| 1 | Representative Traviesa offered the following: |
| 2 |
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| 3 | Amendment |
| 4 | Remove lines 43-182 and insert: |
| 5 |
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| 6 | (c) "Professional sports franchise" means a franchise in |
| 7 | the National Basketball Association that began playing games |
| 8 | before January 1, 1990, but not before January 1, 1989, or a |
| 9 | franchise in the National Hockey League that began playing games |
| 10 | before January 1, 1993. |
| 11 | (d) "Unit of local government" has the same meaning as |
| 12 | provided in s. 218.369. |
| 13 | (3) The Office of Tourism, Trade, and Economic Development |
| 14 | shall develop rules for the receipt and processing of |
| 15 | applications for funding pursuant to s. 212.20(6)(d)7.c. |
| 16 | (4) Before certifying an applicant as a "facility for a |
| 17 | professional sports franchise" eligible for funding pursuant to |
| 18 | s. 212.20(6)(d)7.c., the Office of Tourism, Trade, and Economic |
| 19 | Development must: |
| 20 | (a) Determine that a unit of local government is |
| 21 | responsible for the construction, maintenance, or operation of |
| 22 | the professional sports franchise facility or holds title to or |
| 23 | a leasehold interest in the property on which the professional |
| 24 | sports franchise facility is located and the applicant is or |
| 25 | will be the owner, tenant, or operator of the professional |
| 26 | sports franchise facility. |
| 27 | (b) Determine that the applicant has a verified copy of |
| 28 | the approval from the governing authority of the league in which |
| 29 | the professional sports franchise exists or verified evidence |
| 30 | that it has had a league-authorized location in this state on or |
| 31 | before July 1, 2007. |
| 32 | (c) Determine that the applicant has projections, verified |
| 33 | by the Office of Tourism, Trade, and Economic Development, that |
| 34 | demonstrate that the professional sports franchise will attract |
| 35 | a paid attendance of more than 300,000 annually. |
| 36 | (d) Determine that the applicant has an independent |
| 37 | analysis or study, verified by the Office of Tourism, Trade, and |
| 38 | Economic Development, that demonstrates that the amount of the |
| 39 | revenues generated by the taxes imposed under chapter 212 with |
| 40 | respect to the use and operation of the professional sports |
| 41 | franchise facility will equal or exceed $4 million annually. |
| 42 | (e) Determine that the municipality or county in which the |
| 43 | facility for a professional sports franchise is located has |
| 44 | certified by resolution after a public hearing that the |
| 45 | application serves a public purpose. |
| 46 | (f) Receive a signed agreement for the benefit of and |
| 47 | enforceable by the Department of Revenue from the applicant or |
| 48 | the current owner of the professional sports franchise that |
| 49 | formed the basis for the applicant's certification pursuant to |
| 50 | this section that guarantees that, if the professional sports |
| 51 | franchise ceases playing at least 90 percent of its home games |
| 52 | in this state, including preseason, regular season, and |
| 53 | postseason games, unless the cessation is a result of a force |
| 54 | majeure event, the guarantor will pay the Department of Revenue, |
| 55 | commencing with the calendar year in which the professional |
| 56 | sports franchise ceases playing at least 90 percent of its home |
| 57 | games in this state and each calendar year thereafter, the |
| 58 | excess, if any, of: |
| 59 | 1. The amount distributed pursuant to s. 212.20(6)(d)7.c. |
| 60 | to the applicant under this section during the same calendar |
| 61 | year, and, if the same professional sports franchise also formed |
| 62 | the basis for an applicant's certification pursuant to s. |
| 63 | 288.1162, the amount distributed pursuant to s. 212.20(6)(d)7.b. |
| 64 | to the applicant under s. 288.1162 during the same calendar year |
| 65 | over |
| 66 | 2. The amount of state revenues generated by the taxes |
| 67 | imposed under chapter 212 with respect to the use and operation |
| 68 | of the certified facility during the same calendar year. |
| 69 |
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| 70 | Within 60 days after the professional sports franchise ceases |
| 71 | playing at least 90 percent of its home games in this state, the |
| 72 | guarantor shall provide the Department of Revenue with an |
| 73 | annuity contract issued by a person authorized to issue such |
| 74 | contracts in this state that will secure the guarantor's |
| 75 | obligation to pay the amount distributed pursuant to s. |
| 76 | 212.20(6)(d)7.c. to the applicant under this section during the |
| 77 | same calendar year and, if the same professional sports |
| 78 | franchise also formed the basis for an applicant's certification |
| 79 | pursuant to s. 288.1162, the amount distributed pursuant to s. |
| 80 | 212.20(6)(d)7.b. to the applicant under s. 288.1162 during the |
| 81 | same calendar year, as required in subparagraph 1. Within 60 |
| 82 | days after the end of each calendar year for which an annuity |
| 83 | contract is in force, the Department of Revenue shall reimburse |
| 84 | the guarantor an amount equal to the state revenues generated by |
| 85 | the taxes imposed under chapter 212 with respect to the use and |
| 86 | operation of the certified facility during the prior calendar |
| 87 | year, not to exceed the aggregate amount distributed to the |
| 88 | applicant under s. 212.20(6)(d)7.b. and c. during the same |
| 89 | calendar year. The guarantee of the applicant or current owner |
| 90 | of the professional sports franchise will be returned upon |
| 91 | substitution of the guarantee of any successor applicant or |
| 92 | owner of the professional sports franchise whose ownership has |
| 93 | been approved by the governing authority of the league in which |
| 94 | the professional sports franchise exists. |
| 95 | (g) Receive evidence that one or more of the following |
| 96 | have either previously contributed funds, or are contractually |
| 97 | committed to contribute funds during the next 30 years, for the |
| 98 | construction or improvement of the facility for a professional |
| 99 | sports franchise that in the aggregate equals or exceeds $60 |
| 100 | million: |
| 101 | 1. The municipality in which the facility for a |
| 102 | professional sports franchise is located. |
| 103 | 2. The county in which the facility for a professional |
| 104 | sports franchise is located. |
| 105 | 3. The applicant. |
| 106 | 4. The owner of the professional sports franchise that has |
| 107 | served as an applicant's basis for certification under this |
| 108 | section or its affiliates. |
| 109 | (h) Determine that a professional sports franchise forms |
| 110 | the basis for only one facility certified under this section for |
| 111 | funding pursuant to s. 212.20(6)(d)7.c. |
| 112 | (5) An applicant certified as a facility for a |
| 113 | professional sports franchise that is certified for funding |
| 114 | pursuant to s. 212.20(6)(d)7.c. may use funds provided pursuant |
| 115 | to that sub-subparagraph only for the public purpose of: |
| 116 | (a) Paying for the acquisition, construction, |
| 117 | reconstruction, renovation, capital improvement, or maintenance |
| 118 | of the facility for a professional sports franchise or any |
| 119 | ancillary facilities, such as parking structures; convention |
| 120 | facilities and meeting rooms; retail and concession space; |
| 121 | health, fitness, and training facilities; and youth and amateur |
| 122 | sports facilities, that support the operations of any such |
| 123 | facility; |
| 124 | (b) Paying or pledging for the payment of debt service on, |
| 125 | or funding debt service reserve funds, arbitrage rebate |
| 126 | obligations, or other amounts payable with respect to, bonds or |
| 127 | other indebtedness issued for the acquisition, construction, |
| 128 | reconstruction, renovation, or capital improvement of the |
| 129 | facility for a professional sports franchise or ancillary |
| 130 | facilities; or |
| 131 | (c) Reimbursing costs for the refinancing of bonds or |
| 132 | other indebtedness, including the payment of any interest and |
| 133 | prepayment premium or penalty thereon, issued for the |
| 134 | acquisition, construction, reconstruction, renovation, or |
| 135 | capital improvement of the facility for a professional sports |
| 136 | franchise or ancillary facilities. |
| 137 | (6) The Office of Tourism, Trade, and Economic Development |
| 138 | shall notify the Department of Revenue of any facility certified |
| 139 | as a facility for a professional sports franchise that is |
| 140 | eligible for funding pursuant to s. 212.20(6)(d)7.c. The Office |
| 141 | of Tourism, Trade, and Economic Development may not certify |
| 142 | under this section more than two facilities as facilities for a |