CS/CS/HB 1389

1	A bill to be entitled
2	An act relating to space and aerospace infrastructure;
3	providing a short title; amending s. 288.1088, F.S.;
4	providing legislative findings; authorizing the use of a
5	specified amount of resources for projects to retain or
6	create high-technology jobs directly associated with
7	developing a more diverse aerospace economy in the state;
8	authorizing Enterprise Florida, Inc., to waive eligibility
9	criteria for projects receiving funds from the Quick
10	Action Closing Fund which would mitigate the impact of the
11	conclusion of the space shuttle program; revising
12	authorized uses of specified Space Florida appropriations;
13	providing an effective date.
14
15	Be It Enacted by the Legislature of the State of Florida:
16
17	Section 1.  This act may be cited as the "Space Transition
18	and Revitalization Act."
19	Section 2.  Section 288.1088, Florida Statutes, is amended
20	to read:
21	288.1088  Quick Action Closing Fund.-
22	(1)(a)  The Legislature finds that attracting, retaining,
23	and providing favorable conditions for the growth of certain
24	high-impact business facilities, privately developed critical
25	rural infrastructure, or key facilities in economically
26	distressed urban or rural communities which provide widespread
27	economic benefits to the public through high-quality employment
28	opportunities in such facilities or in related facilities
29	attracted to the state, through the increased tax base provided
30	by the high-impact facility and related businesses, through an
31	enhanced entrepreneurial climate in the state and the resulting
32	business and employment opportunities, and through the
33	stimulation and enhancement of the state's universities and
34	community colleges. In the global economy, there exists serious
35	and fierce international competition for these facilities, and
36	in most instances, when all available resources for economic
37	development have been used, the state continues to encounter
38	severe competitive disadvantages in vying for these business
39	facilities. Florida's rural areas must provide a competitive
40	environment for business in the information age. This often
41	requires an incentive to make it feasible for private investors
42	to provide infrastructure in those areas.
43	(b)  The Legislature finds that the conclusion of the space
44	shuttle program and the gap in civil human space flight will
45	result in significant job losses that will negatively impact
46	families, companies, the state and regional economies, and the
47	capability level of this state's aerospace workforce. Thus, the
48	Legislature also finds that this loss of jobs is a matter of
49	state interest and great public importance. The Legislature
50	further finds that it is in the state's interest for provisions
51	to be made in incentive programs for economic development to
52	maximize the state's ability to mitigate these impacts and to
53	develop a more diverse aerospace economy.
54	(c)(b)  The Legislature therefore declares that sufficient
55	resources shall be available to respond to extraordinary
56	economic opportunities and to compete effectively for these
57	high-impact business facilities, critical private infrastructure
58	in rural areas, and key businesses in economically distressed
59	urban or rural communities, and that up to 20 percent of these
60	resources may be used for projects to retain or create high-
61	technology jobs that are directly associated with developing a
62	more diverse aerospace economy in this state.
63	(2)  There is created within the Office of Tourism, Trade,
64	and Economic Development the Quick Action Closing Fund. Projects
65	eligible for receipt of funds from the Quick Action Closing Fund
66	shall:
67	(a)  Be in an industry as referenced in s. 288.106.
68	(b)  Have a positive payback ratio of at least 5 to 1.
69	(c)  Be an inducement to the project's location or
70	expansion in the state.
71	(d)  Pay an average annual wage of at least 125 percent of
72	the areawide or statewide private sector average wage.
73	(e)  Be supported by the local community in which the
74	project is to be located.
75	(3)(a)  Enterprise Florida, Inc., shall review applications
76	pursuant to s. 288.061 and determine the eligibility of each
77	project consistent with the criteria in subsection (2).
78	Enterprise Florida, Inc., in consultation with the Office of
79	Tourism, Trade, and Economic Development, may waive these
80	criteria:
81	1.  Based on extraordinary circumstances;
82	2.  In order to mitigate the impact of the conclusion of
83	the space shuttle program; or
84	3.  In rural areas of critical economic concern if the
85	project would significantly benefit the local or regional
86	economy.
87	(b)  Enterprise Florida, Inc., shall evaluate individual
88	proposals for high-impact business facilities and forward
89	recommendations regarding the use of moneys in the fund for such
90	facilities to the director of the Office of Tourism, Trade, and
91	Economic Development. Such evaluation and recommendation must
92	include, but need not be limited to:
93	1.  A description of the type of facility or
94	infrastructure, its operations, and the associated product or
95	service associated with the facility.
96	2.  The number of full-time-equivalent jobs that will be
97	created by the facility and the total estimated average annual
98	wages of those jobs or, in the case of privately developed rural
99	infrastructure, the types of business activities and jobs
100	stimulated by the investment.
101	3.  The cumulative amount of investment to be dedicated to
102	the facility within a specified period.
103	4.  A statement of any special impacts the facility is
104	expected to stimulate in a particular business sector in the
105	state or regional economy or in the state's universities and
106	community colleges.
107	5.  A statement of the role the incentive is expected to
108	play in the decision of the applicant business to locate or
109	expand in this state or for the private investor to provide
110	critical rural infrastructure.
111	6.  A report evaluating the quality and value of the
112	company submitting a proposal. The report must include:
113	a.  A financial analysis of the company, including an
114	evaluation of the company's short-term liquidity ratio as
115	measured by its assets to liability, the company's profitability
116	ratio, and the company's long-term solvency as measured by its
117	debt-to-equity ratio;
118	b.  The historical market performance of the company;
119	c.  A review of any independent evaluations of the company;
120	d.  A review of the latest audit of the company's financial
121	statement and the related auditor's management letter; and
122	e.  A review of any other types of audits that are related
123	to the internal and management controls of the company.
124	(c)(b)  Within 22 calendar days after receiving the
125	evaluation and recommendation from Enterprise Florida, Inc., the
126	director shall recommend to the Governor approval or disapproval
127	of a project for receipt of funds from the Quick Action Closing
128	Fund. In recommending a project, the director shall include
129	proposed performance conditions that the project must meet to
130	obtain incentive funds. The Governor shall provide the
131	evaluation of projects recommended for approval to the President
132	of the Senate and the Speaker of the House of Representatives
133	and consult with the President of the Senate and the Speaker of
134	the House of Representatives before giving final approval for a
135	project. The Executive Office of the Governor shall recommend
136	approval of a project and the release of funds pursuant to the
137	legislative consultation and review requirements set forth in s.
138	216.177. The recommendation must include proposed performance
139	conditions that the project must meet in order to obtain funds.
140	(d)(c)  Upon the approval of the Governor, the director of
141	the Office of Tourism, Trade, and Economic Development and the
142	business shall enter into a contract that sets forth the
143	conditions for payment of moneys from the fund. The contract
144	must include the total amount of funds awarded; the performance
145	conditions that must be met to obtain the award, including, but
146	not limited to, net new employment in the state, average salary,
147	and total capital investment; demonstrate a baseline of current
148	service and a measure of enhanced capability; the methodology
149	for validating performance; the schedule of payments from the
150	fund; and sanctions for failure to meet performance conditions.
151	The contract must provide that payment of moneys from the fund
152	is contingent upon sufficient appropriation of funds by the
153	Legislature and upon sufficient release of appropriated funds by
154	the Legislative Budget Commission.
155	(e)(d)  Enterprise Florida, Inc., shall validate contractor
156	performance. Such validation shall be reported within 6 months
157	after completion of the contract to the Governor, President of
158	the Senate, and the Speaker of the House of Representatives.
159	Section 3.  Notwithstanding any other provisions of law,
160	funds provided in Specific Appropriation 2649 of chapter 2008-
161	152, Laws of Florida, for Space and Aerospace Infrastructure to
162	make improvements to Launch Complex 36 on the 45th Space Wing
163	property may also be used by Space Florida for improvements to
164	other launch complexes and space transportation facilities in
165	order to attract new space vehicle testing and launch business
166	to the state; to address intermodal requirements and impacts of
167	the launch ranges, spaceports, and other space transportation
168	facilities; to advance aerospace technology to meet the current
169	and future needs of the United States commercial space
170	transportation industry; and to assist in the development of
171	joint-use facilities and technology that support aviation and
172	aerospace operations, including high-altitude and suborbital
173	flights and range technology development.
174	Section 4.  This act shall take effect July 1, 2010.

CODING: Words stricken are deletions; words underlined are additions.