Title
AN ACT CONCERNING IMMERSIVE ENTERTAINMENT VENUE COMMUNITY IMPACT FUNDING for the purpose of reserving a certain percentage of all revenue directly attributable to an Immersive Entertainment Venue for use in impacted communities within a six (6) mile radius of the Immersive Entertainment Venue; creating the Sphere Community Impact Fund; defining certain terms; providing for the use of reserved revenue; and generally relating to revenue attributable to an Immersive Entertainment Venue.
Background
This legislation establishes the Sphere Community Impact Fund to reserve a portion of County revenues directly attributable to an Immersive Entertainment Venue for the benefit of communities and neighborhoods within a six (6) mile radius of the venue that experience direct or measurable impacts associated with its construction, development, or operation.
The legislation requires fifteen percent (15%) of applicable revenues directly attributable to the Immersive Entertainment Venue to be deposited into the non-lapsing Sphere Community Impact Fund. Applicable revenues include real property taxes, excluding incremental real property taxes deposited into the National Harbor Development District Tax Increment Fund, personal property taxes, and admissions and amusement taxes. Fifty percent (50%) of the Fund is dedicated to community programs, services, initiatives, grants, and other community-based investments. The remaining fifty percent (50%) is dedicated to infrastructure improvements, capital projects, transportation improvements, public facilities, and other physical improvements benefiting the Sphere Community Impact Area.
The Council will designate, by resolution, a community-based body to identify community priorities and recommend eligible uses of the Fund. The County will develop a multiyear Sphere Community Impact and Infrastructure Plan in consultation with the designated community-based body. The Plan is subject to Council review and comment and, following community review, Council approval by resolution after published notice and a public hearing. The legislation also requires dedicated accounting and annual reporting concerning revenues, allocations, expenditures, funded programs and projects, geographic distribution of expenditures, remaining balances, and the status of recommended projects and programs. The fiscal impact will depend upon the amount of County revenue directly attributable to the Immersive Entertainment Venue. Fifteen percent (15%) of qualifying revenues will be reserved for the Sphere Community Impact Fund and allocated in accordance with the legislation.