Wisconsin § 229.461 - Development agreement, non-relocation agreement, lease.

§ 229.461. Development agreement, non-relocation agreement, lease.

229.461(1) (1) A district shall enter into a development agreement with a professional basketball team or its affiliate to require the professional basketball team or affiliate to develop and construct sports and entertainment arena facilities that will be financed in part by the district and, subject to sub. (3) (d) , leased to the professional basketball team or its affiliate as provided in this subchapter. Before a district may sign the development agreement, the secretary of administration shall certify that the professional basketball team or its affiliate has agreed to fund at least $250,000,000 to the development and construction of the sports and entertainment arena facilities. In addition, the professional basketball team or its affiliate must have entered into the non-relocation agreement under sub. (2) before the district may sign the development agreement. 229.461(2) (2) In consideration of the district, this state, a sponsoring municipality, and the most populous county in which the sponsoring municipality is located promising to commit $250,000,000 of financial assistance to the development and construction of the sports and entertainment arena facilities and granting a professional basketball team, or its affiliate, the right to operate and manage the sports and entertainment arena facilities, the professional basketball team shall enter into a non-relocation agreement with the district, before it or its affiliate enters into a development agreement with the district under sub. (1) , that contains all of the following provisions and commitments during the term of the lease: 229.461(2)(a) (a) The professional basketball team shall play substantially all of its home games at the sports and entertainment arena, once it is constructed. 229.461(2)(b) (b) The professional basketball team shall maintain its membership in the National Basketball Association or a successor league. 229.461(2)(c) (c) The professional basketball team shall maintain its headquarters in this state. 229.461(2)(d) (d) The professional basketball team shall maintain in its official team name the name of the sponsoring municipality. 229.461(2)(e) (e) The professional basketball team shall not relocate to another political subdivision during the term of the lease. 229.461(2)(f) (f) If the professional basketball team is sold or ownership is transferred to another person, the professional basketball team shall ensure that any person who acquires the professional basketball team, including upon foreclosure, commits to acquire the professional basketball team subject to the team’s obligations under the non-relocation agreement. 229.461(2)(g) (g) During the last 5 years of the original 30-year lease, and during any 5-year extension of the lease, the professional basketball team may negotiate, and enter into agreements, with 3rd parties regarding the professional basketball team playing its home games at a site different from the site to which the lease applies after the conclusion of the lease. 229.461(3) (3) The lease between the district and the professional basketball team or its affiliate shall contain at least all of the following: 229.461(3)(a) (a) The term of the lease shall be for 30 years, plus 2 extensions of 5 years each, both extensions at the professional basketball team’s or its affiliate’s option. 229.461(3)(b) (b) The lease shall contain provisions concerning the transfer of the Bradley Center and the land on which it is located from the district to the professional basketball team or its affiliate and, following that transfer, subsequent demolition of the Bradley Center arena structure, consistent with s. 229.47 (2) (c) . The district shall convey fee title to the professional basketball team or its affiliate free and clear of all liens, encumbrances, and obligations, except for easements or similar restrictions that do not include a monetary component. Provided that the Bradley Center arena structure is transferred as provided under this paragraph, the lease shall require the professional basketball team or its affiliate to pay for all costs related to the demolition of the Bradley Center arena structure. 229.461(3)(c) (c) The professional basketball team or its affiliate shall be responsible for equipping, maintaining, operating, improving, and repairing sports and entertainment arena facilities that are constructed pursuant to a development agreement entered into under sub. (1) . If the professional basketball team or its affiliate breaches the development agreement or non-relocation agreement, the parent company of the professional basketball team shall be jointly and severally responsible with the professional basketball team or its affiliate for the costs of equipping, maintaining, operating, and repairing the sports and entertainment arena facilities during the term of the lease. In addition, the professional basketball team or its affiliate shall be entitled to receive all revenues, other than surcharges collected under s.