A venue can be an arena, coliseum, stadium, or other type of facility that is used for professional or amateur sports events or community events, including rodeos, livestock shows, agricultural expositions, promotional events, and other civic or charitable events. An admission fee must be charged for the events. A venue also includes a convention center facility or related improvement, such as a convention center, civic center, civic center building, civic center hotel, auditorium, theater, opera house, music hall, exhibition hall, rehearsal hall, park, zoological park, museum, aquarium, or plaza located in the vicinity of a convention center or facility owned by a municipality or a county. Chapter 334 A city or county must provide for venue projects by resolution. The resolution must identify each venue project and the project's method of financing.
Bonds There are several ways to finance venue projects.
The city or county may use bonds, including revenue bonds, refunding bonds, and other obligations. The bonds or other obligations must be payable from and secured by the revenues in the venue project fund, and are limited to a maturity of not more than 30 years. A sales tax may be levied to finance venue projects, if the tax is approved by the voters. The 2 percent cap on local sales taxes applies to venue sales taxes. Revenue from the venue sales tax must be deposited in the venue project fund.