Florida Senate - 2016 SB 240
By Senator Soto
14-00186A-16 2016240__
1 A bill to be entitled
2 An act relating to the Community Investment Program;
3 creating s. 421.56, F.S.; providing definitions;
4 establishing the Community Investment Program within
5 the Department of Economic Opportunity to encourage
6 investment and reduce poverty in economically
7 disadvantaged communities; establishing a Community
8 Investment Council to govern the program; providing
9 for membership and duties of the council; requiring an
10 annual report to the Governor and Legislature;
11 providing program goals and objectives; establishing a
12 legislative advisory committee to advise the council;
13 providing for membership of the committee; providing
14 an effective date.
15
16 Be It Enacted by the Legislature of the State of Florida:
17
18 Section 1. Section 421.56, Florida Statutes, is created to
19 read:
20 421.56 Community Investment Program.—
21 (1) As used in this section, the term:
22 (a) “Economically disadvantaged community” means a
23 community whose income does not exceed 80 percent of area median
24 income.
25 (b) “Triple bottom-line investment funds” means, but is not
26 limited to, equity and debt investment vehicles that pursue
27 market and above-market rates of financial return while
28 producing living wage jobs, affordable housing, and other
29 economic, environmental, and social benefits for the residents
30 of the communities where the investments are made.
31 (2)(a) The Community Investment Program is established
32 within the Department of Economic Opportunity under the direct
33 authority of the executive director of the department.
34 (b) The purposes of the program are to:
35 1. Encourage private sector investment in economically
36 disadvantaged communities to improve the economic,
37 environmental, and social conditions for the residents and to
38 help improve the overall economic, environmental, and social
39 well-being of the state.
40 2. Assist investors, employers, corporate executives,
41 business owners, and site location consultants who are
42 considering investing or expanding businesses in economically
43 disadvantaged communities.
44 3. Coordinate state programs and funding resources that can
45 be used to reduce poverty in the state and to assist the
46 development of businesses, infrastructure, and investment in
47 economically disadvantaged communities.
48 (c) The department shall provide staff and administrative
49 support for the program.
50 (d) The executive director shall establish public education
51 programs and provide technical assistance to private sector
52 investors consistent with this section.
53 (3) The program shall be governed by a seven-member
54 Community Investment Council composed of:
55 (a) The executive director of the department, who shall
56 serve as chair of the council.
57 (b) The Chief Financial Officer.
58 (c) Three members appointed by the Governor, one of whom
59 shall have private sector business or investment expertise, one
60 of whom shall have community development expertise, and one of
61 whom shall be a representative of organized labor.
62 (d) One member appointed by the President of the Senate.
63 (e) One member appointed by the Speaker of the House of
64 Representatives.
65 (4) The council shall:
66 (a) Develop and annually update a database by county and
67 municipality of economically disadvantaged communities in the
68 state with relevant information about each neighborhood,
69 including socioeconomic demographic data, descriptions of
70 pertinent characteristics to inform private sector investors,
71 such as local land use plans and zoning or other development
72 designations, and commitments from local governments to support
73 private sector investments. The council shall adopt criteria
74 whereby an economically disadvantaged community can be
75 designated as an investment community.
76 (b) Compile and maintain a current inventory of public
77 sector funding resources in the state and financing mechanisms
78 that may be allocated to or used in economically disadvantaged
79 communities.
80 (c) Coordinate public sector financial investment and
81 public programs to assist community investment areas in
82 preparing for business growth, development, and investment and
83 to attract private sector triple bottom-line fund investments.
84 (d) Develop and adopt criteria for identifying eligible
85 triple bottom-line investment funds that will serve as partners
86 and invest in enterprises and employers that generate permanent
87 living wage jobs, including investments to assist in
88 establishing and expanding employers in economically
89 disadvantaged communities.
90 (e) Develop and adopt criteria for eligible triple bottom
91 line investment funds that invest in real estate developments,
92 including constructing, expanding, renovating, and
93 rehabilitating buildings in economically disadvantaged
94 communities.
95 (f) Establish overall triple bottom-line goals and
96 standardized metrics for economic, environmental, and social
97 outcomes that are acceptable to all eligible investment funds.
98 (g) Gather evidence and conduct public forums to identify a
99 broad array of incentives that will encourage triple bottom-line
100 fund investments in economically disadvantaged communities.
101 (h) Establish and convene regular meetings of organizations
102 and institutions with expertise and resources to advise the
103 council and eligible investment fund managers.
104 (i) Submit an annual report to the Governor, the President
105 of the Senate, and the Speaker of the House of Representatives
106 on the status and progress of the program and performance on
107 goals and triple bottom-line outcomes pursuant to paragraph (f).
108 (j) Encourage significant private sector commitment,
109 cooperation, and collaboration to invest private capital in
110 economically disadvantaged communities through eligible triple
111 bottom-line investment funds with the goal of obtaining, by
112 January 1, 2021, at least $1 million of new investment by these
113 funds in real estate developments and businesses located in
114 economically disadvantaged communities.
115 (5) A four-member advisory committee shall advise the
116 council and consist of members of the Legislature as follows:
117 (a) Two members of the Senate appointed by the President of
118 the Senate, with one member from each of the two main political
119 parties represented in the Senate.
120 (b) Two members of the House of Representatives appointed
121 by the Speaker, with one member from each of the two main
122 political parties represented in the House of Representatives.
123 Section 2. This act shall take effect July 1, 2016.