2016 Florida Statutes
(1) Triumph Gulf Coast, Inc., shall make awards from available earnings and principal derived under s. 288.8013(2) to projects or programs that meet the priorities for economic recovery, diversification, and enhancement of the disproportionately affected counties, notwithstanding s. 377.43. Awards may be provided for:
(a) Ad valorem tax reduction within disproportionately affected counties;
(b) Payment of impact fees adopted pursuant to s. 163.31801 and imposed within disproportionately affected counties;
(c) Administrative funding for economic development organizations located within the disproportionately affected counties;
(d) Local match requirements of ss. 288.0655, 288.0659, 288.1045, and 288.106 for projects in the disproportionately affected counties;
(e) Economic development projects in the disproportionately affected counties;
(f) Infrastructure projects that are shown to enhance economic development in the disproportionately affected counties;
(g) Grants to local governments in the disproportionately affected counties to establish and maintain equipment and trained personnel for local action plans of response to respond to disasters, such as plans created for the Coastal Impacts Assistance Program;
(h) Grants to support programs of excellence that prepare students for future occupations and careers at K-20 institutions that have home campuses in the disproportionately affected counties. Eligible programs include those that increase students’ technology skills and knowledge; encourage industry certifications; provide rigorous, alternative pathways for students to meet high school graduation requirements; strengthen career readiness initiatives; fund high-demand programs of emphasis at the bachelor’s and master’s level designated by the Board of Governors; and, similar to or the same as talent retention programs created by the Chancellor of the State University System and the Commission of Education, encourage students with interest or aptitude for science, technology, engineering, mathematics, and medical disciplines to pursue postsecondary education at a state university within the disproportionately affected counties; and
(i) Grants to the tourism entity created under s. 288.1226 for the purpose of advertising and promoting tourism, Fresh From Florida, or related content on behalf of one or all of the disproportionately affected counties.
(2) Triumph Gulf Coast, Inc., shall establish an application procedure for awards and a scoring process for the selection of projects and programs that have the potential to generate increased economic activity in the disproportionately affected counties, giving priority to projects and programs that:
(a) Generate maximum estimated economic benefits, based on tools and models not generally employed by economic input-output analyses, including cost-benefit, return-on-investment, or dynamic scoring techniques to determine how the long-term economic growth potential of the disproportionately affected counties may be enhanced by the investment.
(b) Increase household income in the disproportionately affected counties above national average household income.
(c) Expand high growth industries or establish new high growth industries in the region.
1. Industries that are supported must have strong growth potential in the disproportionately affected counties.
2. An industry’s growth potential is defined based on a detailed review of the current industry trends nationally and the necessary supporting asset base for that industry in the disproportionately affected counties region.
(d) Leverage or further enhance key regional assets, including educational institutions, research facilities, and military bases.
(e) Partner with local governments to provide funds, infrastructure, land, or other assistance for the project.
(f) Have investment commitments from private equity or private venture capital funds.
(g) Provide or encourage seed stage investments in start-up companies.
(h) Provide advice and technical assistance to companies on restructuring existing management, operations, or production to attract advantageous business opportunities.
(i) Benefit the environment in addition to the economy.
(j) Provide outcome measures for programs of excellence support, including terms of intent and metrics.
(k) Partner with K-20 educational institutions or school districts located within the disproportionately affected counties.
(l) Partner with convention and visitor bureaus, tourist development councils, or chambers of commerce located within the disproportionately affected counties.
(3) Triumph Gulf Coast, Inc., may make awards as applications are received or may establish application periods for selection. Awards may not be used to finance 100 percent of any project or program. Triumph Gulf Coast, Inc., may require a one-to-one private-sector match or higher for an award, if applicable and deemed prudent by the board of directors. An awardee may not receive all of the earnings or available principal in any given year.
(4) A contract executed by Triumph Gulf Coast, Inc., with an awardee must include provisions requiring a performance report on the contracted activities, must account for the proper use of funds provided under the contract, and must include provisions for recovery of awards in the event the award was based upon fraudulent information or the awardee is not meeting the performance requirements of the award. Awardees must regularly report to Triumph Gulf Coast, Inc., the status of the project or program on a schedule determined by the corporation.
History.—s. 58, ch. 2013-39.