Sec. 8. (a) Beginning July 1, 2023, the Lake County board of commissioners shall begin accepting proposals for the development, operation, and an ownership share in a Lake County convention and event center from any entity qualified to fund and operate a convention and event center, including local political subdivisions. Subject to subsection (d), timely proposals shall be submitted not later than December 1, 2024. A proposal must include at least the following:

(1) Any variance in the entity’s proposal from what is described in the updated feasibility study prepared under section 5(i) of this chapter as the variance is related to a return on investment analysis, including anticipated income generated countywide, peripheral investment anticipated to result from the project, or anticipated gross retail tax revenue to be generated from the project.

(2) The uses that the convention and event center will accommodate.

(3) Acknowledgment that in order to secure money from the convention fund and reserve fund, the Lake County convention center authority, as described in section 9 of this chapter, will share in ownership of the convention and event center.

(4) An operating plan, including information concerning:

(A) any third party entity expected to manage and operate the facility;

(B) any professional experience with convention center operations;

(C) any professional experience with facility management; and

(D) any experience with efficiency programs used for managing operating costs and capital expenditures.

(5) An anticipated operating budget for the facility, including the financing of any operational shortfall and pro forma operating statements for the first five (5) years of operations.

(6) Any documents related to vendor agreements, leases, partnerships, and financing plans and commitments.

(7) Any proposed or available hotel accommodations that may be dedicated for the promotion and sales of the convention and event center, and not for promotional uses for any other associated facility.

(8) Any other information considered necessary by the Lake County board of commissioners.

     (b) Proposals shall be submitted to the Lake County board of commissioners and reviewed for completeness, adherence to the requirements under this section, and evaluation of the materials submitted.

     (c) The Lake County board of commissioners shall hold public hearings concerning proposals submitted and for the selection of any professional advisers to be used in approval of a proposal.

     (d) If a proposal is approved, the Lake County board of commissioners shall adopt a resolution to that effect. If no proposal is approved before June 1, 2025, proposals may continue to be submitted to the Lake County board of commissioners for review. However, if no proposal is approved before January 1, 2028, no additional proposals may be accepted, and any money in the fund reverts to the state general fund.

As added by P.L.195-2023, SEC.7. Amended by P.L.102-2024, SEC.4.