Florida Senate - 2010                      CS for CS for SB 2500
       By the Committees on Transportation and Economic Development
       Appropriations; and Commerce; and Senator Altman
       606-05211-10                                          20102500c2
    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
    5         a specified amount of resources for projects to retain
    6         or create high-technology jobs directly associated
    7         with developing a more diverse aerospace economy in
    8         the state; authorizing Enterprise Florida, Inc., to
    9         waive eligibility criteria for projects receiving
   10         funds from the Quick Action Closing Fund which would
   11         mitigate the impact of the conclusion of the space
   12         shuttle program; revising authorized uses of specified
   13         Space Florida appropriations; providing an effective
   14         date.
   16  Be It Enacted by the Legislature of the State of Florida:
   18         Section 1. This act may be cited as the “Space Transition
   19  and Revitalization Act.”
   20         Section 2. Section 288.1088, Florida Statutes, is amended
   21  to read:
   22         288.1088 Quick Action Closing Fund.—
   23         (1)(a) The Legislature finds that attracting, retaining,
   24  and providing favorable conditions for the growth of certain
   25  high-impact business facilities, privately developed critical
   26  rural infrastructure, or key facilities in economically
   27  distressed urban or rural communities which provide widespread
   28  economic benefits to the public through high-quality employment
   29  opportunities in such facilities or in related facilities
   30  attracted to the state, through the increased tax base provided
   31  by the high-impact facility and related businesses, through an
   32  enhanced entrepreneurial climate in the state and the resulting
   33  business and employment opportunities, and through the
   34  stimulation and enhancement of the state’s universities and
   35  community colleges. In the global economy, there exists serious
   36  and fierce international competition for these facilities, and
   37  in most instances, when all available resources for economic
   38  development have been used, the state continues to encounter
   39  severe competitive disadvantages in vying for these business
   40  facilities. Florida’s rural areas must provide a competitive
   41  environment for business in the information age. This often
   42  requires an incentive to make it feasible for private investors
   43  to provide infrastructure in those areas.
   44         (b) The Legislature finds that the conclusion of the space
   45  shuttle program and the gap in civil human space flight will
   46  result in significant job losses that will negatively impact
   47  families, companies, the state and regional economies, and the
   48  capability level of this state’s aerospace workforce. Thus, the
   49  Legislature also finds that this loss of jobs is a matter of
   50  state interest and great public importance. The Legislature
   51  further finds that it is in the state’s interest for provisions
   52  to be made in incentive programs for economic development to
   53  maximize the state’s ability to mitigate these impacts and to
   54  develop a more diverse aerospace economy.
   55         (c)(b) The Legislature therefore declares that sufficient
   56  resources shall be available to respond to extraordinary
   57  economic opportunities and to compete effectively for these
   58  high-impact business facilities, critical private infrastructure
   59  in rural areas, and key businesses in economically distressed
   60  urban or rural communities, and that up to 20 percent of these
   61  resources may be used for projects to retain or create high
   62  technology jobs that are directly associated with developing a
   63  more diverse aerospace economy in this state.
   64         (2) There is created within the Office of Tourism, Trade,
   65  and Economic Development the Quick Action Closing Fund. Projects
   66  eligible for receipt of funds from the Quick Action Closing Fund
   67  shall:
   68         (a) Be in an industry as referenced in s. 288.106.
   69         (b) Have a positive payback ratio of at least 5 to 1.
   70         (c) Be an inducement to the project’s location or expansion
   71  in the state.
   72         (d) Pay an average annual wage of at least 125 percent of
   73  the areawide or statewide private sector average wage.
   74         (e) Be supported by the local community in which the
   75  project is to be located.
   76         (3)(a) Enterprise Florida, Inc., shall review applications
   77  pursuant to s. 288.061 and determine the eligibility of each
   78  project consistent with the criteria in subsection (2).
   79  Enterprise Florida, Inc., in consultation with the Office of
   80  Tourism, Trade, and Economic Development, may waive these
   81  criteria:
   82         1. Based on extraordinary circumstances;
   83         2. In order to mitigate the impact of the conclusion of the
   84  space shuttle program; or
   85         3. In rural areas of critical economic concern if the
   86  project would significantly benefit the local or regional
   87  economy.
   88         (b) Enterprise Florida, Inc., shall evaluate individual
   89  proposals for high-impact business facilities and forward
   90  recommendations regarding the use of moneys in the fund for such
   91  facilities to the director of the Office of Tourism, Trade, and
   92  Economic Development. Such evaluation and recommendation must
   93  include, but need not be limited to:
   94         1. A description of the type of facility or infrastructure,
   95  its operations, and the associated product or service associated
   96  with the facility.
   97         2. The number of full-time-equivalent jobs that will be
   98  created by the facility and the total estimated average annual
   99  wages of those jobs or, in the case of privately developed rural
  100  infrastructure, the types of business activities and jobs
  101  stimulated by the investment.
  102         3. The cumulative amount of investment to be dedicated to
  103  the facility within a specified period.
  104         4. A statement of any special impacts the facility is
  105  expected to stimulate in a particular business sector in the
  106  state or regional economy or in the state’s universities and
  107  community colleges.
  108         5. A statement of the role the incentive is expected to
  109  play in the decision of the applicant business to locate or
  110  expand in this state or for the private investor to provide
  111  critical rural infrastructure.
  112         6. A report evaluating the quality and value of the company
  113  submitting a proposal. The report must include:
  114         a. A financial analysis of the company, including an
  115  evaluation of the company’s short-term liquidity ratio as
  116  measured by its assets to liability, the company’s profitability
  117  ratio, and the company’s long-term solvency as measured by its
  118  debt-to-equity ratio;
  119         b. The historical market performance of the company;
  120         c. A review of any independent evaluations of the company;
  121         d. A review of the latest audit of the company’s financial
  122  statement and the related auditor’s management letter; and
  123         e. A review of any other types of audits that are related
  124  to the internal and management controls of the company.
  125         (c)(b) Within 22 calendar days after receiving the
  126  evaluation and recommendation from Enterprise Florida, Inc., the
  127  director shall recommend to the Governor approval or disapproval
  128  of a project for receipt of funds from the Quick Action Closing
  129  Fund. In recommending a project, the director shall include
  130  proposed performance conditions that the project must meet to
  131  obtain incentive funds. The Governor shall provide the
  132  evaluation of projects recommended for approval to the President
  133  of the Senate and the Speaker of the House of Representatives
  134  and consult with the President of the Senate and the Speaker of
  135  the House of Representatives before giving final approval for a
  136  project. The Executive Office of the Governor shall recommend
  137  approval of a project and the release of funds pursuant to the
  138  legislative consultation and review requirements set forth in s.
  139  216.177. The recommendation must include proposed performance
  140  conditions that the project must meet in order to obtain funds.
  141         (d)(c) Upon the approval of the Governor, the director of
  142  the Office of Tourism, Trade, and Economic Development and the
  143  business shall enter into a contract that sets forth the
  144  conditions for payment of moneys from the fund. The contract
  145  must include the total amount of funds awarded; the performance
  146  conditions that must be met to obtain the award, including, but
  147  not limited to, net new employment in the state, average salary,
  148  and total capital investment; demonstrate a baseline of current
  149  service and a measure of enhanced capability; the methodology
  150  for validating performance; the schedule of payments from the
  151  fund; and sanctions for failure to meet performance conditions.
  152  The contract must provide that payment of moneys from the fund
  153  is contingent upon sufficient appropriation of funds by the
  154  Legislature and upon sufficient release of appropriated funds by
  155  the Legislative Budget Commission.
  156         (e)(d) Enterprise Florida, Inc., shall validate contractor
  157  performance. Such validation shall be reported within 6 months
  158  after completion of the contract to the Governor, President of
  159  the Senate, and the Speaker of the House of Representatives.
  160         Section 3. Notwithstanding any other provisions of law,
  161  funds provided in Specific Appropriation 2649 of chapter 2008
  162  152, Laws of Florida, for Space and Aerospace Infrastructure to
  163  make improvements to Launch Complex 36 on the 45th Space Wing
  164  property may also be used by Space Florida for improvements to
  165  other launch complexes and space transportation facilities in
  166  order to attract new space vehicle testing and launch business
  167  to the state; to address intermodal requirements and impacts of
  168  the launch ranges, spaceports, and other space transportation
  169  facilities; to advance aerospace technology to meet the current
  170  and future needs of the United States commercial space
  171  transportation industry; and to assist in the development of
  172  joint-use facilities and technology that support aviation and
  173  aerospace operations, including high-altitude and suborbital
  174  flights and range technology development.
  175         Section 4. This act shall take effect July 1, 2010.