§ 429. Real property used for professional major league sports. Real
property within a city having a population of one million or more, used
by both a professional major league hockey team which is a member of the
National Hockey League and a professional major league basketball team
which is a member of the National Basketball Association to play their
home games shall be exempt from taxation to the extent said taxes are
the obligation by lease or otherwise of the owners of franchises for
such teams, provided that such owners enter into a written agreement
with the chief executive officer of the municipality in which such
property is located to play their home games within such municipality
for a period of at least ten consecutive years. The tax exemption
provided herein shall be granted to real property being used, in whole
or in part, for the aforesaid purposes on the date such agreement is
executed and shall apply to taxes which become due and payable after the
aforestated agreement is executed and shall continue with respect to
such property as long as both of said teams play their home games
therein and no longer. Such exemption shall not apply with respect to
any improvement to such property made after the date such agreement is
executed which improvement is not used for the provision of facilities
or services related to sports, entertainment, expositions, conventions
or trade shows. If one or both of said teams shall cease to play their
home games in said property at any time, the tax exemption provided
herein shall cease immediately and such property shall immediately be
restored to the tax rolls and thereupon become subject to taxation and
shall be taxed pro rata for the unexpired portion of the taxable year.