(1) A project area plan may provide for the development and construction of a qualified stadium on land that, until conveyed to the fairpark district as provided in Subsection (3)(a)(ii), is owned by a qualified owner. (2) A project area plan under Subsection (1) shall include a requirement that the qualified owner and fairpark district enter an agreement relating to: (a) the development, construction, operation, and ownership of a qualified stadium; and (b) the development of other land owned by the qualified owner within the fairpark district boundary. (3) (a) An agreement under Subsection (2) shall: (i) limit the stadium contribution to the lesser of: (A) half the actual cost of developing and constructing the qualified stadium; or (B) $900,000,000; (ii) require the qualified owner to convey to the fairpark district, as soon as practicable after the franchise agreement date, title to the property on which the qualified stadium will be constructed; (iii) require the qualified owner, if the major league sports team leaves the qualified stadium before 30 years after the franchise agreement date, to: (A) pay the remaining outstanding balance of bonds issued by the fairpark district for the development and construction of the qualified stadium; and (B) pay to the fairpark district the difference between the stadium contribution and the amount paid under Subsection (3)(a)(iii)(A); (iv) provide for the fairpark district to possess full ownership rights to the qualified stadium; (v) provide for the qualified owner to sell and control sponsorship rights relating to the qualified stadium; (vi) provide for the fairpark district to lease the qualified stadium to the major league sports team for lease payments of $150,000 per month for 360 months; (vii) require the qualified owner to operate and maintain the qualified stadium and to pay for all operation and maintenance costs; (viii) require the qualified owner to cooperate and coordinate with the fairpark district to allow events other than events of the major league sports team to occur at the qualified stadium if those other events do not interfere with the use of the qualified stadium for events of the major league sports team; (ix) include negotiated terms that are fair and reasonable; (x) establish the timing and process for the development of the qualified owner's property within the fairpark district boundary, based on the qualified owner's development plan; (xi) establish the timing and process for assisting the fair park authority to complete the fair park authority's master plan; and (xii) require the major league sports team to be given a name that includes "Utah." (b) Before approving an agreement under Subsection (3)(a), the board shall: (i) hold at least one public meeting to consider and discuss the draft agreement; and (ii) provide notice of the public meeting as provided in Subsection 11-70-503(2). (c) A legal action or other challenge to an agreement under Subsection (3)(a) by a person other than a party to the agreement is barred unless brought within 30 days after the execution of the agreement.
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