium" means a sports facility that:(a) provides seating for spectators in a number that is reasonably consistent with the capacity of other stadiums used by other teams in the major professional sports league;(b) is located within the project area; and(c)(i) is in active use as the home venue of a major professional sports league team; or(ii) in the case of a stadium that is proposed to be constructed or remodeled, will be the home venue of a major professional sports league.(8) "Taxing entity" means the same as that term is defined in Section 17C-1-102.Added by Chapter 436, 2024 General Session ,§ 2, eff. 5/1/2024.