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The Florida Senate

2014 Florida Statutes

Return on investment reporting for economic development programs.
F.S. 288.076
288.076 Return on investment reporting for economic development programs.
(1) As used in this section, the term:
(a) “Jobs” has the same meaning as provided in s. 288.106(2)(i).
(b) “Participant business” means an employing unit, as defined in s. 443.036, that has entered into an agreement with the department to receive a state investment.
(c) “Project” has the same meaning as provided in s. 288.106(2)(m).
(d) “Project award date” means the date a participant business enters into an agreement with the department to receive a state investment.
(e) “State investment” means any state grants, tax exemptions, tax refunds, tax credits, or other state incentives provided to a business under a program administered by the department, including the capital investment tax credit under s. 220.191.
(2) The department shall maintain a website for the purpose of publishing the information described in this section. The information required to be published under this section must be provided in a format accessible to the public which enables users to search for and sort specific data and to easily view and retrieve all data at once.
(3) Within 48 hours after expiration of the period of confidentiality for project information deemed confidential and exempt pursuant to s. 288.075, the department shall publish the following information pertaining to each project:
(a) Projected economic benefits.The projected economic benefits at the time of the initial project award date.
(b) Project information.
1. The program or programs through which state investment is being made.
2. The maximum potential cumulative state investment in the project.
3. The target industry or industries, and any high-impact sectors implicated by the project.
4. The county or counties that will be impacted by the project.
5. For a project that requires local commitment, the total cumulative local financial commitment and in-kind support for the project.
(c) Participant business information.
1. The location of the headquarters of the participant business or, if a subsidiary, the headquarters of the parent company.
2. The firm size class of the participant business, or where owned by a parent company the firm size class of the participant business’s parent company, using the firm size classes established by the United States Department of Labor Bureau of Labor Statistics, and whether the participant business qualifies as a small business as defined in s. 288.703.
3. The date of the project award.
4. The expected duration of the contract.
5. The anticipated dates when the participant business will claim the last state investment.
(d) Project evaluation criteria.Economic benefits generated by the project.
(e) Project performance goals.
1. The incremental direct jobs attributable to the project, identifying the number of jobs generated and the number of jobs retained.
2. The number of jobs generated and the number of jobs retained by the project, and for projects commencing after October 1, 2013, the average annual wage of persons holding such jobs.
3. The incremental direct capital investment in the state generated by the project.
(f) Total state investment to date.The total amount of state investment disbursed to the participant business to date under the terms of the contract, itemized by incentive program.
(4) The department shall calculate and publish on its website the economic benefits of each project within 48 hours after the conclusion of the agreement between each participant business and the department. The department shall work with the Office of Economic and Demographic Research to provide a description of the methodology used to calculate the economic benefits of a project, and the department must publish the information on its website.
(5) At least annually, from the project award date, the department shall:
(a) Publish verified results to update the information described in paragraphs (3)(b)-(f) to accurately reflect any changes in the published information since the project award date.
(b) Publish on its website the date on which the information collected and published for each project was last updated.
(6) Annually, the department shall publish information relating to the progress of Quick Action Closing Fund projects, including the average number of days between the date the department receives a completed application and the date on which the application is approved.
(7)(a) Within 48 hours after expiration of the period of confidentiality provided under s. 288.075, the department shall publish the contract or agreement described in s. 288.061, redacted to protect the participant business from disclosure of information that remains confidential or exempt by law.
(b) Within 48 hours after submitting any report of findings and recommendations made pursuant to s. 288.106(7)(d) concerning a business’s failure to complete a tax refund agreement pursuant to the tax refund program for qualified target industry businesses, the department shall publish such report.
(8) For projects completed before October 1, 2013, the department shall compile and, by October 1, 2014, shall publish the information described in subsections (3), (4), and (5), to the extent such information is available and applicable.
(9) The provisions of this section that restrict the department’s publication of information are intended only to limit the information that the department may publish on its website and shall not be construed to create an exemption from public records requirements under s. 119.07(1) or s. 24(a), Art. I of the State Constitution.
(10) The department may adopt rules to administer this section.
History.s. 14, ch. 2013-39; s. 14, ch. 2013-42.