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A bill to be entitled

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An act relating to Space Florida; creating s. 288.1087,

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F.S.; providing legislative intent; creating the Space and

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Aerospace Catalyst and Enhancement Program in the Office

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of Tourism, Trade, and Economic Development; providing for

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moneys from the funds to be distributed to upgrade space-

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related infrastructure or to enter into partnerships with

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applicable businesses on space-related projects; requiring

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that certain information be provided to the Office of

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Tourism, Trade, and Economic Development; providing for a

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contract with nationally recognized economists to develop

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an economic impact assessment model that evaluates the

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costs, benefits, useful life, and other relevant factors

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related to space and aerospace infrastructure projects;

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describing the criteria by which the proposals will be

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judged as eligible to receive funding; requiring the

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executive board of Space Florida and the director of the

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Office of Tourism, Trade, and Economic Development to

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recommend approval or disapproval of proposed projects;

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providing for the Governor to decide which proposed

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projects receive the funds; requiring certain contract

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conditions; describing the content of the contract;

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providing an appropriation; designating Space Mile Marker

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One at the Space Florida headquarters; authorizing Space

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Florida to erect suitable markers; providing an effective

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date.

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Be It Enacted by the Legislature of the State of Florida:

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     Section 1.  Section 288.1087, Florida Statutes, is created

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to read:

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     288.1087 The Space and Aerospace Catalyst and Enhancement

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Act.--

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     (1)(a) The Legislature finds that attracting, retaining,

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entering into partnerships with, and providing favorable

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conditions for space and aerospace entrepreneurial endeavors can

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provide widespread economic benefit to the state. State

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investment in the space and aerospace industry can help provide

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high-quality employment opportunities for residents of this

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state, increase the overall tax base, invigorate the state's

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entrepreneurial climate through the resulting business and

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employment opportunities, and stimulate and enhance the state's

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universities and community colleges. The Legislature also finds

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that in the global economy there exists international competition

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for space and aerospace infrastructure, facilities, and business

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opportunities, and in most instances, when all available

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resources for economic development have been used, the state

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encounters competitive disadvantages. Further, the Legislature

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finds that business incentives help create a competitive

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environment for aerospace and space business. This often requires

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an incentive to make it feasible for private investors to provide

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infrastructure in those areas.

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     (b) The Legislature, therefore, declares that sufficient

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resources should be made available to respond to extraordinary

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economic opportunities in the space and aerospace business

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sectors, to address the need for space and aerospace business

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facilities and infrastructure, and to compete for key space and

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aerospace businesses interested in entering into partnerships

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with the state.

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     (2) There is created in the Office of Tourism, Trade, and

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Economic Development the Space and Aerospace Catalyst and

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Enhancement Program to be available for use by Space Florida. The

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moneys from the fund, which will be distributed to Space Florida

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once certain conditions are met, shall be used to provide or

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upgrade space-related infrastructure or business facilities, and

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to compete for key space- and aerospace-associated businesses

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interested in entering into partnerships with the state.

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     (3) Space Florida shall submit the following information

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concerning its proposed infrastructure projects to the office for

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its initial review. The information must include:

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     (a) A description of the type of space and aerospace

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infrastructure project, its operations, and the associated

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product or services associated with the facility.

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     (b) The number of full-time equivalent jobs that will be

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created by the space and aerospace infrastructure project, the

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total estimated average annual wages of those jobs, and the types

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of business activities and jobs stimulated by the investment.

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     (c) The cumulative amount of investment of public and, if

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applicable, private funds that will be dedicated to the project

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within a specified period.

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     (d) A description of the stimulating effect that the

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project is expected to have on a particular business sector in

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the state or regional economy or on the state's universities and

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community colleges.

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     (e) A statement of how the public investment is expected to

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affect the decision of the applicant's business to locate or

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expand in this state.

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     (f) In those instances where Space Florida is entering into

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a public-private partnership with a space-related business

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entity, a financial analysis of the project company, including an

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evaluation of the company's short-term liquidity ratio as

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measured by its assets to liability, the company's profitability

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ratio, the company's long-term solvency as measured by its debt-

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to-equity ratio, and the company's most recent financial audit

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statement and the related auditor's management letter.

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     (4) The office of Tourism, Trade, and Economic Development

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shall contract with nationally recognized economists to develop

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an economic impact assessment model that evaluates the costs,

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benefits, useful life, and other relevant factors related to

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space and aerospace infrastructure projects. The economic impact

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assessment model must be available for use by Space Florida and

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the Office of Tourism, Trade, and Economic Development no later

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than December 31, 2008.

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     (5) Projects eligible to receive funds through the Space

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and Aerospace Catalyst and Enhancement Program must:

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     (a) Assist Space Florida in carrying out its

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responsibilities under part II of chapter 331;

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     (b) Create the potential for or retain existing high-

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quality, high-salary jobs in the space or aerospace industry in

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this state;

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     (c) Have a potential positive payback ratio of at least 5

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to 1;

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     (d) Be an inducement to the project's location or expansion

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in the state;

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     (e) Be supported by the local community in which the

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project is to be located;

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     (f) If a public-private partnership, includes a match to

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the state investment; and

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     (g) Have undergone the economic analysis in subsection (4).

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     (6) The Office of Tourism, Trade, and Economic Development

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may waive these criteria based on extraordinary circumstances if

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the project would significantly benefit the local or regional

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economy.

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     (7)(a) After receiving the economic impact assessment, the

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Space Florida executive board and the director of the Office of

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Tourism, Trade, and Economic Development shall meet to recommend

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approval or disapproval of each proposed project. For projects

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recommended to receive funds, the board and director shall rank

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each proposal in the order of its meeting the established

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criteria. When recommending a project, Space Florida and the

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director of the Office of Tourism, Trade, and Economic

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Development must include proposed performance conditions that the

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project must meet in order to obtain money from the fund.

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     (b) The recommendations shall be sent to the Governor who

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shall further evaluate the projects approved for funding. The

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Governor shall consult with the President of the Senate and the

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Speaker of the House of Representatives before giving final

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approval for a project.

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     (c) The Executive Office of the Governor shall present the

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recommended projects and funding request to the Legislative

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Budget Commission, which shall conduct its review and release the

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project funds pursuant to the legislative consultation and review

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requirements set forth in s. 216.177. The recommendations must

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include proposed performance conditions that each project is

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expected to meet in order to receive funds.

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     (d) After receiving the required approvals, the director of

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the Office of Tourism, Trade, and Economic Development and the

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recipient shall enter into a contract that sets forth the

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conditions for receiving moneys from the fund. The contract must

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include the total amount of funds awarded, the performance

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conditions that must be met in order to obtain the award, a

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baseline of current service and a measure of enhanced capability,

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the methodology for validating performance, the schedule of

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payments from the fund, and sanctions for failure to meet

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performance conditions. The contract must state that payment is

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contingent upon sufficient appropriation of funds by the

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Legislature and upon sufficient release of appropriated funds by

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the Legislative Budget Commission.

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     (8) Space Florida shall compile information about the

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projects funded through the Space and Aerospace Catalyst and

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Enhancement Program, and include the information in its annual

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report.

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     Section 2. For the 2008-2009 fiscal year, the sum of $15

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million in nonrecurring funds is appropriated from the General

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Revenue Fund to the Space and Aerospace Catalyst and Enhancement

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Program in the Office of Tourism, Trade, and Economic Development

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for Space Florida for the purpose of implementing the provisions

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of this act. The funds shall be deposited in the Economic

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Development Trust Fund and withdrawn as approved.

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     Section 3. Space Mile Marker One designated; Space Florida

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to erect suitable markers.--

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     (1) Space Florida shall identify and designate an 18-inch

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by 18-inch square of land near the Space Florida headquarters

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building as "Space Mile Marker One."

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     (2) Space Florida is authorized to erect suitable markers

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designating Space Mile Marker One as described in subsection (1).

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     Section 4.  This act shall take effect July 1, 2008.