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Committee hears cleanup bill to clarify sports facility "turn back" process and lease terms
Summary
Senator Tony Sorrentino presented LB 314 to clarify when public/private co-applicants may seek turn back sales-tax funds for sports facilities and to cap lease terms at 20 years; proponents said improved clarity would help development and cited sizable local economic impacts from youth sports events.
Senator Tony Sorrentino told the Revenue Committee that LB 314 is a cleanup bill to clarify provisions in the Sports Facility Financing Assistance Act that govern so-called "turn back" sales-tax districts for qualifying sports facilities. The bill would clarify when co-applicants — a political subdivision and a nonprofit organization — may apply for turn back funds, and would limit lease terms for public use of a privately owned sports facility to no more than 20 years.
Sorrentino described the application timeline and eligibility currently in law: the turn back zone measures increased sales tax revenue within 600 yards of a qualifying facility, comparing…
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