SB 1118 Summary

• Creates a new university athletic facilities district that can be established by a county board of supervisors where a state-supported university exists, with district boundaries limited to contiguous exterior boundaries of Arizona Board of Regents-owned real property.

• Establishes an assessment in lieu of property tax on prime commercial lessees of Board of Regents property within the district, with the assessment rate determined annually by the board but not to exceed composite tax rates of taxing jurisdictions where the property is located.

• Authorizes the district to construct, reconstruct, finance, furnish, maintain and improve intercollegiate athletic facilities on Board of Regents property using revenues from the assessments, but prohibits the district from acquiring or owning real property or interests in real property.

• Requires the district to be governed through an intergovernmental agreement between the county and the Arizona Board of Regents, with the county treasurer serving as the district treasurer and all assessment revenues deposited in the district fund.

• Allows the district to pledge assessment revenues to secure bonds or other financial obligations, provided the district continues to collect assessments adequate to cover all debt service requirements.