HF 1688

as introduced - 79th Legislature (1995 - 1996) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act 
  1.2             relating to government; providing for the ownership, 
  1.3             financing, and use of certain sports facilities; 
  1.4             permitting the issuance of bonds and other 
  1.5             obligations; appropriating money; amending Minnesota 
  1.6             Statutes 1994, sections 240A.08; 473.551, subdivisions 
  1.7             8 and 17; 473.552; 473.556, subdivisions 4, 5, and 16; 
  1.8             473.592, subdivision 1; 473.595, subdivisions 1a, 2, 
  1.9             and 6; 473.598; and 473.599; repealing Minnesota 
  1.10            Statutes 1994, section 473.556, subdivision 17. 
  1.11  BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.12     Section 1.  Minnesota Statutes 1994, section 240A.08, is 
  1.13  amended to read: 
  1.14     240A.08 [APPROPRIATION.] 
  1.15     $750,000 is appropriated annually from the general fund to 
  1.16  the Minnesota amateur sports commission for the purpose of 
  1.17  entering into long-term leases, use, or other agreements with 
  1.18  the metropolitan sports facilities commission city of 
  1.19  Minneapolis for the conduct of amateur sports activities at the 
  1.20  basketball and hockey arena, consistent with the purposes set 
  1.21  forth in this chapter, including (1) stimulating and promoting 
  1.22  amateur sports, (2) promoting physical fitness by promoting 
  1.23  participation in sports, (3) promoting the development of 
  1.24  recreational amateur sport opportunities and activities, and (4) 
  1.25  promoting local, regional, national, and international amateur 
  1.26  sport competitions and events.  The metropolitan sports 
  1.27  facilities commission city may allocate 50 dates a year for the 
  1.28  conduct of amateur sports activities at the basketball and 
  2.1   hockey arena by the amateur sports commission.  At least 12 of 
  2.2   the dates must be on a Friday, Saturday, or Sunday.  If any 
  2.3   amateur sports activities conducted by the amateur sports 
  2.4   commission at the basketball and hockey arena are restricted to 
  2.5   participants of one gender, an equal number of activities on 
  2.6   comparable days of the week must be conducted for participants 
  2.7   of the other gender, but not necessarily in the same year.  The 
  2.8   legislature reserves the right to repeal or amend this 
  2.9   appropriation, and does not intend this appropriation to create 
  2.10  public debt. 
  2.11     Sec. 2.  Minnesota Statutes 1994, section 473.551, 
  2.12  subdivision 8, is amended to read: 
  2.13     Subd. 8.  [SPORTS FACILITY OR SPORTS FACILITIES.] "Sports 
  2.14  facility" or "sports facilities" means real or personal property 
  2.15  comprising a stadium, stadiums, or arenas suitable for 
  2.16  university or major league professional baseball, for university 
  2.17  or major league professional football and soccer, or for both, 
  2.18  or for university or major league hockey or basketball, or for 
  2.19  both, together with adjacent parking facilities, including on 
  2.20  the effective date of Laws 1994, chapter 648, the metrodome, the 
  2.21  met center, and, upon acquisition by the commission city of 
  2.22  Minneapolis, the basketball and hockey arena. 
  2.23     Sec. 3.  Minnesota Statutes 1994, section 473.551, 
  2.24  subdivision 17, is amended to read: 
  2.25     Subd. 17.  [BASKETBALL AND HOCKEY ARENA DEBT SERVICE.] 
  2.26  "Basketball and hockey arena debt service" means the principal 
  2.27  and interest due each year on all bonds or revenue anticipation 
  2.28  certificates issued by the council city of Minneapolis under 
  2.29  section 473.599. 
  2.30     Sec. 4.  Minnesota Statutes 1994, section 473.552, is 
  2.31  amended to read: 
  2.32     473.552 [LEGISLATIVE POLICY; PURPOSE.] 
  2.33     The legislature finds that 
  2.34     (a) the population in the metropolitan area has a need for 
  2.35  sports facilities and that this need cannot be met adequately by 
  2.36  the activities of individual municipalities, by agreements among 
  3.1   municipalities, or by the private efforts of the people in the 
  3.2   metropolitan area, 
  3.3      (b) the commission's ownership and operation of the 
  3.4   metrodome and met center has met in part the foregoing need and 
  3.5   has promoted the economic and social interests of the 
  3.6   metropolitan area, of the state, and of the public, and 
  3.7      (c) the commission's acquisition by the city of Minneapolis 
  3.8   of the basketball and hockey arena on the terms and conditions 
  3.9   provided in sections 473.598 and 473.599 shall similarly and 
  3.10  more fully meet the foregoing needs and promote these interests. 
  3.11  It is therefore necessary for the public health, safety and 
  3.12  general welfare to establish a procedure for the acquisition and 
  3.13  betterment of sports facilities and to create a metropolitan 
  3.14  sports facilities commission. 
  3.15     Sec. 5.  Minnesota Statutes 1994, section 473.556, 
  3.16  subdivision 4, is amended to read: 
  3.17     Subd. 4.  [EXEMPTION OF PROPERTY.] Any real or personal 
  3.18  property acquired, owned, leased, controlled, used, or occupied 
  3.19  by the commission for any of the purposes of sections 473.551 to 
  3.20  473.599 is declared to be acquired, owned, leased, controlled, 
  3.21  used and occupied for public, governmental, and municipal 
  3.22  purposes, and shall be exempt from ad valorem taxation by the 
  3.23  state or any political subdivision of the state, provided that 
  3.24  such properties shall be subject to special assessments levied 
  3.25  by a political subdivision for a local improvement in amounts 
  3.26  proportionate to and not exceeding the special benefit received 
  3.27  by the properties from the improvement.  No possible use of any 
  3.28  such properties in any manner different from their use under 
  3.29  sections 473.551 to 473.599 at the time shall be considered in 
  3.30  determining the special benefit received by the properties.  All 
  3.31  assessments shall be subject to final confirmation by the 
  3.32  council, whose determination of the benefits shall be conclusive 
  3.33  upon the political subdivision levying the assessment.  
  3.34  Notwithstanding the provisions of section 272.01, subdivision 2, 
  3.35  or 273.19, real or personal property leased by the commission to 
  3.36  another person for uses related to the purposes of sections 
  4.1   473.551 to 473.599, including the operation of the metrodome, 
  4.2   met center, and, if acquired by the commission city of 
  4.3   Minneapolis, the basketball and hockey arena shall be exempt 
  4.4   from taxation regardless of the length of the lease.  The 
  4.5   provisions of this subdivision, insofar as they require 
  4.6   exemption or special treatment, shall not apply to any real 
  4.7   property comprising the met center which is leased by the 
  4.8   commission for residential, business, or commercial development 
  4.9   or other purposes different from those contemplated in sections 
  4.10  473.551 to 473.599. 
  4.11     Sec. 6.  Minnesota Statutes 1994, section 473.556, 
  4.12  subdivision 5, is amended to read: 
  4.13     Subd. 5.  [FACILITY OPERATION.] The commission may equip, 
  4.14  improve, operate, manage, maintain, and control the metrodome, 
  4.15  met center, basketball and hockey arena and sports facilities 
  4.16  constructed, remodeled, or acquired under the provisions of 
  4.17  sections 473.551 to 473.599. 
  4.18     Sec. 7.  Minnesota Statutes 1994, section 473.556, 
  4.19  subdivision 16, is amended to read: 
  4.20     Subd. 16.  [AGREEMENTS WITH AMATEUR SPORTS COMMISSION.] (a) 
  4.21  The commission city of Minneapolis and the Minnesota amateur 
  4.22  sports commission created pursuant to chapter 240A may enter 
  4.23  into long-term leases, use or other agreements for the conduct 
  4.24  of amateur sports activities at the basketball and hockey arena, 
  4.25  and the net revenues from the activities may be pledged for 
  4.26  basketball and hockey arena debt service.  The commission city, 
  4.27  with the advice of the Minnesota amateur sports commission, 
  4.28  shall establish standards to provide reasonable assurances to 
  4.29  other public bodies owning or operating an entertainment or 
  4.30  sports complex or indoor sports arena in the metropolitan area 
  4.31  that the agreements between the commission city and the 
  4.32  Minnesota amateur sports commission with respect to the 
  4.33  basketball and hockey arena shall not remove the conduct of 
  4.34  amateur sports activities currently and traditionally held at 
  4.35  such facilities.  
  4.36     (b) Any long-term lease, use, or other agreement entered 
  5.1   into by the Minnesota amateur sports commission with the 
  5.2   commission city under paragraph (a) must also: 
  5.3      (1) provide for a release of the Minnesota amateur sports 
  5.4   commission from its commitment under the agreement if the 
  5.5   legislature repeals or amends a standing appropriation or 
  5.6   otherwise does not appropriate sufficient money to fund the 
  5.7   lease or agreement to the Minnesota amateur sports commission; 
  5.8   and 
  5.9      (2) provide for a release of the Minnesota amateur sports 
  5.10  commission from its commitment under the agreement and permit it 
  5.11  to agree to a per event use fee when the bonds issued for the 
  5.12  metrodome under section 473.581 have been retired. 
  5.13     (c) No long-term lease, use, or other agreement entered 
  5.14  into by the Minnesota amateur sports commission under paragraph 
  5.15  (a) may commit the amateur sports commission to paying more than 
  5.16  $750,000 per year.  
  5.17     (d) Any long-term lease, use, or other agreement entered 
  5.18  into under paragraph (a) shall provide that the Minnesota 
  5.19  amateur sports commission shall be entitled to use of the 
  5.20  basketball and hockey arena for 50 event days per year.  In 
  5.21  addition, any long-term lease, use, or other agreement entered 
  5.22  into under paragraph (a) shall permit the Minnesota amateur 
  5.23  sports commission to allow another person or organization to use 
  5.24  one or more of its days.  
  5.25     Sec. 8.  Minnesota Statutes 1994, section 473.592, 
  5.26  subdivision 1, is amended to read: 
  5.27     Subdivision 1.  [LOCAL SALES TAX.] The city of Minneapolis 
  5.28  may enter into agreements with the metropolitan council and the 
  5.29  commission which requires the municipality to impose a sales 
  5.30  tax, supplemental to the general sales tax imposed in chapter 
  5.31  297A, for the purposes and in accordance with the requirements 
  5.32  specified in sections 473.551 to 473.599.  The tax may be 
  5.33  imposed: 
  5.34     (a) on the gross receipts from all retail on-sales of 
  5.35  intoxicating liquor and fermented malt beverages when sold at 
  5.36  licensed on-sale liquor establishments and municipal liquor 
  6.1   stores located within the municipality, 
  6.2      (b) notwithstanding any limitations of Laws 1986, chapter 
  6.3   396, section 5, clause (2), on the gross receipts from the 
  6.4   furnishing for consideration of lodging for a period of less 
  6.5   than 30 days at a hotel, motel, rooming house, tourist court, or 
  6.6   trailer camp located within the municipality, 
  6.7      (c) on the gross receipts on all sales of food primarily 
  6.8   for consumption on or off the premises by restaurants and places 
  6.9   of refreshment as defined by resolution of the city, or 
  6.10     (d) on any one or combination of the foregoing. 
  6.11     A tax under this subdivision shall be imposed only within a 
  6.12  downtown taxing area to be determined by the council.  
  6.13  The agreement or agreements between the city, the metropolitan 
  6.14  council, and the commission shall require the municipality to 
  6.15  impose the tax or taxes at whatever rate or rates may be 
  6.16  necessary to produce revenues which are determined by the 
  6.17  council from year to year to be required, together with the 
  6.18  revenues available to the commission, to pay when due all debt 
  6.19  service on bonds and revenue anticipation certificates issued 
  6.20  under section 473.581, all debt service on bonds and revenue 
  6.21  anticipation certificates issued under section 473.599, and all 
  6.22  expenses of operation, administration, and maintenance of the 
  6.23  metrodome and the basketball and hockey arena.  When it is 
  6.24  determined that a tax must be imposed under this subdivision 
  6.25  after the effective date of Laws 1994, chapter 648, there shall 
  6.26  be added to the rate of the tax imposed for the purposes 
  6.27  described in the previous sentence a tax at a rate of 0.25 
  6.28  percent for use by the city to fund recreational facilities and 
  6.29  programs in the city's neighborhoods for children and youth 
  6.30  through the Minneapolis park and recreation board.  The 
  6.31  agreements shall provide for the suspension, reimposition, 
  6.32  reduction, or increase in tax collections upon determination by 
  6.33  the metropolitan council that such actions are appropriate or 
  6.34  necessary for the purposes for which the tax is imposed, 
  6.35  provided that the balance in each of the metrodome debt service 
  6.36  and the basketball and hockey arena debt service fund or funds, 
  7.1   including any reserve for debt service, shall be maintained at 
  7.2   least at an amount sufficient to pay the principal and interest 
  7.3   on bonds which will become due within the next succeeding one 
  7.4   year period and, except as otherwise provided by agreement, 
  7.5   shall not be maintained at an amount greater than that required 
  7.6   to pay principal and interest on bonds which will become due 
  7.7   within the next succeeding two-year period.  Once the tax is 
  7.8   imposed by the city, the tax imposed for the benefit of the 
  7.9   Minneapolis park and recreation board shall remain in effect at 
  7.10  the rate of 0.25 percent until the bonds issued under section 
  7.11  473.599 have been retired.  The agreements shall be executed by 
  7.12  the city, after approval by resolution of the city council and 
  7.13  before the issuance of the bonds under section 473.581 and 
  7.14  commencement of construction of the metrodome or the issuance of 
  7.15  bonds under section 473.599 and acquisition of the basketball 
  7.16  and hockey arena and shall constitute a contract or contracts 
  7.17  with and for the security of all holders of the bonds and 
  7.18  revenue anticipation certificates secured by the tax.  The 
  7.19  metrodome shall not be constructed or remodeled in a 
  7.20  municipality which has not entered into an agreement for the 
  7.21  metrodome in accordance with this section.  A basketball and 
  7.22  hockey arena shall not be acquired in the city of Minneapolis 
  7.23  unless the city has entered into an agreement in accordance with 
  7.24  this section as security for bonds issued pursuant to section 
  7.25  473.599 and expenses of operation, administration, and 
  7.26  maintenance of the basketball and hockey arena.  The tax shall 
  7.27  be reported and paid to the commissioner of revenue with and as 
  7.28  part of the state sales and use taxes, and shall be subject to 
  7.29  the same penalties, interest, and enforcement provisions.  The 
  7.30  collections of the tax, less refunds and a proportionate share 
  7.31  of the costs of collection, shall be remitted at least quarterly 
  7.32  to the metropolitan council and the city of Minneapolis for use 
  7.33  by the Minneapolis park and recreation board.  The commissioner 
  7.34  of revenue shall deduct from the proceeds remitted to the 
  7.35  council and the city an amount that equals the indirect 
  7.36  statewide costs as well as the direct and indirect department 
  8.1   costs necessary to administer, audit, and collect this tax.  The 
  8.2   amount deducted shall be deposited in the general fund of the 
  8.3   state.  The proceeds remitted with respect to the metrodome 
  8.4   shall be placed, together with the net revenues of the 
  8.5   commission attributable to the metrodome under section 473.595, 
  8.6   into the debt service fund or reserve or special funds, 
  8.7   established under section 473.581, and any funds established to 
  8.8   secure payment of operating deficits of the commission arising 
  8.9   from its ownership and operation of the metrodome.  The proceeds 
  8.10  may be used for payment of debt service on bonds and revenue 
  8.11  anticipation certificates issued under section 473.581, and 
  8.12  expenses of operation, administration, and maintenance of the 
  8.13  metrodome.  The proceeds shall not be used for any capital costs 
  8.14  of the metrodome, except that the proceeds may be used to pay 
  8.15  interest on bonds during the construction period.  
  8.16     The proceeds remitted with respect to the basketball and 
  8.17  hockey arena shall be placed, together with the net revenues of 
  8.18  the commission city of Minneapolis attributable to the 
  8.19  basketball and hockey arena under section 473.595, subdivision 
  8.20  1a, into the debt service fund or reserve or special funds, 
  8.21  established under section 473.599, and any funds established to 
  8.22  secure payment of operating deficits of the commission city 
  8.23  arising from its acquisition, ownership, operation, or 
  8.24  maintenance of the basketball and hockey arena.  The proceeds 
  8.25  may be used for payment of debt service on bonds and revenue 
  8.26  anticipation certificates issued under section 473.599, and 
  8.27  expenses of operation, administration, and maintenance of the 
  8.28  basketball and hockey arena. 
  8.29     Sec. 9.  Minnesota Statutes 1994, section 473.595, 
  8.30  subdivision 1a, is amended to read: 
  8.31     Subd. 1a.  [ARENA ADMISSION TAX.] The commission city of 
  8.32  Minneapolis shall impose a ten percent admission tax on all 
  8.33  tickets sold, issued, granted, or distributed for the privilege 
  8.34  of admission to the basketball and hockey arena.  In addition, 
  8.35  the commission city shall impose a surcharge in an amount to be 
  8.36  determined by the commission city, but not less than $1 per 
  9.1   ticket, on all tickets sold, issued, granted, or distributed for 
  9.2   the privilege of admission to activities at the basketball and 
  9.3   hockey arena.  The sales price shall include the price of the 
  9.4   ticket and any service or other charge imposed by the grantor, 
  9.5   issuer, seller, or distributor upon the reservation, processing, 
  9.6   distribution, delivery, or sale of the ticket.  No other tax, 
  9.7   surcharge, or governmental imposition, except the taxes imposed 
  9.8   by chapter 297A, may be levied by any other unit of government 
  9.9   upon such a sale or distribution.  The admission tax and 
  9.10  surcharge for the privilege of admission to activities at the 
  9.11  basketball and hockey arena shall be charged and added to the 
  9.12  sales price of the ticket, and imposed and collected in the same 
  9.13  manner provided for the metrodome pursuant to subdivision 1.  
  9.14  The tax and surcharge provided for in this subdivision shall be 
  9.15  effective from and after the date of the commission's city's 
  9.16  acquisition of the basketball and hockey arena. 
  9.17     Sec. 10.  Minnesota Statutes 1994, section 473.595, 
  9.18  subdivision 2, is amended to read: 
  9.19     Subd. 2.  [RENTALS; FEES; CHARGES.] Rentals, fees, and 
  9.20  charges provided for in use agreements at the metrodome and 
  9.21  basketball and hockey arena entered into by the commission or 
  9.22  the city shall be those estimated by the commission or the city 
  9.23  to be necessary and feasible to produce so far as possible, with 
  9.24  commission revenues from other sources, the amounts needed for 
  9.25  current operation, maintenance, and debt service.  The 
  9.26  commission shall with respect to the met center, the metrodome, 
  9.27  and the city of Minneapolis, with respect to the basketball and 
  9.28  hockey arena, meet and confer with any public body, authority, 
  9.29  or agency owning or operating an entertainment or sports 
  9.30  complex, or indoor sports arena, in the metropolitan area, for 
  9.31  the purpose of undertaking measures or agreements maximizing 
  9.32  revenues and eliminating unnecessary operational expenditures. 
  9.33     Sec. 11.  Minnesota Statutes 1994, section 473.595, 
  9.34  subdivision 6, is amended to read: 
  9.35     Subd. 6.  [GENERAL.] The commission shall receive and 
  9.36  account for all tax and other revenue of the commission and from 
 10.1   the revenue shall provide, contract, and pay for proper 
 10.2   operation, administration, and maintenance of all of its 
 10.3   property and facilities and shall maintain, as authorized by 
 10.4   resolutions of the council, reserves for major repairs, 
 10.5   replacements, and improvements and for working capital.  The 
 10.6   commission shall remit to the council for deposit in its 
 10.7   metrodome debt service funds, at the times required by 
 10.8   resolution of the council, the net revenue attributable to the 
 10.9   metrodome in excess of these requirements and for deposit in its 
 10.10  basketball and hockey arena debt service fund or funds, at the 
 10.11  times required by resolution of the council, the net revenue 
 10.12  attributable to the basketball and hockey arena in excess of 
 10.13  these requirements. 
 10.14     Sec. 12.  Minnesota Statutes 1994, section 473.598, is 
 10.15  amended to read: 
 10.16     473.598 [ARENA ACQUISITION.] 
 10.17     Subdivision 1.  [COMMISSION DETERMINATION.] The 
 10.18  commission city of Minneapolis shall first determine whether to 
 10.19  pursue negotiations to acquire the basketball and hockey arena. 
 10.20     Subd. 2.  [EXAMINATION AND DISCLOSURE OF LOAN TERMS.] 
 10.21  Before making a final decision to acquire the basketball and 
 10.22  hockey arena, the commission city must obtain and examine all 
 10.23  the terms, conditions, covenants, and other provisions of any 
 10.24  loan agreements between the owners of the arena and third 
 10.25  parties that provided financing secured by mortgages on or other 
 10.26  security interests in the basketball and hockey arena.  These 
 10.27  terms specifically include any agreements that require a 
 10.28  professional team affiliated with the owner to lease or use the 
 10.29  arena or that restrict or limit the authority of the team owners 
 10.30  or affiliates to relocate the team.  The commission city shall 
 10.31  make the terms of the agreements available for public inspection.
 10.32     Subd. 3.  [COMMISSION CITY PROPOSAL.] (a) If the commission 
 10.33  city makes a final determination to acquire the basketball and 
 10.34  hockey arena, the commission city may then submit to the 
 10.35  metropolitan council a proposal to bond for and acquire the 
 10.36  basketball and hockey arena.  The commission's proposal shall 
 11.1   contain all information deemed appropriate or necessary by the 
 11.2   council to its determinations pursuant to section 473.599, 
 11.3   subdivision 4.  The commission, in preparing the proposal for 
 11.4   the council, shall require of the sellers and of the 
 11.5   professional teams that are potential lessees or other potential 
 11.6   lessees and all of their affiliated entities any and all data 
 11.7   relevant to the acquisition, financing, ownership, and operation 
 11.8   of the basketball and hockey arena, including, but not limited 
 11.9   to, contracts, agreements, profit and loss statements, annual 
 11.10  audit statements and balance sheets.  The commission city shall 
 11.11  contract with an independent, nationally recognized firm of 
 11.12  certified public accountants to perform due diligence and 
 11.13  provide an economic feasibility study or report with regard to 
 11.14  the data received by the commission city from the sellers, the 
 11.15  potential lessees, and affiliated entities.  In evaluating 
 11.16  whether to acquire the basketball and hockey arena, 
 11.17  the commission city shall consider among other factors, (a) 
 11.18  total capital and operating costs of the basketball and hockey 
 11.19  arena to the commission city and total commission city revenues 
 11.20  from the basketball and hockey arena over the expected life of 
 11.21  the facility, including any contributions by the state, local 
 11.22  units of government or other organizations, (b) the total 
 11.23  governmental costs associated with the acquisition and operation 
 11.24  of the basketball and hockey arena, including the cost to all 
 11.25  units and agencies of government as well as the costs to 
 11.26  the commission city, (c) the net gain or loss of taxes to the 
 11.27  state and all local government units, and (d) economic and other 
 11.28  benefits accruing to the public.  
 11.29     (b) Before submitting its proposal to the metropolitan 
 11.30  council under paragraph (a) making a final determination to 
 11.31  acquire the basketball and hockey arena, the commission city 
 11.32  shall submit the proposal to the legislative auditor and the 
 11.33  department of finance for review, evaluation, and comment.  The 
 11.34  legislative auditor shall present the evaluation and comments to 
 11.35  the legislative audit commission.  Both the legislative auditor 
 11.36  and the commissioner of finance shall present their evaluation 
 12.1   and comments to the chairs of the house taxes, and ways and 
 12.2   means committees, to the chair of the state government finance 
 12.3   division of the house governmental operations committee, and to 
 12.4   the chairs of the senate taxes and finance committees.  Any data 
 12.5   which is not public data under subdivision 4 shall remain not 
 12.6   public data when given to the legislative auditor or the 
 12.7   department of finance. 
 12.8      Subd. 4.  [TREATMENT OF DATA.] (a) Except as specifically 
 12.9   provided in this subdivision, all data received by 
 12.10  the commission or council city in the course of its negotiations 
 12.11  and acquisition of the basketball and hockey arena is public 
 12.12  data.  
 12.13     (b) The commission city may keep confidential data received 
 12.14  or prepared by its accountants or counsel for purposes of 
 12.15  negotiations with existing or potential lessees of the 
 12.16  basketball and hockey arena.  That data shall be confidential 
 12.17  data on individuals under section 13.02, subdivision 3, or 
 12.18  protected nonpublic data under section 13.02, subdivision 13, as 
 12.19  the case may be, unless the commission city determines that 
 12.20  public release of the data would advance the negotiations, or 
 12.21  until the potential lessees have executed agreements with 
 12.22  the commission city or the negotiations are unfavorably 
 12.23  concluded.  
 12.24     (c) The following data shall be private data on individuals 
 12.25  under section 13.02, subdivision 12, or nonpublic data under 
 12.26  section 13.02, subdivision 9, as the case may be: 
 12.27     (1) data received by the commission city or council from 
 12.28  the present lessees or potential lessees of the basketball and 
 12.29  hockey arena which if made public would, due to the disclosure, 
 12.30  permit a competitive economic advantage to other persons; 
 12.31     (2) data relating to affiliated entities of the parties 
 12.32  referred to in subdivision 2 which is not relevant to the due 
 12.33  diligence and economic feasibility study referred to under 
 12.34  subdivision 2; and 
 12.35     (3) data on individuals which is not relevant to the 
 12.36  finances of the basketball and hockey arena or useful to 
 13.1   demonstrate the financial ability of the potential lessees of 
 13.2   the arena to perform their agreements with the commission.  
 13.3      (d) For purposes of this subdivision, the terms 
 13.4   "commission" "city" and "council" include their members and 
 13.5   employees, accountants, counsel, and consultants and the firm of 
 13.6   independent certified public accountants to be engaged under 
 13.7   subdivision 2.  
 13.8      (e) Notwithstanding the exceptions in this subdivision, 
 13.9   summary data which demonstrates the financial ability of the 
 13.10  lessees and potential lessees of the basketball and hockey arena 
 13.11  to perform their obligations under agreements with the 
 13.12  commission city and data which relates in any way to the value 
 13.13  of the basketball and hockey arena and the amount by which the 
 13.14  owners' investment in the arena, including debt obligations, 
 13.15  exceeds the commission's city's payments to and assumption of 
 13.16  the owners' debt obligations, shall be public data.  
 13.17     Subd. 5.  [HOCKEY AGREEMENT.] The commission city shall 
 13.18  exercise its best efforts, consistent with its other obligations 
 13.19  under sections 473.551 to 473.599 to attempt to secure an 
 13.20  agreement with a major league professional hockey organization 
 13.21  to play its home games at the basketball and hockey arena. 
 13.22     Sec. 13.  Minnesota Statutes 1994, section 473.599, is 
 13.23  amended to read: 
 13.24     473.599 [DEBT OBLIGATIONS.] 
 13.25     Subdivision 1.  [REVENUES.] It is the intent of the 
 13.26  legislature that the commission city shall, to the maximum 
 13.27  extent possible consistent with the provisions of this section, 
 13.28  impose rates, rentals, and other charges in the operation of the 
 13.29  basketball and hockey arena which together with the admissions 
 13.30  tax and surcharge provided in section 473.595, subdivision 1a, 
 13.31  will make the basketball and hockey arena self-supporting so 
 13.32  that the taxes imposed under section 473.592 for the basketball 
 13.33  and hockey arena will be at the lowest possible rate consistent 
 13.34  with the obligations of the city of Minneapolis as provided in 
 13.35  sections 473.551 to 473.599. 
 13.36     Subd. 2.  [BONDS.] The council city shall by resolution 
 14.1   authorize the sale and issuance of its bonds for any of the 
 14.2   following purposes upon its determination that the conditions of 
 14.3   subdivision 4 have been met: 
 14.4      (a) To provide funds for the acquisition or betterment of 
 14.5   the basketball and hockey arena by the commission city pursuant 
 14.6   to sections 473.598 and 473.599; 
 14.7      (b) To refund bonds issued under this section; and 
 14.8      (c) To fund judgments entered by any court against the 
 14.9   commission city or against the council in matters relating to 
 14.10  the basketball and hockey arena. 
 14.11     Subd. 3.  [PROCEDURE.] The bonds shall be sold, issued, and 
 14.12  secured in the manner provided in chapter 475 for bonds payable 
 14.13  solely from revenues, except as otherwise provided in sections 
 14.14  473.551 to 473.599, and the council shall have the same powers 
 14.15  and duties as a municipality and its governing body in issuing 
 14.16  bonds under chapter 475.  The council city may pledge for the 
 14.17  payment of the bonds the net revenues of the commission city 
 14.18  arising from the commission's city's operation of the basketball 
 14.19  and hockey arena, the tax provided by section 473.592 for the 
 14.20  basketball and hockey arena, and the admission tax and surcharge 
 14.21  authorized in section 473.595, subdivision 1a.  The bonds may be 
 14.22  sold at any price and at public or private sale as determined by 
 14.23  the council city.  They shall be payable solely from tax and 
 14.24  other revenues referred to in sections 473.551 to 473.599, and 
 14.25  shall not be a general obligation or debt of the council or of 
 14.26  the commission city, and shall not be included in the net debt 
 14.27  of any city, county, or other subdivision of the state for the 
 14.28  purpose of any net debt limitation, but nothing in this section 
 14.29  shall affect the obligation of the city of Minneapolis to levy a 
 14.30  tax pursuant to an agreement made under the provisions of 
 14.31  section 473.592.  No election shall be required.  The principal 
 14.32  amount shall not be limited except as provided in subdivision 4. 
 14.33     Subd. 4.  [LIMITATIONS.] The principal amount of the bonds 
 14.34  issued pursuant to subdivision 2, clause (a), exclusive of any 
 14.35  original issue discount, shall not exceed the total amount 
 14.36  of $42,000,000 $72,000,000 plus such amount as the council city 
 15.1   determines necessary to pay the costs of issuance, fund reserves 
 15.2   for operation and debt service, and pay for any bond insurance 
 15.3   or other credit enhancement.  The bonds may be issued as 
 15.4   tax-exempt revenue bonds or as taxable revenue bonds in the 
 15.5   proportions that the commission city may determine.  The 
 15.6   proceeds of the bonds issued pursuant to subdivision 2, clause 
 15.7   (a), shall be used only for acquisition and betterment of sports 
 15.8   facilities suitable for a basketball and hockey arena and the 
 15.9   arena land and the related purposes referred to in this 
 15.10  subdivision, and for reimbursement of any expenses of 
 15.11  the commission city related to its determination of whether to 
 15.12  acquire the basketball and hockey arena, whenever incurred.  The 
 15.13  council city shall issue its bonds pursuant to subdivision 2, 
 15.14  clause (a), and the commission city may acquire the basketball 
 15.15  and hockey arena and the arena land when the council city has 
 15.16  made the following determinations: 
 15.17     (a) The commission, the city of Minneapolis or the 
 15.18  Minneapolis community development agency, or any or all either 
 15.19  or both of them, as the commission city may deem appropriate, 
 15.20  has executed agreements with a major league professional 
 15.21  basketball organization to use the arena for all scheduled 
 15.22  regular season home games and play-off home games, and for at 
 15.23  least one of its exhibition games played each season.  The 
 15.24  agreements shall be for a period of 30 years.  The agreements 
 15.25  may contain provisions negotiated with the organization which 
 15.26  provide for earlier termination of the use of the basketball and 
 15.27  hockey arena by the commission city upon conditions related to 
 15.28  and limited to the bankruptcy or insolvency of the 
 15.29  organization.  The agreements shall afford to the commission, 
 15.30  the city of Minneapolis, or the Minneapolis community 
 15.31  development agency, or each or all to either or both of them, as 
 15.32  the commission city deems appropriate, the remedies that are 
 15.33  deemed necessary and appropriate to provide reasonable 
 15.34  assurances that the major league professional basketball 
 15.35  organization or another major league professional basketball 
 15.36  organization shall comply with the agreements.  The remedies 
 16.1   shall include the payment of liquidated damages equivalent to 
 16.2   direct and consequential damages incurred by reason of the 
 16.3   breach of the agreements and any additional remedies or security 
 16.4   arrangements the commission city reasonably determines to be 
 16.5   effective in accomplishing the purposes of this paragraph.  The 
 16.6   damages payment may be payable in a lump sum or in installments 
 16.7   as the commission city may deem appropriate.  The commission 
 16.8   city may require that the agreements include other terms and 
 16.9   conditions to provide reasonable assurances that the major 
 16.10  league professional basketball team or a successor major league 
 16.11  professional basketball team will play the required games at the 
 16.12  basketball and hockey arena during the 30-year term of the 
 16.13  agreements, or, in the event of a breach, to assure the payment 
 16.14  of the required damages.  The agreements shall address 
 16.15  contingencies that may arise in the event of change of ownership 
 16.16  of the professional teams.  The agreements with the professional 
 16.17  basketball organization for the use of the basketball and hockey 
 16.18  arena shall provide for arrangements which the commission city 
 16.19  may deem necessary or appropriate to accommodate a future 
 16.20  agreement between the commission city and a professional hockey 
 16.21  organization to occupy the basketball and hockey arena, 
 16.22  consistent with this section.  
 16.23     (b) The commission city has exercised its reasonable 
 16.24  efforts to obtain assurances and/or agreements from the 
 16.25  professional basketball major league to the extent permitted 
 16.26  under applicable federal and state law, that it will not approve 
 16.27  the relocation of the major league professional basketball 
 16.28  organization if the relocation is in violation of the terms of 
 16.29  the agreements referred to in paragraph (a). 
 16.30     (c) The professional basketball team has provided 
 16.31  information sufficient to satisfy the council and the commission 
 16.32  city of the team's ability to comply with the terms of the 
 16.33  30-year lease.  
 16.34     (d) The proceeds of bonds provided for in this subdivision 
 16.35  will be sufficient for the purposes for which they are issued. 
 16.36     (e) The commission city has acquired, or has contracted to 
 17.1   acquire, (i) leasehold title to the arena land together with the 
 17.2   estate of the tenant and other rights demised under the ground 
 17.3   lease, subject to amendment as provided in clause (o), (ii) 
 17.4   ownership of all real and personal property comprising the 
 17.5   basketball and hockey arena, and (iii) all easements, 
 17.6   appurtenances and other rights, title, or interest deemed by the 
 17.7   commission city necessary or desirable in connection with the 
 17.8   acquisition, financing, ownership, and operation of the 
 17.9   basketball and hockey arena.  
 17.10     (f) The percentage of the private boxes provided for in the 
 17.11  commission's city's proposal for the basketball and hockey arena 
 17.12  are sold or leased for the period that the commission city finds 
 17.13  advisable. 
 17.14     (g) The anticipated admission taxes and surcharges and 
 17.15  other revenue from the operation of the basketball and hockey 
 17.16  arena will be sufficient to pay when due all basketball and 
 17.17  hockey arena debt service plus all administration, operating and 
 17.18  maintenance expense of the arena. 
 17.19     (h) The city of Minneapolis has entered into an agreement 
 17.20  as contemplated in clause (n) and an agreement or agreements as 
 17.21  contemplated in section 473.592 with respect to the basketball 
 17.22  and hockey arena. 
 17.23     (i) The council city has entered into an agreement with the 
 17.24  brokerage firm or brokerage firms to be used in connection with 
 17.25  the issuance and sale of the bonds guaranteeing that fees and 
 17.26  charges payable to the brokerage firm or firms in connection 
 17.27  therewith, including any underwriting discounts, shall not 
 17.28  exceed fees and charges customarily payable in connection with 
 17.29  the issuance and sale of bonds secured by the pledge of the full 
 17.30  faith and credit of the city of Minneapolis. 
 17.31     The validity of any bonds issued under subdivision 2, 
 17.32  clause (a), and the obligations of the council and commission 
 17.33  city related to them, shall not be conditioned upon or impaired 
 17.34  by the council's city's determination made pursuant to this 
 17.35  subdivision.  For purposes of issuing the bonds the 
 17.36  determinations made by the commission and council city shall be 
 18.1   deemed conclusive, and the council city shall be and remain 
 18.2   obligated for the security and payment of the bonds irrespective 
 18.3   of determinations which may be erroneous, inaccurate, or 
 18.4   otherwise mistaken. 
 18.5      (j) The commission has entered into arrangements with any 
 18.6   other persons to create a condominium or leasehold condominium, 
 18.7   or common interest community or leasehold common interest 
 18.8   community, with respect to the building containing the 
 18.9   basketball and hockey arena, including the arena playing and 
 18.10  spectator areas, and all other portions of the building, and 
 18.11  together with the arena land and all other related improvements, 
 18.12  easements and other appurtenant and ancillary property and 
 18.13  property rights.  The Minneapolis community development agency 
 18.14  in its capacity as ground lease landlord may be a party to the 
 18.15  condominium or common interest community declaration.  The 
 18.16  condominium or common interest community declaration shall 
 18.17  establish the portion of the building containing the health club 
 18.18  as a separate unit of the condominium or common interest 
 18.19  community, and the commission shall have entered into an 
 18.20  agreement or agreements with a private sports and health club 
 18.21  organization which shall require that the organization shall 
 18.22  purchase or retain ownership of the unit with its own funds and 
 18.23  at no cost or expense to the commission, and that the 
 18.24  organization shall pay for all utility and other operating costs 
 18.25  and expenses including allocated common expenses and pay ad 
 18.26  valorem property taxes for the unit.  The condominium or common 
 18.27  interest community declaration may also establish other units in 
 18.28  the condominium or common interest community which shall include 
 18.29  the arena playing and spectator areas and may also include 
 18.30  office space, restaurant space, locker rooms, private spectator 
 18.31  suites or boxes, signage, and other areas, and may also 
 18.32  establish common elements, limited common elements and other 
 18.33  easements and interests as the commission deems necessary or 
 18.34  appropriate.  The agreement or agreements between the commission 
 18.35  and the private sports and health club organization may also 
 18.36  address additional matters which may be the subject of the 
 19.1   bylaws or other agreements or arrangements among unit owners of 
 19.2   condominiums or common interest communities, either as part of, 
 19.3   or separately from, the provisions of chapter 515A or 515B, or 
 19.4   any other items as may be ordinarily and customarily negotiated 
 19.5   between the commission and the organization. 
 19.6      (k) (j) The private sports and health club organization has 
 19.7   executed an assessment agreement pursuant to section 469.177, 
 19.8   subdivision 8, obligating payment of ad valorem taxes based on a 
 19.9   minimum market value of the health club of at least $10,000,000 
 19.10  with the city of Minneapolis or the Minneapolis community 
 19.11  development agency. 
 19.12     (l) (k) The commission city has executed an agreement 
 19.13  requiring the commission city to remit annually to the 
 19.14  Minneapolis community development agency or appropriate agency 
 19.15  an amount which together with any ad valorem taxes or other 
 19.16  amounts received by the city of Minneapolis or the Minneapolis 
 19.17  community development agency from the health club as tax 
 19.18  increments equals the debt service required by the tax increment 
 19.19  district attributable to the basketball and hockey arena until 
 19.20  the current outstanding indebtedness or any refunding thereof 
 19.21  has been paid or retired.  
 19.22     (m) (l) The development agreement shall be amended: 
 19.23     (i) so that no payments are due to the city of Minneapolis 
 19.24  or the Minneapolis community development agency from the 
 19.25  commission or any other person with respect to the sale, 
 19.26  ownership or operation of the basketball and hockey arena, 
 19.27  except as provided in clauses (k), (l), and (n); and 
 19.28     (ii) to confirm the satisfactory performance of the 
 19.29  obligations of the parties to the development agreement on the 
 19.30  effective date of the commission's city's acquisition; provided, 
 19.31  that the city of Minneapolis and the Minneapolis community 
 19.32  development agency shall not be required to release any claim 
 19.33  they may have under the development agreement with respect to 
 19.34  the operations or sale of the health club (except as such claim 
 19.35  may arise from the commission's acquisition of the basketball 
 19.36  and hockey arena and the contemporaneous sale or transfer of the 
 20.1   health club to those persons who own the basketball and hockey 
 20.2   arena and the health club on the date of the commission's 
 20.3   acquisition) or from the operations or sale of the professional 
 20.4   basketball organization occupying the basketball and hockey 
 20.5   arena or the security they may have under the development 
 20.6   agreement or the ground lease to assure its performance, 
 20.7   pursuant to the guaranty of the guarantors in the event of any 
 20.8   default of the commission under the ground lease, or of the 
 20.9   owners of the health club with respect to the payment of ad 
 20.10  valorem taxes or any payment due from them under the development 
 20.11  agreement as amended in accordance with the provisions of this 
 20.12  subdivision. 
 20.13     (n) The commission has executed an agreement with the city 
 20.14  of Minneapolis providing that for so long as the commission owns 
 20.15  the basketball and hockey arena the city shall not impose any 
 20.16  entertainment tax or surcharge on tickets purchased for any and 
 20.17  all events at the basketball and hockey arena.  The agreement 
 20.18  may also provide that the commission shall compensate the city 
 20.19  for the forbearance of the entertainment tax in effect on the 
 20.20  effective date of Laws 1994, chapter 648, plus accrued interest, 
 20.21  after payment of basketball and hockey arena debt service, the 
 20.22  necessary and appropriate funding of debt reserve of the 
 20.23  basketball and hockey arena and all expenses of operation, 
 20.24  administration, and maintenance, and the funding of a capital 
 20.25  reserve for the repair, remodeling and renovation of the 
 20.26  basketball and hockey arena.  The required funding of the 
 20.27  capital reserve shall be in an amount mutually agreed to by the 
 20.28  commission and the city.  
 20.29     (o) (m) The ground lease shall be amended by the 
 20.30  Minneapolis community development agency to the reasonable 
 20.31  satisfaction of the commission city to provide:  
 20.32     (i) that the commission's city's sole financial obligation 
 20.33  to the landlord shall be to make the payment provided for in 
 20.34  clause (1) from the net revenues of the commission city 
 20.35  attributable to the operation of the basketball and hockey 
 20.36  arena; 
 21.1      (ii) that the term of the lease shall be 99 years; 
 21.2      (iii) that the commission city shall have the option to 
 21.3   purchase the arena land upon the payment of $10 at any time 
 21.4   during the term of the ground lease, but, unless otherwise 
 21.5   agreed to by the Minneapolis community development agency, only 
 21.6   after the payment or retirement of the general obligation tax 
 21.7   increment bonds previously issued by the city of Minneapolis to 
 21.8   assist in financing the acquisition of the arena land; and 
 21.9      (iv) other amendments as the commission city deems 
 21.10  necessary and reasonable to accomplish its purposes as provided 
 21.11  in sections 473.598 and 473.599. 
 21.12     (p) (n) The commission city has received a report or 
 21.13  reports by qualified consultants on the basketball and hockey 
 21.14  arena, the health club and the arena land, based on thorough 
 21.15  inspection in accordance with generally accepted professional 
 21.16  standards and any correction, repair, or remediation disclosed 
 21.17  by the reports has been made to the satisfaction of commission.  
 21.18     Subd. 5.  [SECURITY.] To the extent and in the manner 
 21.19  provided in sections 473.592 and 473.595, the taxes described in 
 21.20  section 473.592 for the basketball and hockey arena, the tax, 
 21.21  surcharge and other revenues of the commission described in 
 21.22  section 473.595, subdivision 1a, attributable to the basketball 
 21.23  and hockey arena and any other revenues of the commission city 
 21.24  attributable to the basketball and hockey arena shall be and 
 21.25  remain pledged and appropriated for the purposes specified in 
 21.26  Laws 1994, chapter 648, article 1, and for the payment of all 
 21.27  necessary and reasonable expenses of the operation, 
 21.28  administration, maintenance, and debt service of the basketball 
 21.29  and hockey arena until all bonds referred to in section 473.599, 
 21.30  subdivision 2, are fully paid or discharged in accordance with 
 21.31  law.  Bonds issued pursuant to this section may be secured by a 
 21.32  bond resolution, or by a trust indenture entered into by the 
 21.33  council city with a corporate trustee within or outside the 
 21.34  state, which shall define the tax and other revenues pledged for 
 21.35  the payment and security of the bonds.  The pledge shall be a 
 21.36  valid charge on the tax, surcharge and other revenues 
 22.1   attributable to the basketball and hockey arena referred to in 
 22.2   sections 473.592, 473.595, subdivision 1a, 473.598, and 473.599 
 22.3   from the date when bonds are first issued or secured under the 
 22.4   resolution or indenture and shall secure the payment of 
 22.5   principal and interest and redemption premiums when due and the 
 22.6   maintenance at all times of a reserve securing the payments.  No 
 22.7   mortgage of or security interest in any tangible real or 
 22.8   personal property shall be granted to the bondholders or the 
 22.9   trustee, but they shall have a valid security interest in all 
 22.10  tax and other revenues received and accounts receivable by 
 22.11  the commission or council city under sections 473.592 to the 
 22.12  extent of the tax imposed as security for the debt service of 
 22.13  the basketball and hockey arena, 473.595, subdivision 1a, 
 22.14  473.598, and 473.599, as against the claims of all other persons 
 22.15  in tort, contract, or otherwise, irrespective of whether the 
 22.16  parties have notice of them, and without possession or filing as 
 22.17  provided in the uniform commercial code or any other law.  In 
 22.18  the bond resolution or trust indenture the council city may make 
 22.19  the covenants, which shall be binding upon the commission, as 
 22.20  are determined to be usual and reasonably necessary for the 
 22.21  protection of the bondholders.  No pledge, mortgage, covenant, 
 22.22  or agreement securing bonds may be impaired, revoked, or amended 
 22.23  by law or by action of the council, commission, or city, except 
 22.24  in accordance with the terms of the resolution or indenture 
 22.25  under which the bonds are issued, until the obligations of 
 22.26  the council city under the resolution or indenture are fully 
 22.27  discharged.  
 22.28     Subd. 6.  [REVENUE ANTICIPATION CERTIFICATES.] After 
 22.29  approval by the council and final adoption by the commission 
 22.30  city of an annual budget of the commission city for operation, 
 22.31  administration, and maintenance of the basketball and hockey 
 22.32  arena, and in anticipation of the proceeds from the taxes under 
 22.33  section 473.592 and the revenues of the commission city provided 
 22.34  for in the budget, but subject to any limitation or prohibition 
 22.35  in a bond resolution or indenture, the council city may 
 22.36  authorize the issuance, negotiation, and sale, in the form and 
 23.1   manner and upon the terms that it may determine, of revenue 
 23.2   anticipation certificates.  The principal amount of the 
 23.3   certificates outstanding shall at no time exceed 25 percent of 
 23.4   the total amount of the tax and other revenues anticipated.  The 
 23.5   certificates shall mature not later than three months after the 
 23.6   close of the budget year.  Prior to the approval and final 
 23.7   adoption of the annual budget of the commission, the council 
 23.8   city may authorize revenue anticipation certificates under this 
 23.9   subdivision.  So much of the anticipated tax and other revenues 
 23.10  as may be needed for the payment of the certificates and 
 23.11  interest on them shall be paid into a special debt service fund 
 23.12  established for the certificates in the council's financial 
 23.13  records.  If for any reason the anticipated tax and other 
 23.14  revenues are insufficient, the certificates and interest shall 
 23.15  be paid from the first tax, surcharge and other revenues 
 23.16  received attributable to the basketball and hockey arena, 
 23.17  subject to any limitation or prohibition in a bond resolution or 
 23.18  indenture.  The proceeds of the certificates may be used for any 
 23.19  purpose for which the anticipated revenues or taxes may be used 
 23.20  or for any purpose for which bond proceeds under subdivision 2 
 23.21  may be used.  
 23.22     Subd. 7.  [ARENA FREE OF MORTGAGES, LIENS, AND 
 23.23  OBLIGATIONS.] With the exception of the obligations imposed by 
 23.24  sections 473.598 and 473.599, the commission city shall not 
 23.25  assume any notes, pledges, mortgages, liens, encumbrances, 
 23.26  contracts, including advertising contracts or marquee 
 23.27  agreements, or other obligations upon acquisition of the 
 23.28  basketball and hockey arena or the arena land, including but not 
 23.29  by way of limitation, management or concession agreements.  Upon 
 23.30  acquisition by the commission city, the basketball and hockey 
 23.31  arena and the arena land shall be free of all liens and 
 23.32  encumbrances, including the foregoing but excluding the 
 23.33  easements and rights-of-way that the commission city shall 
 23.34  determine do not materially impair or affect its ownership and 
 23.35  operation of the basketball and hockey arena.  Upon acquisition, 
 23.36  the commission city shall, through a process involving statewide 
 24.1   public participation, select a name for the basketball and 
 24.2   hockey arena.  In the process of selecting the name, 
 24.3   the commission city shall consider its obligation under section 
 24.4   473.599, subdivision 1, but that obligation must not be the 
 24.5   principal consideration in making the selection.  
 24.6      Subd. 8.  [REIMBURSEMENT TO STATE.] The commission city 
 24.7   shall compensate the state, on a basis mutually agreeable to the 
 24.8   state and the city, for its the state's contribution from the 
 24.9   general fund under section 240A.08, plus accrued interest, after 
 24.10  payment of basketball and hockey arena debt service, the 
 24.11  necessary and appropriate funding of debt reserve of the 
 24.12  basketball and hockey arena and all expenses of operation, 
 24.13  administration, and maintenance and the funding of a capital 
 24.14  reserve for the repair, remodeling and renovation of the 
 24.15  basketball and hockey arena.  Compensation paid to the state 
 24.16  shall occur at the same time that compensation is paid to the 
 24.17  city of Minneapolis, as provided in paragraph (n) of subdivision 
 24.18  4, on a basis proportionate to the amount of forbearance of the 
 24.19  entertainment tax or surcharge as provided in paragraph (n) to 
 24.20  that date, and the amount of general fund appropriations paid by 
 24.21  the state under section 240A.08 to that date.  No reimbursement 
 24.22  will be paid under this subdivision after (1) the aggregate 
 24.23  amount of the appropriations granted under Laws 1994, chapter 
 24.24  648, article 1, to that time, plus accrued interest, has been 
 24.25  reimbursed under this subdivision, or (2) December 31, 2024, 
 24.26  whichever is earlier.  
 24.27     Sec. 14.  [REPEALER.] 
 24.28     Minnesota Statutes 1994, section 473.556, subdivision 17, 
 24.29  is repealed. 
 24.30     Sec. 15.  [EFFECTIVE DATE.] 
 24.31     Sections 1 to 14 take effect the day following final 
 24.32  enactment and apply in the counties of Anoka, Carver, Dakota, 
 24.33  Hennepin, Ramsey, Scott, and Washington.