Florida Senate - 2011 CS for SB 1962
By the Committee on Community Affairs; and Senator Garcia
578-03773-11 20111962c1
1 A bill to be entitled
2 An act relating to revitalizing municipalities;
3 amending s. 212.096, F.S.; conforming a cross
4 reference; amending s. 212.20, F.S.; providing for the
5 transfer of certain sales tax revenues from the
6 General Revenue Fund to the Revenue Sharing Trust Fund
7 for Municipalities; amending s. 218.23, F.S.;
8 providing for a distribution from the Revenue Sharing
9 Trust Fund for Municipalities relating to an increase
10 in sales tax collections over the preceding year to
11 the governing body of an area that receives tax
12 increment revenues pursuant to a designation as a
13 sales tax TIF area; amending ss. 220.181 and 288.1175,
14 F.S.; conforming cross-references; amending s.
15 290.004, F.S.; providing definitions; amending s.
16 290.0056, F.S.; revising provisions relating to the
17 enterprise zone development agency; providing powers
18 of the governing board upon the designation of a sales
19 tax TIF area; amending s. 290.0057, F.S.; revising
20 provisions relating to an enterprise zone development
21 plan to conform to changes made by the act; amending
22 s. 290.007, F.S.; providing an economic incentive
23 within enterprise zones designated as sales tax TIF
24 areas; creating ss. 290.01351, 290.0136, 290.0137,
25 290.0138, 290.0139, and 290.01391, F.S.; creating the
26 “Municipal Revitalization Act”; providing legislative
27 intent and purposes; authorizing specified governing
28 bodies to create a sales tax TIF areas within a county
29 or municipality having a specified population;
30 providing that the governing body for an enterprise
31 zone where a sales tax TIF area is located is eligible
32 for specified percentage distributions of increased
33 state sales tax collections under certain
34 circumstances; requiring the Department of Revenue to
35 determine the amount of increased sales tax
36 collections to be distributed to each eligible
37 designated redevelopment agency and to transfer the
38 aggregate amount due to all such agencies to the
39 Revenue Sharing Trust Fund for Municipalities for
40 distribution; granting specified powers to a governing
41 body for a sales tax TIF area for the purpose of
42 providing financing and fostering certain public and
43 private improvements, including issuing revenue bonds;
44 requiring that an agreement between a designated
45 redevelopment agency and private sponsor of a project
46 include a requirement that a specified number of jobs
47 be created under certain circumstances; providing for
48 the issuance of tax increment revenue bonds and the
49 use of such bonds; providing an effective date.
50
51 Be It Enacted by the Legislature of the State of Florida:
52
53 Section 1. Paragraph (b) of subsection (2) of section
54 212.096, Florida Statutes, is amended to read:
55 212.096 Sales, rental, storage, use tax; enterprise zone
56 jobs credit against sales tax.—
57 (2)
58 (b) The credit shall be computed as 20 percent of the
59 actual monthly wages paid in this state to each new employee
60 hired when a new job has been created, unless the business is
61 located within a rural enterprise zone pursuant to s.
62 290.004(10) s. 290.004(6), in which case the credit shall be 30
63 percent of the actual monthly wages paid. If no less than 20
64 percent of the employees of the business are residents of an
65 enterprise zone, excluding temporary and part-time employees,
66 the credit shall be computed as 30 percent of the actual monthly
67 wages paid in this state to each new employee hired when a new
68 job has been created, unless the business is located within a
69 rural enterprise zone, in which case the credit shall be 45
70 percent of the actual monthly wages paid. If the new employee
71 hired when a new job is created is a participant in the welfare
72 transition program, the following credit shall be a percent of
73 the actual monthly wages paid: 40 percent for $4 above the
74 hourly federal minimum wage rate; 41 percent for $5 above the
75 hourly federal minimum wage rate; 42 percent for $6 above the
76 hourly federal minimum wage rate; 43 percent for $7 above the
77 hourly federal minimum wage rate; and 44 percent for $8 above
78 the hourly federal minimum wage rate. For purposes of this
79 paragraph, monthly wages shall be computed as one-twelfth of the
80 expected annual wages paid to such employee. The amount paid as
81 wages to a new employee is the compensation paid to such
82 employee that is subject to unemployment tax. The credit shall
83 be allowed for up to 24 consecutive months, beginning with the
84 first tax return due pursuant to s. 212.11 after approval by the
85 department.
86 Section 2. Paragraph (d) of subsection (6) of section
87 212.20, Florida Statutes, is amended to read:
88 212.20 Funds collected, disposition; additional powers of
89 department; operational expense; refund of taxes adjudicated
90 unconstitutionally collected.—
91 (6) Distribution of all proceeds under this chapter and s.
92 202.18(1)(b) and (2)(b) shall be as follows:
93 (d) The proceeds of all other taxes and fees imposed
94 pursuant to this chapter or remitted pursuant to s. 202.18(1)(b)
95 and (2)(b) shall be distributed as follows:
96 1. In any fiscal year, the greater of $500 million, minus
97 an amount equal to 4.6 percent of the proceeds of the taxes
98 collected pursuant to chapter 201, or 5.2 percent of all other
99 taxes and fees imposed pursuant to this chapter or remitted
100 pursuant to s. 202.18(1)(b) and (2)(b) shall be deposited in
101 monthly installments into the General Revenue Fund.
102 2. After the distribution under subparagraph 1., 8.814
103 percent of the amount remitted by a sales tax dealer located
104 within a participating county pursuant to s. 218.61 shall be
105 transferred into the Local Government Half-cent Sales Tax
106 Clearing Trust Fund. Beginning July 1, 2003, the amount to be
107 transferred shall be reduced by 0.1 percent, and the department
108 shall distribute this amount to the Public Employees Relations
109 Commission Trust Fund less $5,000 each month, which shall be
110 added to the amount calculated in subparagraph 3. and
111 distributed accordingly.
112 3. After the distribution under subparagraphs 1. and 2.,
113 0.095 percent shall be transferred to the Local Government Half
114 cent Sales Tax Clearing Trust Fund and distributed pursuant to
115 s. 218.65.
116 4. After the distributions under subparagraphs 1., 2., and
117 3., 2.0440 percent of the available proceeds shall be
118 transferred monthly to the Revenue Sharing Trust Fund for
119 Counties pursuant to s. 218.215.
120 5. After the distributions under subparagraphs 1., 2., and
121 3., 1.3409 percent of the available proceeds, plus the amount
122 required under s. 290.0138(2), shall be transferred monthly to
123 the Revenue Sharing Trust Fund for Municipalities pursuant to s.
124 218.215. If the total revenue to be distributed pursuant to this
125 subparagraph is at least as great as the amount due from the
126 Revenue Sharing Trust Fund for Municipalities and the former
127 Municipal Financial Assistance Trust Fund in state fiscal year
128 1999-2000, no municipality shall receive less than the amount
129 due from the Revenue Sharing Trust Fund for Municipalities and
130 the former Municipal Financial Assistance Trust Fund in state
131 fiscal year 1999-2000. If the total proceeds to be distributed
132 are less than the amount received in combination from the
133 Revenue Sharing Trust Fund for Municipalities and the former
134 Municipal Financial Assistance Trust Fund in state fiscal year
135 1999-2000, each municipality shall receive an amount
136 proportionate to the amount it was due in state fiscal year
137 1999-2000.
138 6. Of the remaining proceeds:
139 a. In each fiscal year, the sum of $29,915,500 shall be
140 divided into as many equal parts as there are counties in the
141 state, and one part shall be distributed to each county. The
142 distribution among the several counties must begin each fiscal
143 year on or before January 5th and continue monthly for a total
144 of 4 months. If a local or special law required that any moneys
145 accruing to a county in fiscal year 1999-2000 under the then
146 existing provisions of s. 550.135 be paid directly to the
147 district school board, special district, or a municipal
148 government, such payment must continue until the local or
149 special law is amended or repealed. The state covenants with
150 holders of bonds or other instruments of indebtedness issued by
151 local governments, special districts, or district school boards
152 before July 1, 2000, that it is not the intent of this
153 subparagraph to adversely affect the rights of those holders or
154 relieve local governments, special districts, or district school
155 boards of the duty to meet their obligations as a result of
156 previous pledges or assignments or trusts entered into which
157 obligated funds received from the distribution to county
158 governments under then-existing s. 550.135. This distribution
159 specifically is in lieu of funds distributed under s. 550.135
160 before July 1, 2000.
161 b. The department shall distribute $166,667 monthly
162 pursuant to s. 288.1162 to each applicant certified as a
163 facility for a new or retained professional sports franchise
164 pursuant to s. 288.1162. Up to $41,667 shall be distributed
165 monthly by the department to each certified applicant as defined
166 in s. 288.11621 for a facility for a spring training franchise.
167 However, not more than $416,670 may be distributed monthly in
168 the aggregate to all certified applicants for facilities for
169 spring training franchises. Distributions begin 60 days after
170 such certification and continue for not more than 30 years,
171 except as otherwise provided in s. 288.11621. A certified
172 applicant identified in this sub-subparagraph may not receive
173 more in distributions than expended by the applicant for the
174 public purposes provided for in s. 288.1162(5) or s.
175 288.11621(3).
176 c. Beginning 30 days after notice by the Office of Tourism,
177 Trade, and Economic Development to the Department of Revenue
178 that an applicant has been certified as the professional golf
179 hall of fame pursuant to s. 288.1168 and is open to the public,
180 $166,667 shall be distributed monthly, for up to 300 months, to
181 the applicant.
182 d. Beginning 30 days after notice by the Office of Tourism,
183 Trade, and Economic Development to the Department of Revenue
184 that the applicant has been certified as the International Game
185 Fish Association World Center facility pursuant to s. 288.1169,
186 and the facility is open to the public, $83,333 shall be
187 distributed monthly, for up to 168 months, to the applicant.
188 This distribution is subject to reduction pursuant to s.
189 288.1169. A lump sum payment of $999,996 shall be made, after
190 certification and before July 1, 2000.
191 7. All other proceeds must remain in the General Revenue
192 Fund.
193 Section 3. Subsection (3) of section 218.23, Florida
194 Statutes, is amended to read:
195 218.23 Revenue sharing with units of local government.—
196 (3) The distribution to a unit of local government under
197 this part is determined by the following formula:
198 (a) First, the entitlement of an eligible unit of local
199 government shall be computed on the basis of the apportionment
200 factor provided in s. 218.245, which shall be applied for all
201 eligible units of local government to all receipts available for
202 distribution in the respective revenue sharing trust fund.
203 (b) Second, revenue shared with eligible units of local
204 government for any fiscal year shall be adjusted so that no
205 eligible unit of local government receives less funds than its
206 guaranteed entitlement.
207 (c) Third, revenues shared with counties for any fiscal
208 year shall be adjusted so that no county receives less funds
209 than its guaranteed entitlement plus the second guaranteed
210 entitlement for counties.
211 (d) Fourth, revenue shared with units of local government
212 for any fiscal year shall be adjusted so that no unit of local
213 government receives less funds than its minimum entitlement.
214 (e) Fifth, after the adjustments provided in paragraphs
215 (b), (c), and (d), the funds remaining in the respective trust
216 fund for municipalities shall be distributed to the appropriate
217 governing body eligible for a distribution under ss. 290.0137
218 and 290.0138.
219 (f)(e) Sixth Fifth, after the adjustments provided in
220 paragraphs (b), (c), and (d), and (e), and after deducting the
221 amount committed to all the units of local government, the funds
222 remaining in the respective trust funds shall be distributed to
223 those eligible units of local government which qualify to
224 receive additional moneys beyond the guaranteed entitlement, on
225 the basis of the additional money of each qualified unit of
226 local government in proportion to the total additional money of
227 all qualified units of local government.
228 Section 4. Paragraph (a) of subsection (1) of section
229 220.181, Florida Statutes, is amended to read:
230 220.181 Enterprise zone jobs credit.—
231 (1)(a) There shall be allowed a credit against the tax
232 imposed by this chapter to any business located in an enterprise
233 zone which demonstrates to the department that, on the date of
234 application, the total number of full-time jobs is greater than
235 the total was 12 months prior to that date. The credit shall be
236 computed as 20 percent of the actual monthly wages paid in this
237 state to each new employee hired when a new job has been
238 created, as defined under s. 220.03(1)(ee), unless the business
239 is located in a rural enterprise zone, pursuant to s.
240 290.004(10) s. 290.004(6), in which case the credit shall be 30
241 percent of the actual monthly wages paid. If no less than 20
242 percent of the employees of the business are residents of an
243 enterprise zone, excluding temporary and part-time employees,
244 the credit shall be computed as 30 percent of the actual monthly
245 wages paid in this state to each new employee hired when a new
246 job has been created, unless the business is located in a rural
247 enterprise zone, in which case the credit shall be 45 percent of
248 the actual monthly wages paid, for a period of up to 24
249 consecutive months. If the new employee hired when a new job is
250 created is a participant in the welfare transition program, the
251 following credit shall be a percent of the actual monthly wages
252 paid: 40 percent for $4 above the hourly federal minimum wage
253 rate; 41 percent for $5 above the hourly federal minimum wage
254 rate; 42 percent for $6 above the hourly federal minimum wage
255 rate; 43 percent for $7 above the hourly federal minimum wage
256 rate; and 44 percent for $8 above the hourly federal minimum
257 wage rate.
258 Section 5. Paragraph (c) of subsection (5) of section
259 288.1175, Florida Statutes, is amended to read:
260 288.1175 Agriculture education and promotion facility.—
261 (5) The department shall competitively evaluate
262 applications for funding of an agriculture education and
263 promotion facility. If the number of applicants exceeds three,
264 the department shall rank the applications based upon criteria
265 developed by the department, with priority given in descending
266 order to the following items:
267 (c) The location of the facility in a brownfield site as
268 defined in s. 376.79(3), a rural enterprise zone as defined in
269 s. 290.004(10) s. 290.004(6), an agriculturally depressed area
270 as defined in s. 570.242(1), a redevelopment area established
271 pursuant to s. 373.461(5)(g), or a county that has lost its
272 agricultural land to environmental restoration projects.
273 Section 6. Section 290.004, Florida Statutes, is amended to
274 read:
275 290.004 Definitions relating to Florida Enterprise Zone
276 Act.—As used in ss. 290.001-290.016, the term:
277 (1) “Bond” means any bonds, notes, or other instruments
278 issued by the governing body pursuant to s. 290.015 and secured
279 by tax increment revenues or other security authorized in this
280 chapter.
281 (2)(1) “Community investment corporation” means a black
282 business investment corporation, a certified development
283 corporation, a small business investment corporation, or other
284 similar entity incorporated under Florida law that has limited
285 its investment policy to making investments solely in minority
286 business enterprises.
287 (3)(2) “Director” means the director of the Office of
288 Tourism, Trade, and Economic Development.
289 (4)(3) “Governing body” means the council or other
290 legislative body charged with governing the county or
291 municipality.
292 (5)(4) “Minority business enterprise” has the same meaning
293 as in s. 288.703.
294 (6)(5) “Office” means the Office of Tourism, Trade, and
295 Economic Development.
296 (7) “Retail development costs” mean any costs associated
297 with, or arising out of, or incurred in connection with:
298 (a) A retail development project;
299 (b) The issuance of, or debt service or any other payments
300 in respect of, the bonds, including costs of issuance,
301 capitalized interest, credit enhancement fees, reserve funds, or
302 working capital; or
303 (c) The relocation of any business in which the purpose of
304 relocation is to make space for a retail development project.
305 (8) “Retail development project” means the establishment of
306 a business within an enterprise zone engaged in direct onsite
307 retail sales to consumers or providing unique entertainment
308 attractions, including the following: acquisition, purchasing,
309 construction, reconstruction, improvement, renovation,
310 rehabilitation, restoration, remodeling, repair, remediation,
311 expansion, extension, and the furnishing, equipping, and opening
312 of the business. A retail development project shall create at
313 least 500 jobs and generate more than $1 million in taxes and
314 fees collected pursuant to s. 212.20(6)(d). A retail development
315 project includes restaurants, grocery and specialty food stores,
316 art galleries, and businesses engaged in sales of home
317 furnishings, apparel, and general merchandise goods to
318 specialized customers, or providing a unique entertainment
319 attraction. A retail development project specifically excludes:
320 (a) Liquor stores;
321 (b) Adult entertainment nightclubs;
322 (c) Adult book clubs; and
323 (d) The relocation of a business to the retail development
324 project from another location within the enterprise zone, unless
325 the relocation involves a significant expansion of the size of
326 the business.
327 (9) “Retail development project developer” means any person
328 sponsoring a retail development project.
329 (10)(6) “Rural enterprise zone” means an enterprise zone
330 that is nominated by a county having a population of 75,000 or
331 fewer, or a county having a population of 100,000 or fewer which
332 is contiguous to a county having a population of 75,000 or
333 fewer, or by a municipality in such a county, or by such a
334 county and one or more municipalities. An enterprise zone
335 designated in accordance with s. 290.0065(5)(b) or s. 379.2353
336 is considered to be a rural enterprise zone.
337 (11) “Sales tax TIF area” means a retail development
338 project that has been authorized by a governing body to receive
339 TIF proceeds or bond proceeds pursuant to an executed
340 development agreement between the governing body and a retail
341 development project developer to underwrite retail development
342 costs.
343 (12)(7) “Small business” has the same meaning as in s.
344 288.703.
345 (13) “Tax increment revenues” means the portion of
346 available sales tax revenue calculated pursuant to s.
347 290.0138(1).
348 (14) “TIF” means tax increment financing.
349 Section 7. Paragraph (a) of subsection (9) of section
350 290.0056, Florida Statutes, is amended, and present subsections
351 (11) and (12) of that section are redesignated as subsections
352 (12) and (13), respectively, and a new subsection (11) is added
353 to that section, to read:
354 290.0056 Enterprise zone development agency.—
355 (9) The following powers and responsibilities shall be
356 performed by the governing body creating the enterprise zone
357 development agency acting as the managing agent of the
358 enterprise zone development agency, or, contingent upon approval
359 by such governing body, such powers and responsibilities shall
360 be performed by the enterprise zone development agency:
361 (a) To review, process, and certify applications for state
362 enterprise zone tax incentives pursuant to ss. 212.08(5)(g),
363 (h), and (15); 212.096; 220.181; and 220.182; and 290.0137.
364 (11) Contingent upon the governing board’s designation of a
365 sales tax TIF area, the board shall also exercise the following
366 additional powers for the purpose of providing local financing
367 for public and private improvements that will foster job growth
368 and enhance the base of retailers within an enterprise zone
369 unless otherwise prohibited by ordinance:
370 (a) Enter into cooperative contracts and agreements with a
371 county, municipality, governmental agency, or private entity for
372 services and assistance;
373 (b) Acquire, own, convey, construct, maintain, improve, and
374 manage property and facilities and grant and acquire licenses,
375 easements, and options with respect to such property;
376 (c) Expend incremental sales tax revenues to promote and
377 advertise the commercial advantages of the district in order to
378 attract new businesses and encourage the expansion of existing
379 businesses; and
380 (d) Expend incremental sales tax revenues to promote and
381 advertise the district to the public and engage in cooperative
382 advertising programs with businesses located in the district.
383 Section 8. Subsection (1) of section 290.0057, Florida
384 Statutes, is amended to read:
385 290.0057 Enterprise zone development plan.—
386 (1) Any application for designation as a new enterprise
387 zone must be accompanied by a strategic plan adopted by the
388 governing board body of the municipality or county, or the
389 governing board bodies of the county and one or more of the
390 municipalities together. At a minimum, the plan must:
391 (a) Briefly describe the community’s goals for revitalizing
392 the area.
393 (b) Describe the ways in which the community’s approaches
394 to economic development, social and human services,
395 transportation, housing, community development, public safety,
396 and educational and environmental concerns will be addressed in
397 a coordinated fashion, and explain how these linkages support
398 the community’s goals.
399 (c) Identify and describe key community goals and the
400 barriers that restrict the community from achieving these goals,
401 including a description of poverty and general distress,
402 barriers to economic opportunity and development, and barriers
403 to human development.
404 (d) Describe the process by which the affected community is
405 a full partner in the process of developing and implementing the
406 plan and the extent to which local institutions and
407 organizations have contributed to the planning process.
408 (e) Commit the governing body or bodies to enact and
409 maintain local fiscal and regulatory incentives, if approval for
410 the area is received under s. 290.0065. These incentives may
411 include the municipal public service tax exemption provided by
412 s. 166.231, the economic development ad valorem tax exemption
413 provided by s. 196.1995, the business tax exemption provided by
414 s. 205.054, local impact fee abatement or reduction, or low
415 interest or interest-free loans or grants to businesses to
416 encourage the revitalization of the nominated area.
417 (f) Identify the amount of local and private resources that
418 will be available in the nominated area and the private/public
419 partnerships to be used, which may include participation by, and
420 cooperation with, universities, community colleges, small
421 business development centers, black business investment
422 corporations, certified development corporations, and other
423 private and public entities.
424 (g) Indicate how state enterprise zone tax incentives and
425 state, local, and federal resources will be utilized within the
426 nominated area.
427 (h) Identify the funding requested under any state or
428 federal program in support of the proposed economic, human,
429 community, and physical development and related activities.
430 (i) Identify baselines, methods, and benchmarks for
431 measuring the success of carrying out the strategic plan.
432 Section 9. Subsection (9) is added to section 290.007,
433 Florida Statutes, to read:
434 290.007 State incentives available in enterprise zones.—The
435 following incentives are provided by the state to encourage the
436 revitalization of enterprise zones:
437 (9) Within enterprise zones, the designation of a sales tax
438 TIF area.
439 Section 10. Section 290.01351, Florida Statutes, is created
440 to read:
441 290.01351 Municipal Revitalization Act.—Sections 290.0136
442 290.01391 may be cited as the “Municipal Revitalization Act.”
443 Section 11. Section 290.0136, Florida Statutes, is created
444 to read:
445 290.0136 Sales tax TIF area; intent and purpose.—
446 (1) The Legislature intends to foster the revitalization of
447 counties and municipalities and support job-creating retail
448 development projects within enterprise zones by authorizing the
449 governing bodies of counties and municipalities to designate
450 sales tax TIF areas within enterprise zones, subject to the
451 review and approval by the office.
452 (2) The Legislature finds that by authorizing local
453 governing bodies of an enterprise zone to designate a sales tax
454 TIF area, the counties or municipalities may share with the
455 state any annual increase in sales tax collections occasioned by
456 a retail development project and advance the revitalization of
457 such counties and municipalities. Through the sharing of any
458 annual increases in sales tax collections within a sales tax TIF
459 area resulting from the advancement of a retail development
460 project, the Legislature intends to provide local financing for
461 public and private improvements that will foster job growth for
462 the residents of economically distressed areas and enhance the
463 base of local retailers serving residents of the enterprise
464 zones and the surrounding communities.
465 Section 12. Section 290.0137, Florida Statutes, is created
466 to read:
467 290.0137 Designation of sales tax TIF area; review and
468 approval by the office.—
469 (1) Any municipality having a population of at least
470 250,000 residents which has designated an enterprise zone, or
471 all the governing bodies in the case of a county and one or more
472 municipalities having been designated an enterprise zone if the
473 county has a population of at least 750,000 residents, may adopt
474 a resolution following a public hearing designating a sales tax
475 TIF area to support the development of a retail development
476 project.
477 (2) The resolution creating a sales tax increment
478 redevelopment district, at a minimum, shall:
479 (a) Include findings that the designation of the sales tax
480 TIF area:
481 1. Is essential to the advancement of a retail development
482 project;
483 2. Will provide needed retail amenities within the
484 enterprise;
485 3. Will result in the creation of a total of 500 new jobs
486 and not less than $1 million in sales tax increment revenue
487 annually; and
488 4. Will enhance the health and general welfare of the
489 residents of enterprise zone within the sponsoring municipality
490 or county;
491 (b) Fix the geographic boundaries of the sales tax TIF area
492 necessary to support the advancement of a retail development
493 project;
494 (c) Establish the term of the life of the sales tax TIF
495 area, which term shall not exceed 15 years from the earlier date
496 the sales tax TIF area is approved following review by the
497 office;
498 (d) Establish the base year for determination of sales tax
499 receipts collected pursuant to s. 212.20(6), less the amount
500 required under s. 290.0138(1); and
501 (e) Authorize staff of the governing body to negotiate a
502 development agreement with the retail development project
503 developer.
504 (3) A copy of the resolution adopted by the governing body
505 designating the sales tax TIF area shall be transmitted to the
506 office for its review. The office, in consultation with
507 Enterprise Florida, Inc., shall determine whether the
508 designation of the sales tax TIF area complies with the
509 requirements of this chapter.
510 (4) Upon determining that the designation by the governing
511 body complies with the requirements of this chapter, a copy of
512 the resolution establishing the sales tax TIF area redevelopment
513 district shall be transmitted to the Department of Revenue.
514 Section 13. Section 290.0138, Florida Statutes, is created
515 to read:
516 290.0138 Calculation of tax increment revenue contribution
517 to governing body.—
518 (1) The governing body of a designated sales tax TIF area
519 shall be eligible for a percentage distribution of from the
520 Revenue Sharing Trust Fund for Municipalities of the increased
521 collections of the state tax on sales, use, and other
522 transactions realized during any month by the municipality over
523 the same monthly period of the base year, as follows:
524 (a) Eighty-five percent of the increased monthly
525 collections of $85,000 or less.
526 (b) Seventy-five percent of the increased monthly
527 collections greater than $85,000 but $425,000 or less.
528 (c) Fifty percent of the increased monthly collections
529 greater than $425,000 but $675,000 or less.
530 (d) Twenty-five percent of the increased monthly
531 collections greater than $675,000 but $1 million or less.
532 (e) Zero percent of the increased monthly collections of
533 more than $1 million.
534 (2) The specific amount payable to each eligible governing
535 body shall be determined monthly by the Department of Revenue
536 for distribution to the appropriate eligible governing body in
537 accordance with subsection (1). The Department of Revenue shall
538 determine monthly the aggregate amount of sales tax revenue that
539 is required for distribution to eligible governing body under
540 this section and transfer that amount from the General Revenue
541 Fund to the Revenue Sharing Trust Fund for Municipalities in
542 accordance with s. 212.20(6)(d)5. All amounts transferred to the
543 Revenue Sharing Trust Fund for Municipalities shall be
544 distributed as provided in s. 218.23(3)(e). At no time shall the
545 total distribution provided to the eligible governing body
546 exceed the total tax increment revenue contribution set forth in
547 the retail project development agreement required pursuant to s.
548 290.0139.
549 (3) Each governing body receiving percentage distribution
550 pursuant to the subsection (1) shall establish a separate tax
551 increment revenue account within its general fund for the
552 deposit of the sales tax increment for each sales tax TIF area.
553 Section 14. Section 290.0139, Florida Statutes, is created
554 to read:
555 290.0139 Retail development project agreement.—
556 (1) A retail development project developer desiring to use
557 tax increment revenues to underwrite retail development costs
558 shall enter into a retail development project agreement with the
559 governing body of the county or municipality designating a sales
560 tax TIF area. The agreement shall set forth:
561 (a) The goals and objectives of the retail development
562 project;
563 (b) Requirements for leasing of retail space within the
564 retail development project which will advance the goals and
565 objectives;
566 (c) The terms and conditions pursuant to which tax
567 increment revenue or bond proceeds will be advanced to pay
568 retail developments costs incurred in the sales tax TIF area;
569 (d) The total amount of the tax increment revenue to be
570 contributed to pay retail development costs within the sales tax
571 TIF area;
572 (e) Goals for the hiring of minority business enterprises
573 to perform construction or operations work, which goal shall
574 equal an amount not less than 25 percent of the total amount of
575 tax increment revenue contributed towards the payment of retail
576 development costs within the sales tax TIF area;
577 (f) Goals for the hiring of enterprise zone residents for
578 the new jobs created by the retail development project, which
579 goal shall equal at least 35 percent of the new jobs created;
580 (g) Such matters as may be required in connection with the
581 issuance of bonds to support the retail development project; and
582 (h) Such other matters as the governing body designating
583 the sales tax TIF area may determine to be necessary and
584 appropriate.
585 (2) Tax increment revenues or bond proceeds may not be
586 advanced to pay retail development costs until such time as the
587 retail development project is open to the general public.
588 (3) A retail project development agreement shall be
589 approved by resolution of the governing body following a public
590 hearing.
591 Section 15. Section 290.01391, Florida Statutes, is created
592 to read:
593 290.01391 Issuance of tax increment revenue bonds; use of
594 bond proceeds; funding agreement.—
595 (1) If authorized or approved by resolution of the
596 governing body that designated the sales tax TIF area, following
597 a public hearing, tax increment revenues may be used to support
598 the issuance of revenue bonds to finance retail redevelopment
599 costs of a retail development project, including the payment of
600 principal and interest upon any advances for surveys and plans
601 or preliminary loans.
602 (2) Bonds issued under this section do not constitute
603 indebtedness within the meaning of any constitutional or
604 statutory debt limitation or restriction and are not subject to
605 the provisions of any other law or charter relating to the
606 authorization, issuance, or sale of bonds. Bonds issued under
607 this section are declared to be issued for an essential public
608 and governmental purpose, and the interest and income from the
609 bonds are exempt from all taxes, except taxes imposed by chapter
610 220 on corporations.
611 (3) Bonds issued under this section may be issued in one or
612 more series and may bear such date or dates, be payable upon
613 demand or mature at such time or times, bear interest at such
614 rate or rates, be in such denomination or denominations, be in
615 such form either with or without coupon or registered, carry
616 such conversion or registration privileges, have such rank or
617 priority, be executed in such manner, be payable in such medium
618 of payment at such place or places, be subject to such terms of
619 redemption with or without a premium, be secured in such manner,
620 and have such other characteristics as may be provided by the
621 resolution or ordinance authorizing their issuance. Bonds issued
622 under this section may be sold in such manner, either at public
623 or private sale, and for such price as the designated
624 redevelopment agency may determine will effectuate the purposes
625 of this section.
626 (4) In any suit, action, or proceeding involving the
627 validity or enforceability of any bond issued under this
628 section, any bond that recites in substance that it has been
629 issued by the governing body in connection with the sales tax
630 increment district for a purpose authorized under this section
631 is conclusively presumed to have been issued for that purpose,
632 and any project financed by the bond is conclusively presumed to
633 have been planned and carried out in accordance with the
634 intended purposes of this section.
635 Section 16. This act shall take effect July 1, 2011.