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.
   30  Be It Enacted by the Legislature of the State of Florida:
   32         Section 1. Section 288.076, Florida Statutes, is created to
   33  read:
   34         288.076Return 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.