Florida Senate - 2013 CS for SB 572 By the Committee on Commerce and Tourism; and Senator Sobel 577-01868-13 2013572c1 1 A bill to be entitled 2 An act relating to reporting requirements for economic 3 development programs; creating s. 288.076, F.S.; 4 providing definitions; requiring the Department of 5 Economic Opportunity to publish on a website specified 6 information concerning state investment in economic 7 development programs; requiring the department to use 8 methodology and formulas established by the Office of 9 Economic and Demographic Research for specified 10 calculations; requiring the Office of Economic and 11 Demographic Research to provide a description of 12 specified methodology and formulas to the department 13 and the department to publish the description on its 14 website within a specified period; providing 15 procedures and requirements for reviewing, updating, 16 and supplementing specified published information; 17 requiring the department to annually publish 18 information relating to the progress of Quick Action 19 Closing Fund projects; requiring the department to 20 publish certain confidential information pertaining to 21 participant businesses upon expiration of a specified 22 confidentiality period; requiring the department to 23 publish certain reports concerning businesses that 24 fail to complete tax refund agreements under the tax 25 refund program for qualified target industry 26 businesses; providing for construction and legislative 27 intent; authorizing the department to adopt rules; 28 providing an effective date. 29 30 Be It Enacted by the Legislature of the State of Florida: 31 32 Section 1. Section 288.076, Florida Statutes, is created to 33 read: 34 288.076 Return on investment reporting for economic 35 development programs.— 36 (1) As used in this section, the term: 37 (a) “Jobs” has the same meaning as provided in s. 38 288.106(2)(i). 39 (b) “Participant business” means an employing unit, as 40 defined in s. 443.036, that has entered into an agreement with 41 the department to receive a state investment. 42 (c) “Project” has the same meaning as provided in s. 43 288.106(2)(m). 44 (d) “Project award date” means the date a participant 45 business enters into an agreement with the department to receive 46 a state investment. 47 (e) “State investment” means any state grants, tax 48 exemptions, tax refunds, tax credits, or other state incentives 49 provided to a business under a program administered by the 50 department, including the capital investment tax credit under s. 51 220.191. 52 (2) The department shall maintain a website for the purpose 53 of publishing the information described in this section. The 54 information required to be published under this section must be 55 provided in a format accessible to the public which enables 56 users to search for and sort specific data and to easily view 57 and retrieve all data at once. 58 (3) Within 48 hours after expiration of the period of 59 confidentiality for project information deemed confidential and 60 exempt pursuant to s. 288.075, the department shall publish the 61 following information pertaining to each project: 62 (a) Projected economic benefits.—The projected economic 63 benefits at the time of the initial project award date. 64 (b) Project information.— 65 1. The program or programs through which state investment 66 is being made. 67 2. The maximum potential cumulative state investment in the 68 project. 69 3. The target industry or industries, and any high impact 70 sectors implicated by the project. 71 4. The county or counties that will be impacted by the 72 project. 73 5. The total cumulative local financial commitment and in 74 kind support for the project. 75 (c) Participant business information.— 76 1. The location of the headquarters of the participant 77 business or, if a subsidiary, the headquarters of the parent 78 company. 79 2. The firm size class of the participant business, or 80 where owned by a parent company the firm size class of the 81 participant business’s parent company, using the firm size 82 classes established by the United States Department of Labor 83 Bureau of Labor Statistics, and whether the participant business 84 qualifies as a small business as defined in s. 288.703. 85 3. The date of the project award. 86 4. The expected duration of the contract. 87 5. The anticipated dates when the participant business will 88 claim the last state investment. 89 (d) Project evaluation criteria.— 90 1. Economic benefits generated by the project. 91 2. The net indirect and induced incremental jobs to be 92 generated by the project. 93 3. The net indirect and induced incremental capital 94 investment to be generated by the project. 95 4. The net indirect and induced incremental tax revenue 96 paid to the state to be generated by the project. 97 (e) Project performance goals.— 98 1. The incremental direct jobs attributable to the project, 99 identifying the number of jobs generated and the number of jobs 100 retained. 101 2. The number of jobs generated and the number of jobs 102 retained by the project, and for projects commencing after 103 October 1, 2013, the median annual wage of persons holding such 104 jobs. 105 3. The incremental direct capital investment in the state 106 generated by the project. 107 4. The incremental projected tax revenue to the state paid 108 by the participant business for the project. 109 (f) Total state investment to date.—The total amount of 110 state investment disbursed to the participant business to date 111 under the terms of the contract, itemized by incentive program. 112 (4) The department shall use methodology and formulas 113 established by the Office of Economic and Demographic Research 114 to calculate the economic benefits of each project. The 115 department shall calculate and publish on its website the 116 economic benefits of each project within 48 hours after the 117 conclusion of the agreement between each participant business 118 and the department. The Office of Economic and Demographic 119 Research shall provide a description of the methodology and 120 formulas used to calculate the economic benefits of a project to 121 the department, and the department must publish the information 122 on its website within 48 hours after receiving such information. 123 (5) At least annually, from the project award date, the 124 department shall: 125 (a) Publish verified results to update the information 126 described in paragraphs (3)(b)-(f) to accurately reflect any 127 changes in the published information since the project award 128 date. 129 (b) Publish on its website the date on which the 130 information collected and published for each project was last 131 updated. 132 (6) Annually, the department shall publish information 133 relating to the progress of Quick Action Closing Fund projects, 134 including the average number of days between the date the 135 department receives a completed application and the date on 136 which the application is approved. 137 (7) The department shall publish the following documents at 138 the times specified herein: 139 (a) Within 48 hours after expiration of the period of 140 confidentiality provided under s. 288.075, the department shall 141 publish the contract or agreement described in s. 288.061. The 142 contract or agreement must be redacted to protect the 143 participant business from disclosure of information that remains 144 confidential or exempt by law. 145 (b) Within 48 hours after submitting any report of findings 146 and recommendations made pursuant to s. 288.106(7)(d) concerning 147 a business’s failure to complete a tax refund agreement pursuant 148 to the tax refund program for qualified target industry 149 businesses, the department shall publish such report. 150 (8) For projects completed before October 1, 2013, the 151 department shall compile and, by October 1, 2014, shall publish 152 the information described in subsections (3), (4), and (5), to 153 the extent such information is available and applicable. 154 (9) The provisions of this section that restrict the 155 department’s publication of information are intended only to 156 limit the information that the department may publish on its 157 website and shall not be construed to create an exemption from 158 public records requirements under s. 119.07(1) or s. 24(a), Art. 159 I of the State Constitution. 160 (10) The department may adopt rules to administer this 161 section. 162 Section 2. This act shall take effect October 1, 2013.