AZ SB1203

Adds "multipurpose event center" to the definition of infrastructure that a revitalization district can finance, explicitly excluding professional sports stadiums and related facilities from district financing.

Modifies district board composition to require three directors who own real property in the district; for districts with three or more municipalities, allows municipalities to agree on appointment procedures rather than requiring a specific structure.

Changes subsequent board member selection from appointed positions to elected positions by real property owners, with four-year terms replacing the previous one-year initial term structure.

Removes annual tax levies from the list of available financing sources for district projects and eliminates the tax limitation default of 30 cents per $100 assessed value unless voters approve a higher rate.

Expands voter eligibility in district elections to include both property owners and qualified electors for ad valorem tax elections, and clarifies dissolution election procedures to be determined by property owner votes using an acreage-based voting system.