(a) For purposes of this section, the following terms apply:

1. (1) “Foundation” means the Exposition Park Foundation.
2. (2) “Office” means the office of the Exposition Park Manager, as described in Section 4108.

(c) The purpose of the foundation shall be all of the following:

1. (1) To seek funds for Exposition Park to expand its public programming and infrastructure developments and improvements.
2. (2) To jointly manage public events that promote the mission of Exposition Park.
3. (3) To lease portions of state property consistent with the state processes and approvals, and to develop, construct, equip, furnish, and fund the Exposition Park Master Plan or other initiatives of Exposition Park on those properties consistent with lease terms.

(r) On or before January 10, 2024, and annually thereafter, the Department of Finance, in coordination with the office, shall submit a report to the chairpersons of the committees in each house of the Legislature that consider appropriations, the chairpersons of the committees and appropriate subcommittees that consider the State Budget, the Chairperson of the Joint Legislative Budget Committee, and the Legislative Analyst’s Office. The report shall include, but not be limited to, all of the following:

1. (1) An update on the foundation’s activities undertaken pursuant to the authorities granted in this section.
2. (2) Details on all joint management agreements, lease agreements, and any contracts executed between the State of California and the foundation.
3. (3) Revenues and expenditures associated with foundation activities at Exposition Park.
4. (4) A summary of agreements entered into pursuant to subdivisions (n), (o), and (p) that is expected to involve a total investment or estimated annual gross sales in excess of one million dollars ($1,000,000).