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1998 Florida Statutes
Conditions for film and television investment.
288.056 Conditions for film and television investment.--
(1) The board may accept applications from and, pursuant to this section, approve the investment of funds to eligible applicants which shall include, but not be limited to, film or television producers, production companies, distributors, distribution companies, or their subsidiaries.
(2) Prior to the approval of an application, the board shall require of all investments in which it participates the following:
(a) A film or television project applicant requesting funds pursuant to this act shall certify that it will expend at least 40 percent of the project's production budget within the state.
(b) The film or television project applicant shall certify and provide documentation that the project's production funding has been secured or is pending.
(c) The film or television project applicant shall provide financial analysis and projections necessary to determine the financial feasibility and expected returns of the project for which funds are being requested.
(d) The film or television project applicant shall provide documentation evidencing that the project has a commitment or pending commitment for distribution or exhibition.
(3) The board may invest or loan a dollar amount up to 40 percent of the production budget of an applicant film or television project. Such investment or loan amount shall not exceed $3 million per film or television project. The investment or loan by the board shall be allocated and made to that portion of the film or television project budget commonly known as print and advertisement or marketing, and the investment or loan shall be made after verification that the production of the film or television project has been completed and the requirements of subsection (4) have been satisfied.
(4) Prior to the release of funds under this section, the applicant shall provide documentation to the satisfaction of the board that:
(a) The applicant has expended at least 40 percent of the project's production budget within the state.
(b) The applicant has a commitment for distribution and exhibition.
(5) The applicant film or television project shall provide such other documentation as may be required by the board.
History.--s. 6, ch. 92-201.