Bill Amendment: FL S0306 | 2013 | Regular Session

NOTE: For additional amemendments please see the Bill Drafting List

---

Bill Title: Economic Development

Status: 2013-05-03 - Died in Messages, companion bill(s) passed, see CS/CS/HB 7007 (Ch. 2013-39), CS/SB 406 (Ch. 2013-42) [S0306 Detail]

Download: Florida-2013-S0306-Rules_Committee_Amendment_130470.html

---

       Florida Senate - 2013                        COMMITTEE AMENDMENT
       Bill No. CS for SB 306
       
       
       
       
       
       
                                Barcode 130470                          
       
                              LEGISLATIVE ACTION                        
                    Senate             .             House              
                   Comm: WD            .                                
                  04/02/2013           .                                
                                       .                                
                                       .                                
                                       .                                
       —————————————————————————————————————————————————————————————————




       —————————————————————————————————————————————————————————————————
       The Committee on Rules (Sobel) recommended the following:
       
    1         Senate Amendment (with title amendment)
    2  
    3         Delete lines 419 - 464
    4  and insert:
    5         (5)(a) Before certifying an applicant as a professional
    6  sports franchise renovation facility, the department shall
    7  determine that the following requirements are met:
    8         1. A county, municipality, or other public entity is
    9  responsible for the construction, management, or operation of
   10  the professional sports franchise facility or holds title to the
   11  property on which the professional sports franchise facility is
   12  located.
   13         2. The applicant has a verified copy of a signed agreement
   14  with a professional sports franchise for the use of the facility
   15  for a term of at least the next 20 years.
   16         3. The applicant has an independent analysis or study,
   17  verified by the department, which demonstrates that the amount
   18  of revenue generated by the taxes imposed under chapter 212 with
   19  respect to the use and operation of the renovated professional
   20  sports franchise facility will equal or exceed $3 million
   21  annually.
   22         4. The county or municipality in which the professional
   23  sports franchise renovation facility is located has certified by
   24  resolution after a public hearing that the application serves a
   25  public purpose.
   26         5. The applicant has demonstrated that the cost to renovate
   27  the facility will be more than $300 million, including
   28  permitting, architectural, and engineering fees, and that at
   29  least a majority of the total construction cost, exclusive of
   30  in-kind contributions, will be paid for by the ownership group
   31  of the professional sports franchise or other private sources.
   32         (b) The department may not certify an applicant as a
   33  professional sports franchise renovation facility or award any
   34  other economic development incentive to such applicant if:
   35         1. The county in which the renovation facility is located
   36  fails to hold a referendum on the renovation proposal pursuant
   37  to s. 125.0104(3)(n)2.; or
   38         2. The renovation proposal fails to gain the approval of a
   39  majority of the electors voting in a referendum held pursuant to
   40  s. 125.0104(3)(n)2.
   41         (6)(a)(5) An applicant certified as a facility for a new or
   42  retained professional sports franchise may use funds provided
   43  under s. 212.20 only for the public purpose of paying for the
   44  acquisition, construction, reconstruction, or renovation of a
   45  facility for a new or retained professional sports franchise to
   46  pay or pledge for the payment of debt service on, or to fund
   47  debt service reserve funds, arbitrage rebate obligations, or
   48  other amounts payable with respect to, bonds issued for the
   49  acquisition, construction, reconstruction, or renovation of such
   50  facility or for the reimbursement of such costs or the
   51  refinancing of bonds issued for such purposes.
   52         (b) An applicant certified as a professional sports
   53  franchise renovation facility may use funds provided under s.
   54  212.20 only for the public purpose of renovating the facility to
   55  pay or pledge for the debt service on, or to fund debt service
   56  reserve funds, arbitrage rebate obligations, or other amounts
   57  payable with respect to bonds issued for the renovation of the
   58  facility or for the reimbursement of the costs or the
   59  refinancing of bonds issued for that purpose. If the franchise
   60  leaves the renovation facility, or the county or municipality in
   61  which the renovation facility is located, during the
   62  certification period, the applicant shall return all funds
   63  provided under s. 212.20 for the renovation facility to the
   64  department.
   65  
   66  ================= T I T L E  A M E N D M E N T ================
   67         And the title is amended as follows:
   68         Delete lines 52 - 53
   69  and insert:
   70         facility or awarding an economic development
   71         incentive; limiting the use of certain funds by a
   72         professional sports franchise renovation facility;
   73         requiring a professional sports renovation facility
   74         that leaves the county or renovated facility to return
   75         funds provided for the renovation;