HB2835 Summary

• Extends the deadline for Arizona theme park districts to issue bonds from December 31, 2020 to December 31, 2031, and repeals the chapter if bonds are not issued by that date.

• Increases the maximum principal amount of outstanding bonds that can be issued by all districts from $1 billion to $2 billion at any given time.

• Modifies district formation requirements to allow a single city (rather than requiring multiple cities and a county) to establish a district, with property limited to only contiguous parcels within that city.

• Allows districts to lease property and conduct renovations/redevelopment of existing buildings, not just new construction, and permits the district board to approve all architects, designers, engineers and contractors selected by developers.

• Adds restrictions on lessees/operators of theme parks when bonds are outstanding, prohibiting relocation, significant operational reductions, termination of agreements, or participation in other districts or professional sports facilities outside the district.