Florida Senate - 2006                        SENATOR AMENDMENT
    Bill No. CS for CS for SB 2728, 2nd Eng.
                        Barcode 053854
                            CHAMBER ACTION
              Senate                               House
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                                   .         05/05/2006 09:17:10
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 3         Floor: 1/AD/RM          .                    
       05/04/2006 03:59 PM         .                    
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11  Senator Fasano moved the following amendment to House
12  amendment (870215):
13  
14         Senate Amendment (with title amendment) 
15         On page 4, line 89, through page 6, line 150, delete
16  those lines
17  
18  and insert:  
20  amended to read:
21         288.1088  Quick Action Closing Fund.--
22         (1)(a)  The Legislature finds that attracting,
23  retaining, and providing favorable conditions for the growth
24  of certain high-impact business facilities, privately
25  developed critical rural infrastructure, or key facilities in
26  economically distressed urban or rural communities which
27  provide widespread economic benefits to the public through
28  high-quality employment opportunities in such facilities or in
29  related facilities attracted to the state, through the
30  increased tax base provided by the high-impact facility and
31  related businesses, through an enhanced entrepreneurial
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Florida Senate - 2006 SENATOR AMENDMENT Bill No. CS for CS for SB 2728, 2nd Eng. Barcode 053854 1 climate in the state and the resulting business and employment 2 opportunities, and through the stimulation and enhancement of 3 the state's universities and community colleges. In the global 4 economy, there exists serious and fierce international 5 competition for these facilities, and in most instances, when 6 all available resources for economic development have been 7 used, the state continues to encounter severe competitive 8 disadvantages in vying for these business facilities. 9 Florida's rural areas must provide a competitive environment 10 for business in the information age. This often requires an 11 incentive to make it feasible for private investors to provide 12 infrastructure in those areas. 13 (b) The Legislature therefore declares that sufficient 14 resources shall be available to respond to extraordinary 15 economic opportunities and to compete effectively for these 16 high-impact business facilities, critical private 17 infrastructure in rural areas, and key businesses in 18 economically distressed urban or rural communities. 19 (2) There is created within the Office of Tourism, 20 Trade, and Economic Development the Quick Action Closing Fund. 21 Projects eligible for receipt of funds from the Quick Action 22 Closing Fund shall: 23 (a) Be in an industry as referenced in s. 288.106. 24 (b) Have a positive payback ratio of at least 5 to 1. 25 (c) Be an inducement to the project's location or 26 expansion in the state. 27 (d) Pay an average annual wage of at least 125 percent 28 of the areawide or statewide private-sector average wage. 29 (e) Be supported by the local community in which the 30 project is to be located. 31 (3)(a) Enterprise Florida, Inc., shall determine 2 1:45 PM 05/03/06 s2728.11cm.0gg
Florida Senate - 2006 SENATOR AMENDMENT Bill No. CS for CS for SB 2728, 2nd Eng. Barcode 053854 1 eligibility of each project consistent with the criteria in 2 subsection (2). Enterprise Florida, Inc., in consultation with 3 the Office of Tourism, Trade, and Economic Development, may 4 waive these criteria based on extraordinary circumstances if 5 the project would significantly benefit the local or regional 6 economy. Enterprise Florida, Inc., shall evaluate individual 7 proposals for high-impact business facilities and forward 8 recommendations regarding the use of moneys in the fund for 9 such facilities to the director of the Office of Tourism, 10 Trade, and Economic Development. Such evaluation and 11 recommendation must include, but need not be limited to: 12 1. A description of the type of facility or 13 infrastructure, its operations, and the associated product or 14 service associated with the facility. 15 2. The number of full-time-equivalent jobs that will 16 be created by the facility and the total estimated average 17 annual wages of those jobs or, in the case of privately 18 developed rural infrastructure, the types of business 19 activities and jobs stimulated by the investment. 20 3. The cumulative amount of investment to be dedicated 21 to the facility within a specified period. 22 4. A statement of any special impacts the facility is 23 expected to stimulate in a particular business sector in the 24 state or regional economy or in the state's universities and 25 community colleges. 26 5. A statement of the role the incentive is expected 27 to play in the decision of the applicant business to locate or 28 expand in this state or for the private investor to provide 29 critical rural infrastructure. 30 6. A report evaluating the quality and value of the 31 company submitting a proposal. The report must include: 3 1:45 PM 05/03/06 s2728.11cm.0gg
Florida Senate - 2006 SENATOR AMENDMENT Bill No. CS for CS for SB 2728, 2nd Eng. Barcode 053854 1 a. A financial analysis of the company, including an 2 evaluation of the company's short-term liquidity ratio as 3 measured by its assets to liability, the company's 4 profitability ratio, and the company's long-term solvency as 5 measured by its debt-to-equity ratio; 6 b. The historical market performance of the company; 7 c. A review of any independent evaluations of the 8 company; 9 d. A review of the latest audit of the company's 10 financial statement and the related auditor's management 11 letter; and 12 e. A review of any other types of audits that are 13 related to the internal and management controls of the 14 company. 15 (b) Upon receipt of the evaluation and recommendation 16 from Enterprise Florida, Inc., the director shall recommend 17 approval or disapproval of a project for receipt of funds from 18 the Quick Action Closing Fund to the Governor. In recommending 19 a project, the director shall include proposed performance 20 conditions that the project must meet to obtain incentive 21 funds. The Governor shall provide the evaluation of projects 22 recommended for approval to the President of the Senate and 23 the Speaker of the House of Representatives and consult with 24 the President of the Senate and the Speaker of the House of 25 Representatives before giving final approval for a project. 26 The Executive Office of the Governor shall recommend approval 27 of a project and the release of funds pursuant to the 28 legislative consultation and review requirements set forth in 29 s. 216.177. The recommendation must include proposed 30 performance conditions that the project must meet in order to 31 obtain funds. 4 1:45 PM 05/03/06 s2728.11cm.0gg
Florida Senate - 2006 SENATOR AMENDMENT Bill No. CS for CS for SB 2728, 2nd Eng. Barcode 053854 1 (c) Upon the approval of the Governor, the director of 2 the Office of Tourism, Trade, and Economic Development and the 3 business shall enter into a contract that sets forth the 4 conditions for payment of moneys from the fund. The contract 5 must include the total amount of funds awarded; the 6 performance conditions that must be met to obtain the award, 7 including, but not limited to, net new employment in the 8 state, average salary, and total capital investment; 9 demonstrate a baseline of current service and a measure of 10 enhanced capability; the methodology for validating 11 performance; the schedule of payments from the fund; and 12 sanctions for failure to meet performance conditions. The 13 contract must provide that payment of moneys from the fund is 14 contingent upon sufficient appropriation of funds by the 15 Legislature and upon sufficient release of appropriated funds 16 by the Legislative Budget Commission. 17 (d) Enterprise Florida, Inc., shall validate 18 contractor performance. Such validation shall be reported 19 within 6 months after completion of the contract to the 20 Governor, President of the Senate, and the Speaker of the 21 House of Representatives. 22 (4) The Governor may, in an emergency or special 23 circumstance, and in consultation with the President of the 24 Senate and the Speaker of the House of Representatives, 25 reallocate unencumbered funds appropriated to the Quick Action 26 Closing Fund to supplement statutorily created economic 27 development programs and operations. The Executive Office of 28 the Governor shall recommend approval of the transfer and 29 release of funds pursuant to the legislative consultation and 30 review requirements set forth in s. 216.177. 31 5 1:45 PM 05/03/06 s2728.11cm.0gg
Florida Senate - 2006 SENATOR AMENDMENT Bill No. CS for CS for SB 2728, 2nd Eng. Barcode 053854 1 ================ T I T L E A M E N D M E N T =============== 2 And the title is amended as follows: 3 On page 21, line 575, after the semicolon 4 5 insert: 6 requiring that a contract for payment from the 7 Quick Action Closing Fund provide that the 8 payment of moneys is contingent upon a 9 sufficient appropriation of funds by the 10 Legislature and upon the release of 11 appropriated funds by the Legislative Budget 12 Commission; deleting provisions authorizing the 13 Governor to reallocate unencumbered funds in 14 the Quick Action Closing Fund to other economic 15 development programs; 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 6 1:45 PM 05/03/06 s2728.11cm.0gg