Florida Senate - 2014                        COMMITTEE AMENDMENT
       Bill No. CS for SB 208
       
       
       
       
       
       
                                Ì653186>Î653186                         
       
                              LEGISLATIVE ACTION                        
                    Senate             .             House              
                  Comm: RCS            .                                
                  02/06/2014           .                                
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       recommended the following:
       
       
       
    1         Senate Amendment (with title amendment)
    2  
    3  
    4  
    5         Delete lines 140 - 251
    6  and insert:
    7         Section 2. Subsection (2) of section 288.1171, Florida
    8  Statutes, is amended, present subsections (4) through (7) of
    9  that section are redesignated as subsections (5) through (8),
   10  respectively, and amended, and a new subsection (4) is added to
   11  that section, to read:
   12         288.1171 Motorsports entertainment complex; definitions;
   13  certification; duties.—
   14         (2) The department shall serve as the state agency for
   15  screening applicants for funding under s. 212.20, for local
   16  option funding under s. 218.64(3), and for certifying an
   17  applicant as a motorsports entertainment complex. The department
   18  shall develop and adopt rules for the receipt and processing of
   19  applications for funding under ss. 212.20 and s. 218.64(3). The
   20  department shall make a determination regarding any application
   21  filed by an applicant within not later than 120 days after the
   22  application is filed.
   23         (4) The department may certify a single applicant as a
   24  motorsports entertainment complex for funding under s. 212.20 if
   25  the applicant meets all of the following conditions:
   26         (a) The applicant meets the requirements of subsection (3).
   27         (b) The applicant has a verified copy of the approval of a
   28  sanctioning body stating that motorsport events are sanctioned
   29  to occur at the applicant’s complex.
   30         (c) The applicant’s facility has at least 50,000 fixed
   31  seats.
   32         (d)The applicant has projections, verified by the
   33  department, which demonstrate that the motorsports entertainment
   34  complex will annually attract paid attendance of more than
   35  100,000 persons.
   36         (e) The applicant has an independent analysis or study,
   37  verified by the department, which demonstrates that the amount
   38  of revenues generated by the taxes imposed under chapter 212
   39  with respect to the use and operation of the motorsports
   40  entertainment complex will annually equal or exceed $2 million.
   41         (f)The applicant has demonstrated that it has provided, is
   42  capable of providing, or has financial or other commitments to
   43  provide more than one-half of the costs incurred or related to
   44  the improvement and development of the complex.
   45         (g)The total cost of construction, reconstruction,
   46  expansion, or renovation of the complex exceeds $250 million.
   47  
   48  The approved applicant may not seek funding under s. 218.64(3)
   49  while receiving funding under s. 212.20.
   50         (5)(4) Upon determining that an applicant meets the
   51  requirements of subsection (3) or subsection (4), the department
   52  shall notify the applicant and the executive director of the
   53  Department of Revenue of such certification by means of an
   54  official letter granting certification. If the applicant fails
   55  to meet the certification requirements of subsection (3) or
   56  subsection (4), the department shall notify the applicant within
   57  not later than 10 days following such determination.
   58         (6)(5) A motorsports entertainment complex that has been
   59  previously certified under this section and has received funding
   60  under such certification is ineligible for any additional
   61  certification.
   62         (7)(6) An applicant certified as a motorsports
   63  entertainment complex may use funds provided pursuant to s.
   64  212.20 or s. 218.64(3) only for the following public purposes:
   65         (a) Paying for the construction, reconstruction, expansion,
   66  or renovation of a motorsports entertainment complex.
   67         (b) Paying debt service reserve funds, arbitrage rebate
   68  obligations, or other amounts relating payable with respect to
   69  bonds issued for the construction, reconstruction, expansion, or
   70  renovation of the motorsports entertainment complex or for the
   71  reimbursement of such costs or the refinancing of bonds issued
   72  for such purposes.
   73         (c) Paying for construction, reconstruction, expansion, or
   74  renovation of transportation or other infrastructure
   75  improvements related to, necessary for, or appurtenant to the
   76  motorsports entertainment complex, including, without
   77  limitation, paying debt service reserve funds, arbitrage rebate
   78  obligations, or other amounts relating payable with respect to
   79  bonds issued for the construction, reconstruction, expansion, or
   80  renovation of such transportation or other infrastructure
   81  improvements, and for the reimbursement of such costs or the
   82  refinancing of bonds issued for such purposes.
   83         (d) Paying for programs of advertising and promotion of or
   84  related to the motorsports entertainment complex or the
   85  municipality in which the motorsports entertainment complex is
   86  located, or the county if the motorsports entertainment complex
   87  is located in an unincorporated area, if such programs of
   88  advertising and promotion are designed to increase paid
   89  attendance at the motorsports entertainment complex or increase
   90  tourism in or promote the economic development of the community
   91  in which the motorsports entertainment complex is located.
   92  
   93  ================= T I T L E  A M E N D M E N T ================
   94  And the title is amended as follows:
   95         Delete lines 7 - 12
   96  and insert:
   97  
   98