Bill Text: FL S0196 | 2024 | Regular Session | Comm Sub

---

Bill Title: Economic Development

Spectrum: Bipartisan Bill

Status: (Introduced - Dead) 2024-03-04 - Laid on Table, refer to CS/HB 141 [S0196 Detail]

Download: Florida-2024-S0196-Comm_Sub.html

---

       Florida Senate - 2024                              CS for SB 196
       
       
        
       By the Appropriations Committee on Transportation, Tourism, and
       Economic Development; and Senator Simon
       
       
       
       
       606-02048-24                                           2024196c1
    1                        A bill to be entitled                      
    2         An act relating to economic development; reenacting s.
    3         288.8013(3), F.S.; carrying forward the authority of
    4         Triumph Gulf Coast, Inc., to retain earnings generated
    5         by investments and interest earned; amending s.
    6         288.018, F.S.; deleting the requirement that certain
    7         grants received by a regional economic development
    8         organization must be matched in a certain manner;
    9         removing a provision requiring a certain
   10         consideration; removing certain demonstration
   11         requirements of program applicants; providing an
   12         effective date.
   13          
   14  Be It Enacted by the Legislature of the State of Florida:
   15  
   16         Section 1. Notwithstanding the expiration and reversion in
   17  section 65 of chapter 2023-240, Laws of Florida, subsection (3)
   18  of section 288.8013, Florida Statutes, is reenacted to read:
   19         288.8013 Triumph Gulf Coast, Inc.; creation; funding;
   20  investment.—
   21         (3) Triumph Gulf Coast, Inc., shall establish a trust
   22  account at a federally insured financial institution to hold
   23  funds received from the Triumph Gulf Coast Trust Fund and make
   24  deposits and payments. Triumph Gulf Coast, Inc., may invest
   25  surplus funds in the Local Government Surplus Funds Trust Fund,
   26  pursuant to s. 218.407. Earnings generated by investments and
   27  interest of the fund may be retained and used to make awards
   28  pursuant to this act or, notwithstanding paragraph (2)(d), for
   29  administrative costs, including costs in excess of the cap.
   30  Administrative costs may include payment of travel and per diem
   31  expenses of board members, audits, salary or other costs for
   32  employed or contracted staff, including required staff under s.
   33  288.8014(9), and other allowable costs. The annual salary for
   34  any employee or contracted staff may not exceed $130,000, and
   35  associated benefits may not exceed 35 percent of salary.
   36         Section 2. Paragraphs (b), (c), and (d) of subsection (1)
   37  and subsection (2) of section 288.018, Florida Statutes, are
   38  amended to read:
   39         288.018 Regional Rural Development Grants Program.—
   40         (1)
   41         (b) The department shall establish a matching grant program
   42  to provide funding to regional economic development
   43  organizations for the purpose of building the professional
   44  capacity of those organizations. Building the professional
   45  capacity of a regional economic development organization
   46  includes hiring professional staff to develop, deliver, and
   47  provide needed economic development professional services,
   48  including technical assistance, education and leadership
   49  development, marketing, and project recruitment. Matching Grants
   50  may also be used by a regional economic development organization
   51  to provide technical assistance to local governments, local
   52  economic development organizations, and existing and prospective
   53  businesses.
   54         (c) A regional economic development organization may apply
   55  annually to the department for a matching grant. The department
   56  is authorized to approve, on an annual basis, grants to such
   57  regional economic development organizations. The maximum amount
   58  an organization may receive in any year will be $50,000, or
   59  $250,000 for any three regional economic development
   60  organizations that serve an entire region of a rural area of
   61  opportunity designated pursuant to s. 288.0656(7) if they are
   62  recognized by the department as serving such a region.
   63         (d) Grant funds received by a regional economic development
   64  organization must be matched each year by nonstate resources in
   65  an amount equal to 25 percent of the state contribution.
   66         (2) In approving the participants, the department shall
   67  consider the demonstrated need of the applicant for assistance
   68  and require the following:
   69         (a) Documentation of official commitments of support from
   70  each of the units of local government represented by the
   71  regional organization.
   72         (b) Demonstration that each unit of local government has
   73  made a financial or in-kind commitment to the regional
   74  organization.
   75         (c) Demonstration that the private sector has made
   76  financial or in-kind commitments to the regional organization.
   77         (b)(d) Demonstration that the organization is in existence
   78  and actively involved in economic development activities serving
   79  the region.
   80         (c)(e) Demonstration of the manner in which the
   81  organization is or will coordinate its efforts with those of
   82  other local and state organizations.
   83         Section 3. This act shall take effect July 1, 2024.