Except as allowed by § 10–639 of this subtitle, to finance the planning, design, and construction of any segment of a racing facility, the Authority shall comply with this section. At least 45 days before seeking approval of the Board of Public Works for each bond issue or other borrowing, the Authority shall provide, in accordance with § 2–1257 of the State Government Article, to the fiscal committees of the General Assembly a comprehensive financing plan for the relevant racing facility that includes: the aggregate amount of funds needed for the racing facility to be financed with the proposed bonds; a description of the racing facility to be constructed or renovated; the anticipated total debt service for the proposed bond issue; the anticipated total debt service when combined with the debt service for all prior outstanding bond issues for racing facilities; anticipated project costs of at least $250,000,000 for the Pimlico racing facility and $110,000,000 for the training facility site; and a joint plan between the Maryland Thoroughbred Racetrack Operating Authority and the Department of Housing and Community Development that includes the following investments in and around the Pimlico racing facility site: racetrack workforce housing; community commercial revitalization; community safety; community workforce development and job training; affordable housing; homeownership and home preservation; redevelopment of vacant and blighted housing; and community beautification. A bond issued to finance planning, design, and construction or renovations of or improvements to a racing facility: is a limited obligation of the Authority payable solely from money pledged by the Authority to the payment of the principal of and the premium and interest on the bond or money made available to the Authority for that purpose; is not a debt, liability, or a pledge of the faith and credit or the taxing power of the State, the Authority, or any other governmental unit; and may not give rise to any pecuniary liability of the State, the Authority, or any other governmental unit. The issuance of a bond to finance the planning, design, and construction or renovations of or improvements to a racing facility is not directly, indirectly, or contingently a moral or other obligation of the State, the Authority, or any other governmental unit to levy or pledge any tax or make any appropriation to pay the bond. Each bond shall state on its face the provisions of paragraphs (1) and (2) of this subsection. In this subsection, “long–term agreement” includes a lease, operating, joint venture, or management agreement with a minimum term established by the Authority. The Authority shall ensure that the following agreements are executed: subject to paragraph (3) of this subsection, a long–term agreement regarding management and operations of the Pimlico racing facility site; and agreements between the Authority and project entities for the planning, design, and construction of a racing facility. Subject to subparagraph (ii) of this paragraph, the long–term agreement required under paragraph (2)(i) of this subsection shall: ensure the continuity of the Preakness Stakes at the Pimlico racing facility site after reconstruction by the Authority; and establish: the right of the thoroughbred racetrack operator to manage and operate the Pimlico racing facility site; the obligation of the thoroughbred racetrack operator to operate, maintain as a first–class facility, in good condition, repair, and secure the Pimlico racing facility site during periods identified in the long–term agreement; and the obligation of the thoroughbred racetrack operator to cooperate with respect to the provision of adequate parking and efficient transportation plans around the Pimlico racing facility site. If thoroughbred racing is no longer a lawful activity, or is otherwise rendered not commercially viable as a result of a change in law or regulation, the parties to the long–term agreement shall notify the Board of Public Works at least 180 days before the expiration or termination of the long–term agreement. The notice required under subsubparagraph 1 of this subparagraph shall contain a plan for alternative uses for the Pimlico racing facility site that provide a necessary or beneficial public purpose and a process for community input that is facilitated by the Pimlico Community Advisory Board. The long–term agreement required under paragraph (2)(i) of this subsection shall provide that if there is a dispute among the parties regarding the existence of the conditions described in subsubparagraph 1 of this subparagraph or the contents of the plan for alternative uses, the Authority is authorized to adjudicate the dispute as a contested case under Title 10, Subtitle 2 of the State Government Article, including authorization to delegate all or a portion of the adjudication to the Office of Administrative Hearings as determined in the sole discretion of the Authority. The Authority may enter into agreements with project entities or local entities for planning, design, and construction of the racing and community development projects at a racing facility site. For fiscal year 2022 and each fiscal year thereafter, until the bonds that have been issued to finance racing facilities are no longer outstanding and unpaid, the Comptroller shall deposit into the Racing and Community Development Financing Fund at least $17,000,000 from the State Lottery Fund under § 9–120(b)(1)(iv) of the State Government Article. If the money deposited in the Racing and Community Development Financing Fund in accordance with subsection (f) of this section is not needed for debt service or debt service reserves, the Authority may transfer those funds to the Racing and Community Development Facilities Fund. If funds are needed for debt service or debt service reserves, the Authority may transfer money in the Racing and Community Development Facilities Fund to the Racing and Community Development Financing Fund. For the purpose of the planning, design, construction, and ownership of a racing and community development project under this subtitle, the Authority is the successor entity to the Maryland Thoroughbred Racetrack Operating Authority. For the purpose of the operation of a racing and community development project under this subtitle, the Authority is the successor entity to the Maryland Thoroughbred Racetrack Operating Authority. The Authority may enter into any agreements necessary to carry out the provisions of this section. The thoroughbred racetrack operator: shall be a nonstock corporation formed under the laws of the State and not operated for profit; may not be construed to be an agency or instrumentality of the State or a unit of the Executive Branch for any purpose; may be replaced with another business entity designated by the Authority in accordance with the terms of the long–term agreement; and shall reimburse the Authority for the cost of a full–time auditor responsible for overseeing the financial transactions and records relating to racing and community project costs and ongoing operations. The thoroughbred racetrack operator shall prepare accrual basis financial statements at the close of each fiscal year and provide a copy of those financial statements to the Authority annually. The accrual basis financial statements required under paragraph (1) of this subsection shall describe the current financial conditions of the thoroughbred racetrack operator and include a statement of operating profit or loss. Subject to subparagraph (ii) of this paragraph, beginning with the first full fiscal year of thoroughbred racing operations at the reconstructed Pimlico racing facility, 10% of the annual net income of the thoroughbred racetrack operator shall be distributed each year to the Pimlico Community Development Authority to be distributed to designated community development organizations assigned to the impacted communities for community development activities outlined in the adopted Pimlico Area Joint Plan. Before calculating the amount to be distributed under subparagraph (i) of this paragraph, the annual net income of the thoroughbred racetrack operator shall be reduced by contributions from any thoroughbred purse account and the cumulative operating losses carried forward, if any, from the prior years of operation.