995050                                                     

Committee
TA
Amendment
12
Florida Senate - 2010
SB7090                                                   


The Committee on Ways and Means (Bennett) recommended the following LATE 
FILED amendment:


Section:   
On Page: 394             

Spec App:                
 EXPLANATION:
Provides $50 million in nonrecurring general revenue 
to the Innovation Incentive Fund for genetic 
research project.



NET IMPACT ON:            Total Funds       General Revenue          Trust Funds
    Recurring -                    0                     0                    0 
Non-Recurring -                    0                     0                    0 
______________________________________________________________________________________

                                               Positions & Amounts    Positions & Amounts
                                                      DELETE               INSERT

        In Section     On Page 394

INSERT A NEW SECTION 90:

$50,000,000 of nonrecurring general revenue funds are hereby 
appropriated to the Innovation Incentive Program as part of a maximum 
three year commitment of $130,000,000, subject to annual appropriation,  
to fund the development of a research institute focused on genetics and 
personalized medicine.  Any applicant, to be eligible to apply, must 
have a demonstrated history of genetic research, of earning national 
research grants, and of establishing global partnerships and 
commercializing its research, and must meet the requirements provided 
below.

Before receiving state funds, the approved entity must enter into an 
agreement with the Office of Trade, Tourism and Economic Development 
(OTTED) that, in addition to the criteria and contract requirements 
established in s. 288.1089, Florida Statutes, will meet the following 
requirements:

1) The mechanism to provide local matching funds will be adopted by the 
local government within 120 days of the grant award from OTTED, and such 
local commitment must include at least $150,000,000 of cash, committed 
future revenues which OTTED determines to have a net present value of 
$150,000,000, land or infrastructure, or some combination thereof 
equaling $150,000,000; 


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2) As part of the local match requirements in s. 288.1089, Florida 
Statutes, the project must have secured a site of sufficient size and 
construction shall commence within 60 days of adoption of the local 
matching funds mechanism;

3) The entity, in coordination with public and private partnerships, 
will provide at least $120,000,000 cash or credit worthy personal 
guarantees of philanthropic support within 180 days of the award being 
granted by OTTED;

4) The entity may not have received prior funding from the Florida 
Innovation Incentive fund or any other related economic development 
funds.

5) The site of the facility should be within 25 miles of a state 
designated rural area of critical economic concern; and 

6) Specific deadlines for construction and employment.

7) The project will attract substantial additional economic activity to 
the region.

The grant may be awarded, but no funds may be released if these 
requirements are not met.

If the funds are not released by March 1, 2011, they shall revert to the 
State Treasury.

Line item amendments are accepted as part of the amendatory process.  However, due to the necessity of using computerized systems this may entail a different placement within a budget entity or the renumbering of the specific appropriation items.  Items printed in italics are computer codes and are not a part of the official text of this amendment.






















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