HB 2361 Summary

• State treasurer shall pay $1,500,000 annually from the general fund to the office of tourism for promotion and marketing of a special sporting event at a host facility, in twelve equal monthly installments beginning fiscal year 2021-2022.

• Office of tourism shall contract with a promotion and marketing vendor with requisite capabilities and expertise; if a competitive solicitation is developed, evaluation must follow state procurement rules with a committee including representatives from state procurement office, office of tourism, and the host facility.

• Payments are contingent on the host facility incurring at least $100,000,000 in special sporting event project costs from December 31, 2016 onward, with the host facility reporting compliance by December 31, 2020 and the joint legislative budget committee certifying the expenditures.

• Annual appropriation of $1,500,000 continues through fiscal year 2050-2051, provided requirements are met.

• "Special sporting event" is defined as a sporting event sanctioned by a nationally recognized premier national auto racing series governing body that establishes rules, regulations, and liability requirements for all participants and conductors of events.