§1260. Major Events Incentive Fund; Major Events Incentive Program

            A.(1) There is hereby created in the state treasury, as a special fund, the Major Events Incentive Fund, hereinafter referred to in this Section as the "fund".

            (2) The source of monies deposited into the fund shall be any monies appropriated by the legislature, including federal funds; any public or private donations, gifts, or grants from individuals, corporations, nonprofit organizations, or other business entities which may be made to the fund; and any other monies which may be provided by law. In determining the amount of the annual appropriation to the fund, the legislature shall consider contracts which have been entered into pursuant to this Section as well as any recruitment efforts being made by local organizing committees for qualified major events.

            (3) Monies in the fund shall be invested in the same manner as monies in the state general fund and any interest earned on the investment of monies in the fund shall be credited to the fund. All unexpended and unencumbered monies in the fund at the end of the fiscal year shall remain in the fund.

            (4) Monies in the fund shall be used solely for attracting, hosting, and staging major events pursuant to the Major Events Incentive Program as provided in this Section.

            B. There is hereby created the Major Events Incentive Program, hereinafter referred to in this Section as the "program", to be administered by Louisiana Economic Development. The program shall provide grant funding to event producers and hosts, local organizing committees, endorsing municipalities, endorsing parishes, official tourism commissions, convention and visitors bureaus, and official destination marketing organizations for costs associated with attracting and hosting qualified major events as provided in this Section.

            C. As used in this Section, the following terms have the following meanings:

            (1) "Endorsing municipality" means either of the following:

            (a) A municipality that contains a site selected by a site selection organization for a major event and is a party to an event support contract.

            (b) A municipality that does not contain a site selected by a site selection organization for a qualified major event but is included in the market area for the event as designated by the secretary and is a party to an event support contract.

            (2) "Endorsing parish" means either of the following:

            (a) A parish that contains a site selected by a site selection organization for a qualified major event and is a party to an event support contract.

            (b) A parish that does not contain a site selected by a site selection organization for a qualified major event but is included in the market area for the event as designated by the secretary and is a party to an event support contract.

            (3) "Event support contract" or "event contract" means a joint undertaking, a joint agreement, or a similar contract executed by a local organizing committee, an endorsing municipality, an endorsing parish, official tourism commission, convention and visitors bureau, or official destination marketing organization, or any combination thereof, and a site selection organization.

            (4) "Local organizing committee" means an organization created or recognized as the official host entity sanctioned by an endorsing municipality or parish for a specified qualified major event.

            (5) "Qualified major event" means a National Football League Super Bowl, a National Collegiate Athletic Association Final Four tournament game, the National Basketball Association All-Star Game, the X Games, a National Collegiate Athletic Association Division I Football Bowl Subdivision postseason game, a college tournament or championship, the World Games, a national collegiate championship of an amateur sport sanctioned by the national governing body of the sport that is recognized by the United States Olympic Committee, an Olympic activity including a Junior or Senior activity, training program, or feeder program sanctioned by the United States Olympic Committee's Community Olympic Development Program, a mixed martial arts championship, the Breeders' Cup World Championships, a Bassmasters Classic, a National Motorsports race, the Red Bull Signature Series, a football kickoff game between two National Collegiate Athletic Association teams, a national championship or Olympic trials of an amateur or professional sport sanctioned by the national governing body of the sport, the United States Bowling Congress Tournament, the WWE WrestleMania, the Bayou Classic, the Essence Festival, the Zurich Classic or other PGA Tour event, a national military event, a national political convention of the Republican National Committee or of the Democratic National Committee, any National Collegiate Athletic Association conference, convention, or conference media event, including conference media days, or any event sanctioned by USA Baseball, USA Softball, or by the World Baseball Softball Confederation, or any event sanctioned by the international governing body of soccer, Federation Internationale de Football Association (FIFA), the international governing body of rugby, World Rugby, the national governing body of soccer, U.S. Soccer, or the national governing body of rugby, USA Rugby, including but not limited to World Cups, International "friendlies" matches between national or professional teams, or tournaments between national teams or professional teams from countries that are members of the international governing bodies. The term includes any activities related to or associated with a qualified major event.

            (6) "Site selection organization" means any of the following:

            (a) The National Football League, the National Collegiate Athletic Association or any affiliated conference, or any team or teams thereof, the National Basketball Association, the International World Games Association, or the United States Olympic Committee.

            (b) The national governing body of a sport that is recognized by the United States Olympic Committee.

            (c) The National Thoroughbred Racing Association.

            (d) The Republican National Committee or Democratic National Committee.

            (e) The United States Bowling Congress.

            (f) The national or international governing body of an organization not listed in Subparagraphs (a) through (e) of this Paragraph that schedules a qualified major event as defined in this Subsection.

            D. An entity shall be eligible to receive funding through the program only if all of the following apply:

            (1) The event is included in the definition of qualified major event.

            (2) A site selection organization or the event producer or host selects or has selected a site in Louisiana under either of the following circumstances:

            (a) After holding a bidding or invitation selection process involving required terms and conditions that could be fulfilled by sites not located in Louisiana.

            (b) As the sole site for the event or the sole site for the event in a region composed of Louisiana and one or more states.

            (3) The event is not held more than one time per year in Louisiana or any other state. The provisions of this Paragraph shall not apply to events occurring twice in one year due to a natural disaster, an act of God, force majeure, a catastrophe, pandemic, or such other occurrence which causes the event to move or be rescheduled.

            E. The secretary of Louisiana Economic Development is hereby authorized to enter into a contract with an event producer or host, a local organizing committee, endorsing parish, endorsing municipality, official tourism commission, convention and visitors bureau, or official destination marketing organization to recruit, solicit, acquire, or organize for Louisiana any qualified major event that will have a significant positive impact in the state. The contract shall provide for a financial commitment to the entity.

            F. Any grants received pursuant to this Section may be used for either of the following:

            (1) To pay or reimburse the costs of applying or bidding for selection as the site of the event.

            (2) To pay or reimburse the costs of planning for or conducting the event.

            G. Louisiana Economic Development shall promulgate rules for the administration of the program in accordance with the Administrative Procedure Act. In order to expedite implementation of the program, the department shall utilize emergency rulemaking for the promulgation of the initial administrative rules.

            H, I. Repealed by Acts 2024, No. 518, §2, eff. July 1, 2024.

            Acts 2022, No. 751, §1, eff. June 27, 2022; Acts 2024, No. 345, §1, eff. May 28, 2024; Acts 2024, No. 518, §§1, 2, eff. July 1, 2024.