| 1 | A bill to be entitled |
| 2 | An act relating to the Innovation Incentive Program; |
| 3 | amending s. 288.1089, F.S.; conforming an obsolete |
| 4 | reference to the former Office of Tourism, Trade, and |
| 5 | Economic Development; revising requirements for |
| 6 | legislative notice, review, and objections to the |
| 7 | award of incentive funds under the program; providing |
| 8 | an effective date. |
| 9 |
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| 10 | Be It Enacted by the Legislature of the State of Florida: |
| 11 |
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| 12 | Section 1. Paragraphs (d) and (l) of subsection (2) and |
| 13 | subsection (7) of section 288.1089, Florida Statutes, are |
| 14 | amended to read: |
| 15 | 288.1089 Innovation Incentive Program.- |
| 16 | (2) As used in this section, the term: |
| 17 | (d) "Cumulative investment" means cumulative capital |
| 18 | investment and all eligible capital costs, as defined in s. |
| 19 | 220.191. |
| 20 | (l) "Match" means funding from local sources, public or |
| 21 | private, which will be paid to the applicant and which is equal |
| 22 | to 100 percent of an award. Eligible match funding may include |
| 23 | any tax abatement granted to the applicant under s. 196.1995 or |
| 24 | the appraised market value of land, buildings, infrastructure, |
| 25 | or equipment conveyed or provided at a discount to the |
| 26 | applicant. Complete documentation of a match payment or other |
| 27 | conveyance must be presented to and verified by the department |
| 28 | before office prior to transfer of state funds to an applicant. |
| 29 | An applicant may not provide, directly or indirectly, more than |
| 30 | 5 percent of match funding in any fiscal year. The sources of |
| 31 | such funding may not include, directly or indirectly, state |
| 32 | funds appropriated from the General Revenue Fund or any state |
| 33 | trust fund, excluding tax revenues shared with local governments |
| 34 | pursuant to law. |
| 35 | (7) Upon receipt of the evaluation and recommendation from |
| 36 | the department, the Governor shall approve or deny an award. In |
| 37 | recommending approval of an award, the department shall include |
| 38 | proposed performance conditions that the applicant must meet in |
| 39 | order to obtain incentive funds and any other conditions that |
| 40 | must be met before the receipt of any incentive funds. However: |
| 41 | (a) If an award exceeds $5 million, the department may not |
| 42 | release the funds until the award is reviewed and approved by |
| 43 | the Legislative Budget Commission. The Governor shall consult |
| 44 | with the President of the Senate and the Speaker of the House of |
| 45 | Representatives before giving approval for an award. Upon review |
| 46 | and approval of the an award by the Legislative Budget |
| 47 | Commission, the department Executive Office of the Governor |
| 48 | shall release the funds. |
| 49 | (b) If an award exceeds $2 million but does not exceed $5 |
| 50 | million, at least 10 days before the funds are released, the |
| 51 | Governor shall submit a written description and evaluation of |
| 52 | the award to the chair and vice chair of the Legislative Budget |
| 53 | Commission. If the chair or vice chair of the Legislative Budget |
| 54 | Commission, the President of the Senate, or the Speaker of the |
| 55 | House of Representatives timely advises the Executive Office of |
| 56 | the Governor in writing that such action or proposed action |
| 57 | exceeds the delegated authority of the Executive Office of the |
| 58 | Governor or is contrary to legislative policy or intent, the |
| 59 | Executive Office of the Governor shall void the release of funds |
| 60 | and instruct the department to immediately change such action or |
| 61 | proposed action until the Legislative Budget Commission or the |
| 62 | Legislature addresses the issue. |
| 63 | (c) If an award does not exceed $2 million, the Governor |
| 64 | may approve the award and the department may release the funds |
| 65 | without legislative notice or review. |
| 66 | Section 2. This act shall take effect July 1, 2012. |