Florida Senate - 2013 COMMITTEE AMENDMENT Bill No. SB 572 Barcode 434092 LEGISLATIVE ACTION Senate . House Comm: RCS . 03/04/2013 . . . . ————————————————————————————————————————————————————————————————— ————————————————————————————————————————————————————————————————— The Committee on Commerce and Tourism (Ring) recommended the following: 1 Senate Amendment (with title amendment) 2 3 Delete everything after the enacting clause 4 and insert: 5 Section 1. Section 288.076, Florida Statutes, is created to 6 read: 7 288.076 Return on investment reporting for economic 8 development programs.— 9 (1) As used in this section, the term: 10 (a) “Jobs” has the same meaning as provided in s. 11 288.106(2)(i). 12 (b) “Participant business” means an employing unit, as 13 defined in s. 443.036, that has entered into an agreement with 14 the department to receive a state investment. 15 (c) “Project” has the same meaning as provided in s. 16 288.106(2)(m). 17 (d) “Project award date” means the date a participant 18 business enters into an agreement with the department to receive 19 a state investment. 20 (e) “State investment” means any state grants, tax 21 exemptions, tax refunds, tax credits, or other state incentives 22 provided to a business under a program administered by the 23 department, including the capital investment tax credit under s. 24 220.191. 25 (2) The department shall maintain a website for the purpose 26 of publishing the information described in this section. The 27 information required to be published under this section must be 28 provided in a format accessible to the public which enables 29 users to search for and sort specific data and to easily view 30 and retrieve all data at once. 31 (3) Within 48 hours after expiration of the period of 32 confidentiality for project information deemed confidential and 33 exempt pursuant to s. 288.075, the department shall publish the 34 following information pertaining to each project: 35 (a) Projected economic benefits.—The projected economic 36 benefits at the time of the initial project award date. 37 (b) Project information.— 38 1. The program or programs through which state investment 39 is being made. 40 2. The maximum potential cumulative state investment in the 41 project. 42 3. The target industry or industries, and any high impact 43 sectors implicated by the project. 44 4. The county or counties that will be impacted by the 45 project. 46 5. The total cumulative local financial commitment and in 47 kind support for the project. 48 (c) Participant business information.— 49 1. The location of the headquarters of the participant 50 business or, if a subsidiary, the headquarters of the parent 51 company. 52 2. The firm size class of the participant business, or 53 where owned by a parent company the firm size class of the 54 participant business’s parent company, using the firm size 55 classes established by the United States Department of Labor 56 Bureau of Labor Statistics, and whether the participant business 57 qualifies as a small business as defined in s. 288.703. 58 3. The date of the project award. 59 4. The expected duration of the contract. 60 5. The anticipated dates when the participant business will 61 claim the last state investment. 62 (d) Project evaluation criteria.— 63 1. Economic benefits generated by the project. 64 2. The net indirect and induced incremental jobs to be 65 generated by the project. 66 3. The net indirect and induced incremental capital 67 investment to be generated by the project. 68 4. The net indirect and induced incremental tax revenue 69 paid to the state to be generated by the project. 70 (e) Project performance goals.— 71 1. The incremental direct jobs attributable to the project, 72 identifying the number of jobs generated and the number of jobs 73 retained. 74 2. The number of jobs generated and the number of jobs 75 retained by the project, and for projects commencing after 76 October 1, 2013, the median annual wage of persons holding such 77 jobs. 78 3. The incremental direct capital investment in the state 79 generated by the project. 80 4. The incremental projected tax revenue to the state paid 81 by the participant business for the project. 82 (f) Total state investment to date.—The total amount of 83 state investment disbursed to the participant business to date 84 under the terms of the contract, itemized by incentive program. 85 (4) The department shall use methodology and formulas 86 established by the Office of Economic and Demographic Research 87 to calculate the economic benefits of each project. The 88 department shall calculate and publish on its website the 89 economic benefits of each project within 48 hours after the 90 conclusion of the agreement between each participant business 91 and the department. The Office of Economic and Demographic 92 Research shall provide a description of the methodology and 93 formulas used to calculate the economic benefits of a project to 94 the department, and the department must publish the information 95 on its website within 48 hours after receiving such information. 96 (5) At least annually, from the project award date, the 97 department shall: 98 (a) Publish verified results to update the information 99 described in paragraphs (3)(b)-(f) to accurately reflect any 100 changes in the published information since the project award 101 date. 102 (b) Publish on its website the date on which the 103 information collected and published for each project was last 104 updated. 105 (6) Annually, the department shall publish information 106 relating to the progress of Quick Action Closing Fund projects, 107 including the average number of days between the date the 108 department receives a completed application and the date on 109 which the application is approved. 110 (7) The department shall publish the following documents at 111 the times specified herein: 112 (a) Within 48 hours after expiration of the period of 113 confidentiality provided under s. 288.075, the department shall 114 publish the contract or agreement described in s. 288.061. The 115 contract or agreement must be redacted to protect the 116 participant business from disclosure of information that remains 117 confidential or exempt by law. 118 (b) Within 48 hours after submitting any report of findings 119 and recommendations made pursuant to s. 288.106(7)(d) concerning 120 a business’s failure to complete a tax refund agreement pursuant 121 to the tax refund program for qualified target industry 122 businesses, the department shall publish such report. 123 (8) For projects completed before October 1, 2013, the 124 department shall compile and, by October 1, 2014, shall publish 125 the information described in subsections (3), (4), and (5), to 126 the extent such information is available and applicable. 127 (9) The provisions of this section that restrict the 128 department’s publication of information are intended only to 129 limit the information that the department may publish on its 130 website and shall not be construed to create an exemption from 131 public records requirements under s. 119.07(1) or s. 24(a), Art. 132 I of the State Constitution. 133 (10) The department may adopt rules to administer this 134 section. 135 Section 2. This act shall take effect October 1, 2013. 136 137 ================= T I T L E A M E N D M E N T ================ 138 And the title is amended as follows: 139 Delete everything before the enacting clause 140 and insert: 141 A bill to be entitled 142 An act relating to reporting requirements for economic 143 development programs; creating s. 288.076, F.S.; 144 providing definitions; requiring the Department of 145 Economic Opportunity to publish on a website specified 146 information concerning state investment in economic 147 development programs; requiring the department to use 148 methodology and formulas established by the Office of 149 Economic and Demographic Research for specified 150 calculations; requiring the Office of Economic and 151 Demographic Research to provide a description of 152 specified methodology and formulas to the department 153 and the department to publish the description on its 154 website within a specified period; providing 155 procedures and requirements for reviewing, updating, 156 and supplementing specified published information; 157 requiring the department to annually publish 158 information relating to the progress of Quick Action 159 Closing Fund projects; requiring the department to 160 publish certain confidential information pertaining to 161 participant businesses upon expiration of a specified 162 confidentiality period; requiring the department to 163 publish certain reports concerning businesses that 164 fail to complete tax refund agreements under the tax 165 refund program for qualified target industry 166 businesses; providing for construction and legislative 167 intent; authorizing the department to adopt rules; 168 providing an effective date.