(a) Except with respect to the payment by the secretary and the authority of certain limited amounts of preliminary costs pursuant to section 64 of public act 99-241*, no contract may be awarded, obligation incurred or amount expended by the secretary or the authority with respect to costs of the overall project to be funded with the proceeds of the bonds, no principal amount of bonds, notes or other obligations of the state or the authority authorized with respect to the overall project may be allotted or encumbered, and no amount available in the Adriaen’s Landing construction account established by section 39 of public act 98-1 of the December special session*, as amended by public act 99-241 and public act 00-140, may be expended, unless and until the following conditions have been met:

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(1) The Governor shall have filed with the house and senate clerks, who shall transmit the same to the joint committees of the General Assembly having cognizance of matters relating to finance, revenue and bonding and appropriations, a master development plan, which shall include at least the following:

(A) An overall design concept and description of the overall project and the integration of the on-site related private development, including conceptual drawings, preliminary site plans and estimated project schedule;

(B) An estimate of total costs for the stadium facility project, the parking project, the convention center project, the convention center hotel, as applicable, and each other major element of the on-site related private development;

(C) The feasibility and implementation studies for the convention center, the stadium facility and the related parking facilities, as applicable, conducted by the authority pursuant to section 32-604 together with the determination of the authority required by said section;

(D) A plan for the assembly and acquisition of the stadium facility site, the parking facilities site, the convention center site and the sites on which the convention center hotel and the other on-site related private development is to be located, as applicable, for relocation of existing uses on such sites and for site preparation, including identification of such sites, estimated costs of the site assembly and acquisition, relocation and site preparation, including necessary environmental remediation, the proposed ownership and lease arrangements with respect to such sites, with copies of any available site acquisition documents, and the proposed sources and amounts of public and private financing of the cost of site assembly and acquisition, relocation and site preparation including the portion of such costs, if any, to be paid as project costs pursuant to sections 32-650 to 32-668, inclusive;

(E) A description of required governmental permits and approvals required in connection with the overall project and the on-site related private development, including a report of the status of permit applications and approval, with copies of any available permit applications;

(F) Copies of the environmental impact evaluations prepared by the authority and the Office of Policy and Management pursuant to subsection (j) of section 32-663;

(G) A description of the proposed convention center hotel, including number of rooms, other amenities, site acquisition arrangements and proposed ownership, management and financing arrangements, and arrangements with respect to use for hotel purposes of spaces in the related parking facilities, including related parking charges;

(H) Revenue and expense projections for operation of the convention center, the stadium facility and the related parking facilities, as applicable, to the extent not included in the feasibility and implementation studies provided pursuant to subparagraph (C) of this subdivision;

(I) Sources and uses of committed public and private financing for the overall project and the on-site related private development, including projected amounts of tax-exempt and taxable general obligation bonds and revenue bonds;

(J) A financing plan for the overall project and the on-site related development, including the planned sequence and schedule of public and private investment, setting forth requirements for appropriate minimum levels of public and private investment at various stages of development as the overall project and the on-site related private development proceed;

(K) A memorandum of understanding with the university setting forth the material terms of proposed lease, license or other use arrangements regarding university events at the stadium facility, including at a minimum the material terms of the commitment of the university regarding the playing of home football games at the sportsplex, including arrangements with respect to the allocation of event revenues and expenses, other revenue derived as a result of the university’s upgrades to Division IA football status, rental or use charges, day of game expenses, event scheduling, ticket operations, event management and operations and responsibilities for maintenance, repair and insurance and sources of revenue to be used by the university to cover capital and operating expenses resulting from the university upgrade to Division IA football; and

(L) A description of the proposed revenue allocation from the related parking facilities; and

(2) The Governor shall have filed with the Treasurer and the State Bond Commission a certificate of determination to the effect that the state, through the authority or the secretary, has received commitments by agreement, contract or other legally enforceable instrument with private investors or developers for minimum private investment in the related private development of two hundred ten million dollars, of which a minimum of forty million dollars shall be private investment in the convention center hotel, which certificate of determination shall include findings by the Governor to the effect that (A) such commitments are enforceable by the secretary or the authority by an action at law or in equity, (B) such commitments relate to projects that will constitute related private development, as defined in section 32-651, and (C) the related private development that is the subject of such commitments would not have occurred but for the development of the convention center and the related parking facilities and the investment by the state in site acquisition, site preparation and infrastructure improvements associated with the Adriaen’s Landing site. Such certificate of determination and findings by the Governor, when filed with the Treasurer and the State Bond Commission, shall be final, conclusive and incontestable for all purposes.

(b) Not later than thirty days after the filing by the Governor of the master development plan pursuant to subdivision (1) of subsection (a) of this section, the joint standing committees of the General Assembly having cognizance of matters relating to finance, revenue and bonding and appropriations shall hold a joint public hearing for purposes of the evaluation and consideration of the master development plan and any other information submitted by the Governor in connection therewith. Said committees shall submit a report of their findings, conclusions and recommendations to the General Assembly, through the clerks of the house and the senate not later than forty-five days after the date of filing by the Governor of the master development plan pursuant to subdivision (1) of subsection (a) of this section.