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Synopsis of Committee Amendments

Legislative Service Commission

Sub. H.B. 393
125th General Assembly
(S. Finance and Financial Institutions)

For purposes of a motorsports complex, specifies that the facility itself must be owned by the state or a governmental agency, rather than owned by or located on property owned by the state or a governmental agency.
Defines "motorsports" as sporting events in which motor vehicles are driven on a clearly demarcated tracked surface.
Requires motorsports events to be presented at a facility pursuant to a lease entered into with the facility owner for a statutorily determined minimum number of years.
Requires any motorsports organization committing to use a facility for an established period of time to provide the political subdivision in which the facility is located at least six months notice if the organization intends to stop utilizing the facility prior to the expiration of that established period.
Specifies that any motorsports organization that stops utilizing a facility prior to the expiration of the established period of time is liable to the state for any state funds used on the construction costs of the facility.

H0393-125.doc/th                                                                                                    05/26/04