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House Co-Sponsorship Memoranda
House of Representatives
Session of 2021 - 2022
Regular Session
MEMORANDUM
| Posted: | October 28, 2022 11:02 AM |
|---|---|
| From: | Representative Jim Gregory and Rep. Timothy R. Bonner |
| To: | All House members |
| Subject: | Auditing the submissions relating to the construction of four major league sports stadiums in Philadelphia and Pittsburgh |
| Please join me as a co-sponsor of legislation to ensure that the Commonwealth receives the full economic benefit of the public funding provided for the construction of four major league sports stadiums in Philadelphia and Pittsburgh. This funding, which totaled $320 million in grants made between 2002 and 2006, was made available through Chapter 5 of the Capital Facilities Debt Enabling Act (Act 1 of 1999). The enabling statute requires the recipients of the grants to make additional rental payments of $25 million for each 10-year period of the lease, minus certain allowable credits for taxes paid. So far, the statutory formula resulted in the entire additional rental payments amounts being offset. While the Office of the Budget works with the Department of Revenue to review the submissions of the four recipients, this legislation will require that these submitted figures and the corresponding report be audited by the Auditor General. Further, this legislation will require the Auditor General to perform an audit to ensure that the grant recipients have complied with all the requirements under Chapter 5 of Act 1 of 1999. The additional review from an independent office can help to ensure that the Commonwealth is receiving the full economic benefit of the public funding that was provided for these major league sports stadiums. I look forward to working with you on this important legislation. |
Memo Updated: October 28, 2022 11:09 AM