Florida Senate - 2016                                     SB 240
       
       
        
       By Senator Soto
       
       
       
       
       
       14-00186A-16                                           2016240__
    1                        A bill to be entitled                      
    2         An act relating to the Community Investment Program;
    3         creating s. 421.56, F.S.; providing definitions;
    4         establishing the Community Investment Program within
    5         the Department of Economic Opportunity to encourage
    6         investment and reduce poverty in economically
    7         disadvantaged communities; establishing a Community
    8         Investment Council to govern the program; providing
    9         for membership and duties of the council; requiring an
   10         annual report to the Governor and Legislature;
   11         providing program goals and objectives; establishing a
   12         legislative advisory committee to advise the council;
   13         providing for membership of the committee; providing
   14         an effective date.
   15          
   16  Be It Enacted by the Legislature of the State of Florida:
   17  
   18         Section 1. Section 421.56, Florida Statutes, is created to
   19  read:
   20         421.56 Community Investment Program.—
   21         (1) As used in this section, the term:
   22         (a) “Economically disadvantaged community” means a
   23  community whose income does not exceed 80 percent of area median
   24  income.
   25         (b) “Triple bottom-line investment funds” means, but is not
   26  limited to, equity and debt investment vehicles that pursue
   27  market and above-market rates of financial return while
   28  producing living wage jobs, affordable housing, and other
   29  economic, environmental, and social benefits for the residents
   30  of the communities where the investments are made.
   31         (2)(a) The Community Investment Program is established
   32  within the Department of Economic Opportunity under the direct
   33  authority of the executive director of the department.
   34         (b) The purposes of the program are to:
   35         1. Encourage private sector investment in economically
   36  disadvantaged communities to improve the economic,
   37  environmental, and social conditions for the residents and to
   38  help improve the overall economic, environmental, and social
   39  well-being of the state.
   40         2. Assist investors, employers, corporate executives,
   41  business owners, and site location consultants who are
   42  considering investing or expanding businesses in economically
   43  disadvantaged communities.
   44         3. Coordinate state programs and funding resources that can
   45  be used to reduce poverty in the state and to assist the
   46  development of businesses, infrastructure, and investment in
   47  economically disadvantaged communities.
   48         (c) The department shall provide staff and administrative
   49  support for the program.
   50         (d) The executive director shall establish public education
   51  programs and provide technical assistance to private sector
   52  investors consistent with this section.
   53         (3) The program shall be governed by a seven-member
   54  Community Investment Council composed of:
   55         (a) The executive director of the department, who shall
   56  serve as chair of the council.
   57         (b) The Chief Financial Officer.
   58         (c) Three members appointed by the Governor, one of whom
   59  shall have private sector business or investment expertise, one
   60  of whom shall have community development expertise, and one of
   61  whom shall be a representative of organized labor.
   62         (d) One member appointed by the President of the Senate.
   63         (e) One member appointed by the Speaker of the House of
   64  Representatives.
   65         (4) The council shall:
   66         (a) Develop and annually update a database by county and
   67  municipality of economically disadvantaged communities in the
   68  state with relevant information about each neighborhood,
   69  including socioeconomic demographic data, descriptions of
   70  pertinent characteristics to inform private sector investors,
   71  such as local land use plans and zoning or other development
   72  designations, and commitments from local governments to support
   73  private sector investments. The council shall adopt criteria
   74  whereby an economically disadvantaged community can be
   75  designated as an investment community.
   76         (b) Compile and maintain a current inventory of public
   77  sector funding resources in the state and financing mechanisms
   78  that may be allocated to or used in economically disadvantaged
   79  communities.
   80         (c) Coordinate public sector financial investment and
   81  public programs to assist community investment areas in
   82  preparing for business growth, development, and investment and
   83  to attract private sector triple bottom-line fund investments.
   84         (d) Develop and adopt criteria for identifying eligible
   85  triple bottom-line investment funds that will serve as partners
   86  and invest in enterprises and employers that generate permanent
   87  living wage jobs, including investments to assist in
   88  establishing and expanding employers in economically
   89  disadvantaged communities.
   90         (e) Develop and adopt criteria for eligible triple bottom
   91  line investment funds that invest in real estate developments,
   92  including constructing, expanding, renovating, and
   93  rehabilitating buildings in economically disadvantaged
   94  communities.
   95         (f) Establish overall triple bottom-line goals and
   96  standardized metrics for economic, environmental, and social
   97  outcomes that are acceptable to all eligible investment funds.
   98         (g) Gather evidence and conduct public forums to identify a
   99  broad array of incentives that will encourage triple bottom-line
  100  fund investments in economically disadvantaged communities.
  101         (h) Establish and convene regular meetings of organizations
  102  and institutions with expertise and resources to advise the
  103  council and eligible investment fund managers.
  104         (i) Submit an annual report to the Governor, the President
  105  of the Senate, and the Speaker of the House of Representatives
  106  on the status and progress of the program and performance on
  107  goals and triple bottom-line outcomes pursuant to paragraph (f).
  108         (j) Encourage significant private sector commitment,
  109  cooperation, and collaboration to invest private capital in
  110  economically disadvantaged communities through eligible triple
  111  bottom-line investment funds with the goal of obtaining, by
  112  January 1, 2021, at least $1 million of new investment by these
  113  funds in real estate developments and businesses located in
  114  economically disadvantaged communities.
  115         (5) A four-member advisory committee shall advise the
  116  council and consist of members of the Legislature as follows:
  117         (a) Two members of the Senate appointed by the President of
  118  the Senate, with one member from each of the two main political
  119  parties represented in the Senate.
  120         (b) Two members of the House of Representatives appointed
  121  by the Speaker, with one member from each of the two main
  122  political parties represented in the House of Representatives.
  123         Section 2. This act shall take effect July 1, 2016.