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A bill to be entitled

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An act relating to economic development; creating s.

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288.097, F.S.; establishing Building Florida's Future

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Revolving Loan Guarantee Program within the Office of

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Tourism, Trade, and Economic Development; providing for

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the program to provide loan guarantees or credit

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enhancements to units of local government or to private

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entities for use in constructing or modernizing facilities

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and infrastructure necessary to attract or expand certain

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industries as part of an economic-development project;

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providing requirements and criteria for the office to

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consider in evaluating requests; requiring Enterprise

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Florida, Inc., to assist the office in its evaluation;

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requiring the Office of Tourism, Trade, and Economic

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Development to adopt rules; requiring that the office

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provide an annual report to the Legislature regarding the

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program; providing an appropriation; providing a

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contingent effective date.

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Be It Enacted by the Legislature of the State of Florida:

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     Section 1.  Section 288.097, Florida Statutes, is created to

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read:

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     288.097 Building Florida's Future Revolving Loan Guarantee

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Program.--

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     (1) There is created within the Office of Tourism, Trade,

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and Economic Development the Building Florida's Future Revolving

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Loan Guarantee Program. The purpose of the program is to provide

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loan guarantees or credit enhancements to units of local

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government or private entities seeking financing to construct or

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modernize facilities and infrastructure necessary to attract or

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expand targeted industries as part of an economic-development

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project. As used in this section, the term "targeted industries"

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means those industries referenced in s. 288.106(1)(o).

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     (2) The program may provide loan guarantees or other credit

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enhancements to applicants seeking financing for the following

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purposes:

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     (a) The acquisition of land, buildings, or fixed equipment;

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     (b) Site preparation and the construction or reconstruction

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of buildings; or

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     (c) The installation of or provision of access to

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telecommunications, energy sources, or other utilities.

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     (3)(a) All moneys available within the program's trust

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fund, including investment earnings, are designated to carry out

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the purposes of this section.

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     (b) Any funds within the trust fund which are not needed on

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an immediate basis for loan guarantees or credit enhancements may

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be invested pursuant to s. 215.49. The cost of administering the

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program may be paid from reasonable service fees that may be

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imposed upon applicants so as to enhance program perpetuity.

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     (4) The office also shall consider, but need not be limited

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to, the following criteria in evaluating projects for assistance:

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     (a) A demonstration that the project would create or

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enhance economic benefits.

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     (b) The likelihood that the loan guarantee or credit

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enhancement would enable the project to proceed.

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     (c) The extent to which assistance would foster innovative

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public-private partnerships and attract private debt or equity

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investment.

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     (d) The creditworthiness of the entity or entities applying

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to the program.

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     (e) Whether the project is consistent, to the maximum

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extent feasible, with local government comprehensive plans.

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     (5) Enterprise Florida, Inc., shall assist the office in

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evaluating applications and determining whether an applicant

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meets the conditions of subsection (4).

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     (6) The office shall maintain an unencumbered balance of at

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least $ million in the Building Florida's Future Revolving

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Loan Guarantee Trust Fund at all times.

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     (7) The office shall adopt rules to administer the program,

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including, but not limited to, development of the application

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forms, deadlines for submitting applications, requirements for

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the selection process, and requirements for audits.

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     (8) The office shall submit to the President of the Senate

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and the Speaker of the House of Representatives an annual report

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concerning activity within the program. The first report shall be

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submitted on January 5, 2009, and subsequent reports shall be

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submitted on January 5 every year thereafter, so long as the

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revolving fund exists.

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     Section 2. For the 2008-2009 fiscal year, the sum of

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$__million is appropriated from the General Revenue Fund to the

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Building Florida's Future Revolving Trust Fund which shall be

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used by the Office of Tourism, Trade, and Economic Development

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for the purposes of administering this act. Notwithstanding the

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provisions of s. 216.301, the unexpended balance of this

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appropriation shall not revert.

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     Section 3.  This act shall take effect July 1, 2008, if

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Senate Bill ____ or similar legislation is adopted in the same

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legislative session or an extension thereof and becomes law.