The Florida Senate

288.1088  Quick Action Closing Fund.--

(1)(a)  The Legislature finds that attracting, retaining, and providing favorable conditions for the growth of certain high-impact business facilities provides widespread economic benefits to the public through high-quality employment opportunities in such facilities and in related facilities attracted to the state, through the increased tax base provided by the high-impact facility and businesses in related sectors, through an enhanced entrepreneurial climate in the state and the resulting business and employment opportunities, and through the stimulation and enhancement of the state's universities and community colleges. In the global economy, there exists serious and fierce international competition for these facilities, and in most instances, when all available resources for economic development have been used, the state continues to encounter severe competitive disadvantages in vying for these high-impact business facilities.

(b)  The Legislature therefore declares that sufficient resources shall be available to respond to extraordinary economic opportunities and to compete effectively for these high-impact business facilities.

(2)  There is created within the Office of Tourism, Trade, and Economic Development the Quick Action Closing Fund.

(3)(a)  Enterprise Florida, Inc., shall evaluate individual proposals for high-impact business facilities and forward recommendations regarding the use of moneys in the fund for such facilities to the director of the Office of Tourism, Trade, and Economic Development. Such evaluation and recommendation must include, but need not be limited to:

1.  A description of the type of facility, its business operation, and the product or service associated with the facility.

2.  The number of full-time-equivalent jobs that will be created by the facility and the total estimated average annual wages of those jobs.

3.  The cumulative amount of investment to be dedicated to the facility within a specified period.

4.  A statement of any special impacts the facility is expected to stimulate in a particular business sector in the state or regional economy or in the state's universities and community colleges.

5.  A statement of the role the incentive is expected to play in the decision of the applicant business to locate or expand in this state.

(b)  Upon receipt of the evaluation and recommendation from Enterprise Florida, Inc., the director shall recommend approval or disapproval of a project for receipt of funds from the Quick Action Closing Fund to the Governor. In recommending a high-impact business facility, the director shall include proposed performance conditions that the facility must meet to obtain incentive funds. The Governor shall consult with the President of the Senate and the Speaker of the House of Representatives before giving final approval for a project. The Executive Office of the Governor shall recommend approval of a project and release of funds pursuant to the legislative consultation and review requirements set forth in s. 216.177. The recommendation must include proposed performance conditions the project must meet to obtain funds.

(c)  Upon the approval of the Governor, the director of the Office of Tourism, Trade, and Economic Development and the high-impact business shall enter into a contract that sets forth the conditions for payment of moneys from the fund. The contract must include the total amount of funds awarded; the performance conditions that must be met to obtain the award, including, but not limited to, net new employment in the state, average salary, and total capital investment; the methodology for validating performance; the schedule of payments from the fund; and sanctions for failure to meet performance conditions.

(d)  Enterprise Florida, Inc., shall validate contractor performance. Such validation shall be reported within 6 months after completion of the contract to the Governor, President of the Senate, and the Speaker of the House of Representatives.

History.--s. 105, ch. 99-251.