Strike everything after the enacting clause and insert the following:

"NEW SECTION.  Sec. 1. A new section is added to chapter 82.08 RCW to read as follows:

(1) Beginning January 1, 2025, 30 percent of the revenue of the tax imposed on each retail sale occurring at a qualified stadium pursuant to this chapter must be deposited into the community preservation and development authority account under RCW 43.167.040. The revenue shall be deposited equally between the operating subaccount and the capital subaccount.

(2)(a) By November 1st and by May 1st of each year, the department must calculate the amount of sales and use tax collected as the result of retail sales at a qualified facility during the previous six months. The department must determine the appropriate amount to be deposited into the community preservation and development authority accounts based on the provisions of subsection (1) of this section.

(b) The department must notify the state treasurer of the amount of revenue required to be transferred to the community preservation and development authority account by December 1st and by June 1st each year. The treasurer must deposit those funds into the community preservation and development authority account under RCW 43.167.040 by December 31st and June 30th each year.

(3) "Qualified facility" is a facility located in a county with a community preservation and development authority that: (a) Has a seating capacity of at least 68,000 fixed seats in an open-air stadium and has related event space of at least 300,000 square feet; or (b) has a seating capacity of at least 47,000 seats for its main use and a retractable roof.

NEW SECTION.  Sec. 2. A new section is added to chapter 82.12 RCW to read as follows:

The provisions of section 1 of this act apply throughout this chapter.

NEW SECTION.  Sec. 3. A new section is added to chapter 43.167 RCW to read as follows:

(1) It is the legislature's specific public policy objective to provide funding pursuant to section 1 of this act to the community preservation and development authorities, as created in this chapter, to promote and enhance the health, safety, and economic well-being of communities adversely impacted by the construction of, or on-going operation of, multiple major public facilities, public works, and capital projects. It is the intent of the legislature for the joint legislative audit and review committee to conduct a review of the funding and provide its findings to the legislature by December 1, 2033.

(2) The legislature intends to extend the expiration date of this funding if the review finds that the community preservation and development authority:

(a) Increases the economic vitality of the area by providing assistance to struggling small businesses in the area and assisting in the repair of unreinforced masonry that allows businesses to remain in place, increases the safety of residents, and promotes the conversion of unused and underutilized properties to benefit the community;

(b) Enhances the livability of the community by assisting in addressing the litter and debris in streets and alleys and provide remediation to address the impacts of homelessness; and

(c) Addresses housing needs, including funding new low-income and workforce housing units, as well as funding locally based street outreach to support interventions for unhoused residents.

(3) In order to obtain the data necessary to perform the review in subsection (2) of this section, the joint legislative audit and review committee may refer to any data collected by the state.

NEW SECTION.  Sec. 4. A new section is added to chapter 43.167 RCW to read as follows:

Any community preservation and development authority organized pursuant to this chapter must submit a biennial report to the appropriate committees of the legislature on their strategic plan, use of funding, and impacts on the community by November 1st of each odd-numbered year.

Correct the title.