HB 4816 Summary

• Establishes the Regional Event Center Financing Act allowing municipalities meeting specific population criteria to create event center financing programs through local ordinance.

• Permits municipalities to impose an assessment of up to 4% on room charges from transient facilities (hotels with 35+ rooms) to fund event center acquisition, construction, and maintenance.

• Requires a referendum among transient facility owners where each owner has one vote per room; assessment becomes effective only if a majority approves and votes represent 60% or more of total rooms in the district.

• Assessment revenues must be deposited in a special fund used solely for administration, financing of convention facilities, or rental payments to authorities that own and lease facilities to the municipality.

• Establishes payment procedures requiring owners to remit assessments within 30 days of month-end, with 1.5% monthly interest on late payments and 10% monthly delinquency charges for payments over 90 days late.