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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05/04/2006 03:59 PM .
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11 Senator Fasano moved the following amendment to House
12 amendment (870215):
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14 Senate Amendment (with title amendment)
15 On page 4, line 89, through page 6, line 150, delete
16 those lines
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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
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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:
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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.
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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.
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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
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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;
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