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
    1         Senate Amendment (with title amendment)
    3         Delete everything after the enacting clause
    4  and insert:
    5         Section 1. Section 288.076, Florida Statutes, is created to
    6  read:
    7         288.076Return 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.
  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.