Private-public partnerships for a major sporting event venue

(1) A person that seeks to enter into a private-public partnership with a creating entity shall provide the creating entity with an application that: (a) demonstrates the applicant is qualified to operate, in whole or in part, a major sporting event venue; and (b) provides any additional information required by the creating entity. (2) A creating entity may enter into a private-public partnership: (a) if, after reviewing the application described in Subsection (1), the creating entity determines a private-public partnership will promote the objectives of the major sporting event venue zone; and (b) through an agreement described in this section. (3) An agreement to create a private-public partnership between a person and a creating entity: (a) may establish or recognize an ownership interest in the major sporting event venue for the person, in consideration of the person's financial investment in the major sporting event venue; (b) may establish an ownership interest in the major sporting event venue for the creating entity, in consideration of the creating entity's financial investment in the major sporting event venue zone; and (c) may create a lease interest for the person in the major sporting event venue.