HF 2965

as introduced - 87th Legislature (2011 - 2012) Posted on 03/26/2012 11:17am

A bill for an act
relating to sports; requiring market rate rent for publicly owned stadiums and
sports facilities serving a professional sports franchise; proposing coding for new
law in Minnesota Statutes, chapter 473.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

Section 1.

new text begin [473.775] RENT AT PUBLICLY OWNED STADIUMS.
new text end

new text begin Notwithstanding any law, ordinance, or charter provision to the contrary, no
government entity that owns a stadium or sports facility that serves a professional sports
team may charge a rent that is significantly lower than market rates, as determined by a
publicly published market comparison prepared by the government entity, measuring
proposed rents with those charged in other jurisdictions for other publicly owned stadiums
and sports facilities, including an assessment of market conditions. For purposes of this
section, "government entity" means any state agency or political subdivision of the state.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective the day following final enactment,
and applies to any new rent agreement or lease, or to any renewed or renegotiated rent
agreement or lease entered into on or after that date.
new text end