1

A bill to be entitled

2

An act relating to economic development; creating s.

3

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

4

Revolving Loan Guarantee Program within the Office of

5

Tourism, Trade, and Economic Development; providing for

6

the program to provide loan guarantees or credit

7

enhancements to units of local government or to private

8

entities for use in constructing or modernizing facilities

9

and infrastructure necessary to attract or expand certain

10

industries as part of an economic-development project;

11

providing requirements and criteria for the office to

12

consider in evaluating requests; requiring Enterprise

13

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

14

requiring the Office of Tourism, Trade, and Economic

15

Development to adopt rules; requiring that the office

16

provide an annual report to the Legislature regarding the

17

program; providing an appropriation; providing a

18

contingent effective date.

19

20

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

21

22

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

23

read:

24

     288.097 Building Florida's Future Revolving Loan Guarantee

25

Program.--

26

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

27

and Economic Development the Building Florida's Future Revolving

28

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

29

loan guarantees or credit enhancements to units of local

30

government or private entities seeking financing to construct or

31

modernize facilities and infrastructure necessary to attract or

32

expand targeted industries as part of an economic-development

33

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

34

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

35

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

36

enhancements to applicants seeking financing for the following

37

purposes:

38

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

39

     (b) Site preparation and the construction or reconstruction

40

of buildings; or

41

     (c) The installation of or provision of access to

42

telecommunications, energy sources, or other utilities.

43

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

44

fund, including investment earnings, are designated to carry out

45

the purposes of this section.

46

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

47

an immediate basis for loan guarantees or credit enhancements may

48

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

49

program may be paid from reasonable service fees that may be

50

imposed upon applicants so as to enhance program perpetuity.

51

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

52

to, the following criteria in evaluating projects for assistance:

53

     (a) A demonstration that the project would create or

54

enhance economic benefits.

55

     (b) The likelihood that the loan guarantee or credit

56

enhancement would enable the project to proceed.

57

     (c) The extent to which assistance would foster innovative

58

public-private partnerships and attract private debt or equity

59

investment.

60

     (d) The creditworthiness of the entity or entities applying

61

to the program.

62

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

63

extent feasible, with local government comprehensive plans.

64

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

65

evaluating applications and determining whether an applicant

66

meets the conditions of subsection (4).

67

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

68

least $ million in the Building Florida's Future Revolving

69

Loan Guarantee Trust Fund at all times.

70

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

71

which specify the application forms, deadlines for submitting

72

applications, requirements for the selection process, and

73

requirements for audits.

74

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

75

and the Speaker of the House of Representatives an annual report

76

concerning activity within the program. The first report shall be

77

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

78

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

79

revolving fund exists.

80

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

81

$___million is appropriated from the General Revenue Fund to the

82

Building Florida's Future Revolving Trust Fund which shall be

83

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

84

for the purposes of administering this act. Notwithstanding the

85

provisions of s. 216.301, the unexpended balance of this

86

appropriation shall not revert.

87

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

88

Senate Bill 2712 or similar legislation is adopted in the same

89

legislative session or an extension thereof and becomes law.