Florida Senate - 2013 COMMITTEE AMENDMENT
Bill No. CS for SB 306
Barcode 130470
LEGISLATIVE ACTION
Senate . House
Comm: WD .
04/02/2013 .
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The Committee on Rules (Sobel) recommended the following:
1 Senate Amendment (with title amendment)
2
3 Delete lines 419 - 464
4 and insert:
5 (5)(a) Before certifying an applicant as a professional
6 sports franchise renovation facility, the department shall
7 determine that the following requirements are met:
8 1. A county, municipality, or other public entity is
9 responsible for the construction, management, or operation of
10 the professional sports franchise facility or holds title to the
11 property on which the professional sports franchise facility is
12 located.
13 2. The applicant has a verified copy of a signed agreement
14 with a professional sports franchise for the use of the facility
15 for a term of at least the next 20 years.
16 3. The applicant has an independent analysis or study,
17 verified by the department, which demonstrates that the amount
18 of revenue generated by the taxes imposed under chapter 212 with
19 respect to the use and operation of the renovated professional
20 sports franchise facility will equal or exceed $3 million
21 annually.
22 4. The county or municipality in which the professional
23 sports franchise renovation facility is located has certified by
24 resolution after a public hearing that the application serves a
25 public purpose.
26 5. The applicant has demonstrated that the cost to renovate
27 the facility will be more than $300 million, including
28 permitting, architectural, and engineering fees, and that at
29 least a majority of the total construction cost, exclusive of
30 in-kind contributions, will be paid for by the ownership group
31 of the professional sports franchise or other private sources.
32 (b) The department may not certify an applicant as a
33 professional sports franchise renovation facility or award any
34 other economic development incentive to such applicant if:
35 1. The county in which the renovation facility is located
36 fails to hold a referendum on the renovation proposal pursuant
37 to s. 125.0104(3)(n)2.; or
38 2. The renovation proposal fails to gain the approval of a
39 majority of the electors voting in a referendum held pursuant to
40 s. 125.0104(3)(n)2.
41 (6)(a)(5) An applicant certified as a facility for a new or
42 retained professional sports franchise may use funds provided
43 under s. 212.20 only for the public purpose of paying for the
44 acquisition, construction, reconstruction, or renovation of a
45 facility for a new or retained professional sports franchise to
46 pay or pledge for the payment of debt service on, or to fund
47 debt service reserve funds, arbitrage rebate obligations, or
48 other amounts payable with respect to, bonds issued for the
49 acquisition, construction, reconstruction, or renovation of such
50 facility or for the reimbursement of such costs or the
51 refinancing of bonds issued for such purposes.
52 (b) An applicant certified as a professional sports
53 franchise renovation facility may use funds provided under s.
54 212.20 only for the public purpose of renovating the facility to
55 pay or pledge for the debt service on, or to fund debt service
56 reserve funds, arbitrage rebate obligations, or other amounts
57 payable with respect to bonds issued for the renovation of the
58 facility or for the reimbursement of the costs or the
59 refinancing of bonds issued for that purpose. If the franchise
60 leaves the renovation facility, or the county or municipality in
61 which the renovation facility is located, during the
62 certification period, the applicant shall return all funds
63 provided under s. 212.20 for the renovation facility to the
64 department.
65
66 ================= T I T L E A M E N D M E N T ================
67 And the title is amended as follows:
68 Delete lines 52 - 53
69 and insert:
70 facility or awarding an economic development
71 incentive; limiting the use of certain funds by a
72 professional sports franchise renovation facility;
73 requiring a professional sports renovation facility
74 that leaves the county or renovated facility to return
75 funds provided for the renovation;