AZ HB2035

Establishes a new type of county stadium district under section 48-4202(C) for counties containing state-supported universities, with boundaries limited to Arizona Board of Regents property excluding parcels under existing ground leases or lease options.

Allows the Board of Regents to work with county boards of supervisors through intergovernmental agreements to establish a board of directors and fund improvements to intercollegiate athletic facilities.

Creates a new assessment mechanism (section 48-4235) on prime commercial lessees of Board of Regents property in lieu of property tax, with rates determined annually but not exceeding composite tax rates of all taxing jurisdictions where the property is located.

Permits districts to construct, reconstruct, finance, furnish, maintain and improve existing intercollegiate athletic facilities including utilities, roads, parking areas and buildings necessary for full use of the athletic facilities.

Expands the definition of "stadium" to include intercollegiate athletic events in addition to major league baseball events, and clarifies that Board of Regents districts cannot acquire or own real property.