(1) Any applicant may apply to the board for state assistance if (a) the applicant has acquired, constructed, improved, or equipped an eligible sports arena facility, (b) the applicant has approved a revenue bond issue or a general obligation bond issue to acquire, construct, improve, or equip an eligible sports arena facility, (c) the applicant has adopted a resolution authorizing the applicant to pursue a general obligation bond issue to acquire, construct, improve, or equip an eligible sports arena facility, (d) a building permit has been issued within the applicant's jurisdiction for an eligible sports arena facility that is a privately owned concert venue, or (e) a building permit has been issued or construction has been completed within the applicant's jurisdiction for an eligible sports arena facility that is a privately owned sports complex.

(2) Except as provided in subsections (3) and (4) of this section, the state assistance shall only be used by the applicant to pay back amounts expended or borrowed through one or more issues of bonds to be expended by the applicant to acquire, construct, improve, or equip the publicly owned eligible sports arena facility and to acquire, construct, improve, or equip publicly owned nearby parking facilities.

(3) For an eligible sports arena facility that is a privately owned concert venue, the state assistance shall only be used by the applicant (a) to pay back amounts expended or borrowed through one or more issues of bonds to be expended by the applicant to acquire, construct, improve, or equip a nearby parking facility or (b) to promote arts and cultural events which are open to or made available to the general public.

(4) For an eligible sports arena facility that is a privately owned sports complex, the state assistance shall only be used by the applicant (a) to pay back amounts expended or borrowed through one or more issues of bonds to be expended by the applicant to acquire, construct, improve, or equip one or more public infrastructure projects, as defined in section 77-27,142, related to a privately owned sports complex, (b) to lease all or a portion of such privately owned sports complex for the governmental use of the political subdivision, (c) to promote sporting events which are open to or made available to the general public, or (d) to pay back amounts expended or borrowed through one or more debt issues to be expended by the nonprofit corporation coapplicant to acquire, construct, improve, or equip a privately owned sports complex, subject to voter approval as provided in section 13-3110.

(5)(a) No more than ten years of funding for promotion of the arts and cultural events shall be paid by state assistance received pursuant to section 13-3108.

(b) No more than ten years of funding for promotion of sporting events shall be paid by state assistance received pursuant to section 13-3108.

(c) No more than five years of funding for a sports complex located in a city of the second class or village shall be paid by state assistance received pursuant to section 13-3108.

(6) For any application for state assistance for a large public stadium approved on or after July 19, 2024, up to one hundred percent of the final cost of the project may be funded by state assistance received pursuant to section 13-3108.