Current through Pa Acts 2024-53, 2024-56 through 2024-92
Section 3000.3072 - Use of Regional Destination Facilities Fund(a) Each long-term budget required by section 3035(b) shall be prepared in such a manner that the total expenditure of moneys in the Regional Destination Facilities Fund that have already been made plus the expenditures provided for in that budget are allocated such that the total amount ultimately expected to be deposited in the fund is allocated as follows: (1) Except for that portion of the Regional Destination Facilities Fund used to defray the operating expenses of the authority as provided in section 3037(b) , all of the moneys in the fund shall be used to fund the construction of regional destination facilities and related developments. Not less than eighty-five per centum shall be used for the construction of regional destination facilities themselves, with the remaining fifteen per centum available for the construction of related developments, such as parking facilities for the baseball park and football stadium.(2) Subject to clauses (3) through (7), the total amount of the fund shall be allocated in the manner most likely, in the judgment of the authority, to permit the completion of the construction of all of the regional destination facilities.(3) Not less than thirty per centum nor more than forty per centum shall be spent on construction of the convention center, but in no event shall the moneys provided from the fund represent more than fifty per centum of the cost of that project.(4) Not less than twenty-eight per centum nor more than thirty-two per centum shall be spent on construction of the baseball park, but in no event shall the moneys provided from the fund represent more than fifty per centum of the cost of that project.(5) Not less than twenty-eight per centum nor more than thirty-two per centum shall be spent on construction of the football stadium, but in no event shall the moneys provided from the fund represent more than fifty per centum of the cost of that project.(6) Not less than five per centum nor more than ten per centum shall be spent on construction of the projects described in clause (4) of the definition of regional destination facility, but in no event shall the moneys provided from the fund represent more than fifty per centum of the individual cost of any of those projects.(b) The authority shall ensure that a portion of the cost of constructing the baseball park and the football stadium shall be paid for from private funding sources. The cost of retiring the bonds issued by the authority organized under the act of July 29, 1953 (P.L. 1034, No. 270), known as the "Public Auditorium Authorities Law," and known as the Stadium Authority of The City of Pittsburgh that are outstanding at the time that the stadium now owned by that authority is used neither for professional baseball games nor for professional football games and the cost of demolishing the stadium may be treated as eligible for funding from the Regional Destination Facilities Fund, but none of those costs may be funded under subsection (a)(3) or (6).(c) Any moneys in the Regional Destination Facilities Fund that cannot be disbursed because any of the limitations in subsection (a) have not been satisfied shall be transferred on July 1, 2005, to the Regional Growth Fund.1955, August 9, P.L. 323, No. 130, § 3072, added 1997, June 18, P.L. 179, No. 18, § 4, imd. effective.