AZ HB2514

Allows municipalities and counties to establish economic recapture districts between October 1, 2013 and June 30, 2020 for tourism, sporting, cultural, civic, trade show, convention, or public facilities projects, with districts requiring public hearings and district boundaries limited to 15% of a jurisdiction's land area.

Districts may be formed by individual jurisdictions or jointly by multiple jurisdictions, with governing boards composed of representatives from participating jurisdictions; establishment may occur through ordinance/resolution or voter approval.

State treasurer shall distribute 50% of net new state transaction privilege tax revenues collected within district boundaries to the district each month, with the remaining 50% going to the state general fund, continuing until district debt service obligations are satisfied.

Districts may issue bonds secured by pledged revenues and are authorized to contract, acquire property, hire professional services, and use revenues for qualified expenses including public infrastructure, improvements, utilities, engineering services, equipment, and furnishings.

All districts must terminate by June 30, 2054; districts may be dissolved earlier by majority board vote with a plan of termination, at which time all assets transfer to participating jurisdictions.