HB 2445 Summary

• Establishes the state capitol centennial restoration trust fund administered by the legislative governmental mall commission to receive revenues for restoration, renovation, and maintenance of the state capitol building and related infrastructure.

• Creates economic recapture districts that can be formed by municipalities or counties from October 1, 2012 through June 30, 2019, with boundaries aligned to census blocks and limited to no more than 15 percent of any county, city, or town's land area.

• Directs the state treasurer to distribute one-half of net new state transaction privilege tax revenues generated within each district equally between the district and the state capitol centennial restoration trust fund, with the remainder going to the state general fund.

• Establishes the state capitol and economic recapture oversight commission consisting of legislators, state officials, and public members to review capital improvement plans and monitor district revenues and trust fund transactions.

• Authorizes districts to issue bonds, enter contracts, acquire property, and make qualified expenditures for public infrastructure and facilities related to tourism, sports, cultural, civic, and convention activities, with all districts required to terminate by June 30, 2053.