(1) There is created the State Fair Park Authority. (2) The authority is: (a) an independent, nonprofit, separate body corporate and politic, with perpetual succession; (b) a political subdivision of the state; and (c) a public corporation, as defined in Section 63E-1-102. (3) (a) The fair corporation is dissolved and ceases to exist, subject to any winding down and other actions necessary for a transition to the authority. (b) The authority: (i) replaces and is the successor to the fair corporation; (ii) succeeds to all rights, obligations, privileges, immunities, and assets of the fair corporation; and (iii) shall fulfill and perform all contractual and other obligations of the fair corporation. (c) The board shall take all actions necessary and appropriate to wind down the affairs of the fair corporation as quickly as practicable and to make a transition from the fair corporation to the authority. (4) The authority shall: (a) manage, supervise, and control: (i) all activities relating to the annual exhibition described in Subsection (4)(j); and (ii) except as otherwise provided by statute, all state expositions, including setting the time, place, and purpose of any state exposition; (b) for public entertainment, displays, and exhibits or similar events held on fair park land: (i) provide, sponsor, or arrange the events; (ii) publicize and promote the events; and (iii) secure funds to cover the cost of the exhibits from: (A) private contributions; (B) public appropriations; (C) admission charges; and (D) other lawful means; (c) acquire and designate exposition sites; (d) use generally accepted accounting principles in accounting for the authority's assets, liabilities, and operations; (e) seek corporate sponsorships for the state fair park or for individual buildings or facilities on fair park land; (f) work with county and municipal governments, the Salt Lake Convention and Visitor's Bureau, the Utah Office of Tourism, and other entities to develop and promote expositions and the use of fair park land; (g) develop and maintain a marketing program to promote expositions and the use of fair park land; (h) in accordance with provisions of this chapter, operate and maintain state-owned buildings and facilities on fair park land, including the physical appearance and structural integrity of those buildings and facilities; (i) prepare an economic development plan for the fair park land; (j) hold an annual exhibition on fair park land that: (i) is called the state fair or a similar name; (ii) promotes and highlights agriculture throughout the state; (iii) includes expositions of livestock, poultry, agricultural, domestic science, horticultural, floricultural, mineral and industrial products, manufactured articles, and domestic animals that, in the board's opinion, will best stimulate agricultural, industrial, artistic, and educational pursuits and the sharing of talents among the people of the state; (iv) includes the award of premiums for the best specimens of the exhibited articles and animals; (v) permits competition by livestock exhibited by citizens of other states and territories of the United States; and (vi) is arranged according to plans approved by the board; (k) fix the conditions of entry to the annual exhibition described in Subsection (4)(j); and (l) publish a list of premiums that will be awarded at the annual exhibition described in Subsection (4)(j) for the best specimens of exhibited articles and animals. (5) In addition to the annual exhibition described in Subsection (4)(j), the authority may hold other exhibitions of livestock, poultry, agricultural, domestic science, horticultural, floricultural, mineral and industrial products, manufactured articles, and domestic animals that, in the authority's opinion, will best stimulate agricultural, industrial, artistic, and educational pursuits and the sharing of talents among the people of the state. (6) The authority may: (a) employ advisers, consultants, and agents, including financial experts and independent legal counsel, and fix their compensation; (b) (i) participate in the state's Risk Management Fund created under Section 63A-4-201 or any captive insurance company created by the risk manager; or (ii) procure insurance against any loss in connection with the authority's property and other assets; (c) receive and accept aid or contributions of money, property, labor, or other things of value from any source, including any grants or appropriations from any department, agency, or instrumentality of the United States or the state; (d) hold, use, loan, grant, and apply that aid and those contributions to carry out the purposes of the authority, subject to the conditions, if any, upon which the aid and contributions are made; (e) enter into management agreements with any person or entity for the performance of the authority's functions or powers; (f) establish accounts and procedures that are necessary to budget, receive, disburse, account for, and audit all funds received, appropriated, or generated; (g) subject to Subsection (8) and subject to the powers and responsibilities of the Utah Fairpark Area Investment and Restoration District, created in Section 11-70-201, lease any of the state-owned buildings or facilities located on fair park land; (h) sponsor events as approved by the board; (i) subject to Subsection (11), acquire any interest in real property that the board considers necessary or advisable to further a purpose of the authority or facilitate the authority's fulfillment of a duty under this chapter; (j) in accordance with Chapter 42a, Commercial Property Assessed Clean Energy Act, provide for or finance an energy efficiency upgrade, a clean energy system, or electric vehicle charging infrastructure, as those terms are defined in Section 11-42a-102; and (k) enter into one or more agreements with the Utah Fairpark Area Investment and Restoration District, created in Section 11-70-201. (7) The authority shall comply with: (a) Title 51, Chapter 5, Funds Consolidation Act; (b) Title 51, Chapter 7, State Money Management Act; (c) Title 52, Chapter 4, Open and Public Meetings Act; (d) Title 63G, Chapter 2, Government Records Access and Management Act; (e) the provisions of Section 67-3-12; (f) Title 63G, Chapter 6a, Utah Procurement Code, except for a procurement for: (i) entertainment provided at the state fair park; (ii) judges for competitive exhibits; (iii) sponsorship of an event on fair park land; (iv) concessions providers on fair park land; and (v) development of fair park land, if the developer is a qualified owner under Section 11-70-101; and (g) the legislative approval requirements for capital development projects established in Section 63A-5b-404. (8) (a) Before the authority executes a lease described in Subsection (6)(g) with a term of 10 or more years and subject to the powers and responsibilities of the Utah Fairpark Area Investment and Restoration District, created in Section 11-70-201, the authority shall: (i) submit the proposed lease to the division for the division's approval or rejection; and (ii) if the division approves the proposed lease, submit the proposed lease to the Executive Appropriations Committee for the Executive Appropriations Committee's review and recommendation in accordance with Subsection (8)(b). (b) The Executive Appropriations Committee shall review a proposed lease submitted in accordance with Subsection (8)(a) and recommend to the authority that the authority: (i) execute the proposed lease, either as proposed or with changes recommended by the Executive Appropriations Committee; or (ii) reject the proposed lease. (9) (a) Subject to Subsection (9)(b), a department, division, or other instrumentality of the state and a political subdivision of the state shall cooperate with the authority to the fullest extent possible to provide whatever support, information, or other assistance the authority requests that is reasonably necessary to help the authority fulfill the authority's duties and responsibilities under this chapter. (b) The division shall provide assistance and resources to the authority as the division director determines is appropriate. (10) The authority may share authority revenue with a municipality in which the fair park land is located, as provided in an agreement between the authority and the municipality, to pay for municipal services provided by the municipality. (11) (a) As used in this Subsection (11), "new land" means land that, if acquired by the authority, would result in the authority having acquired over three acres of land more than the land described in Subsection 11-68-101(9)(a). (b) In conjunction with the authority's acquisition of new land, the authority shall enter an agreement with the municipality in which the new land is located. (c) To provide funds for the cost of increased municipal services that the municipality will provide to the new land, an agreement under Subsection (11)(b) shall: (i) provide for: (A) the payment of impact fees to the municipality for development activity on the new land; and (B) the authority's sharing with the municipality tax revenue generated from the new land; and (ii) be structured in a way that recognizes the needs of the authority and furthers mutual goals of the authority and the municipality.
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