Bill Text: FL S1022 | 2012 | Regular Session | Comm Sub
Bill Title: Revitalizing Municipalities
Spectrum: Bipartisan Bill
Status: (Failed) 2012-03-09 - Died in Budget Subcommittee on Finance and Tax [S1022 Detail]
Download: Florida-2012-S1022-Comm_Sub.html
Florida Senate - 2012 CS for SB 1022
By the Committee on Commerce and Tourism; and Senator Garcia
577-02850-12 20121022c1
1 A bill to be entitled
2 An act relating to revitalizing municipalities;
3 amending s. 212.20, F.S.; providing for the transfer
4 of certain sales tax revenues from the General Revenue
5 Fund to the Revenue Sharing Trust Fund for
6 Municipalities; amending s. 218.23, F.S.; providing
7 for a distribution from the Revenue Sharing Trust Fund
8 for Municipalities relating to an increase in sales
9 tax collections over the preceding year to the
10 governing body of an area that receives tax increment
11 revenues pursuant to a designation as a sales tax TIF
12 area; amending s. 290.004, F.S.; providing
13 definitions; amending s. 290.0056, F.S.; revising
14 provisions relating to the enterprise zone development
15 agency; providing powers of the governing body upon
16 the designation of a sales tax TIF area; amending s.
17 290.007, F.S.; providing designation of sales tax TIF
18 areas as an economic incentive in enterprise zones;
19 creating ss. 290.01351, 290.0136, 290.0137, 290.0138,
20 290.0139, and 290.01391, F.S.; creating the “Municipal
21 Revitalization Act”; providing legislative intent and
22 purposes; authorizing specified governing bodies to
23 create sales tax TIF areas within a county or
24 municipality having a specified population; providing
25 requirements, processes, and limitations relating to
26 such sales tax TIF areas; providing that the governing
27 body for an enterprise zone where a sales tax TIF area
28 is located is eligible for specified percentage
29 distributions of increased state sales tax collections
30 under certain circumstances; requiring the Department
31 of Revenue to determine the amount of increased sales
32 tax collections to be distributed to each eligible
33 designated enterprise zone redevelopment agency and to
34 transfer the aggregate amount due to all such agencies
35 to the Revenue Sharing Trust Fund for Municipalities
36 for distribution; providing requirements and
37 conditions relating to such distributions of increased
38 sales tax collections to governing bodies; authorizing
39 certain retail development project developers to enter
40 into retail development project agreements with
41 governing bodies designating sales tax TIF areas;
42 providing requirements, limitations, and conditions
43 relating to such retail development project
44 agreements; granting specified powers to a governing
45 body for a sales tax TIF area for the purpose of
46 providing financing and fostering certain
47 improvements, including issuing sales tax increment
48 revenue bonds; providing for the issuance of tax
49 increment revenue bonds and the use of such bonds;
50 providing an effective date.
51
52 Be It Enacted by the Legislature of the State of Florida:
53
54 Section 1. Paragraph (d) of subsection (6) of section
55 212.20, Florida Statutes, is amended to read:
56 212.20 Funds collected, disposition; additional powers of
57 department; operational expense; refund of taxes adjudicated
58 unconstitutionally collected.—
59 (6) Distribution of all proceeds under this chapter and s.
60 202.18(1)(b) and (2)(b) shall be as follows:
61 (d) The proceeds of all other taxes and fees imposed
62 pursuant to this chapter or remitted pursuant to s. 202.18(1)(b)
63 and (2)(b) shall be distributed as follows:
64 1. In any fiscal year, the greater of $500 million, minus
65 an amount equal to 4.6 percent of the proceeds of the taxes
66 collected pursuant to chapter 201, or 5.2 percent of all other
67 taxes and fees imposed pursuant to this chapter or remitted
68 pursuant to s. 202.18(1)(b) and (2)(b) shall be deposited in
69 monthly installments into the General Revenue Fund.
70 2. After the distribution under subparagraph 1., 8.814
71 percent of the amount remitted by a sales tax dealer located
72 within a participating county pursuant to s. 218.61 shall be
73 transferred into the Local Government Half-cent Sales Tax
74 Clearing Trust Fund. Beginning July 1, 2003, the amount to be
75 transferred shall be reduced by 0.1 percent, and the department
76 shall distribute this amount to the Public Employees Relations
77 Commission Trust Fund less $5,000 each month, which shall be
78 added to the amount calculated in subparagraph 3. and
79 distributed accordingly.
80 3. After the distribution under subparagraphs 1. and 2.,
81 0.095 percent shall be transferred to the Local Government Half
82 cent Sales Tax Clearing Trust Fund and distributed pursuant to
83 s. 218.65.
84 4. After the distributions under subparagraphs 1., 2., and
85 3., 2.0440 percent of the available proceeds shall be
86 transferred monthly to the Revenue Sharing Trust Fund for
87 Counties pursuant to s. 218.215.
88 5. After the distributions under subparagraphs 1., 2., and
89 3., 1.3409 percent of the available proceeds, plus the amount
90 required under s. 290.0138(2), shall be transferred monthly to
91 the Revenue Sharing Trust Fund for Municipalities pursuant to s.
92 218.215. If the total revenue to be distributed pursuant to this
93 subparagraph is at least as great as the amount due from the
94 Revenue Sharing Trust Fund for Municipalities and the former
95 Municipal Financial Assistance Trust Fund in state fiscal year
96 1999-2000, no municipality shall receive less than the amount
97 due from the Revenue Sharing Trust Fund for Municipalities and
98 the former Municipal Financial Assistance Trust Fund in state
99 fiscal year 1999-2000. If the total proceeds to be distributed
100 are less than the amount received in combination from the
101 Revenue Sharing Trust Fund for Municipalities and the former
102 Municipal Financial Assistance Trust Fund in state fiscal year
103 1999-2000, each municipality shall receive an amount
104 proportionate to the amount it was due in state fiscal year
105 1999-2000.
106 6. Of the remaining proceeds:
107 a. In each fiscal year, the sum of $29,915,500 shall be
108 divided into as many equal parts as there are counties in the
109 state, and one part shall be distributed to each county. The
110 distribution among the several counties must begin each fiscal
111 year on or before January 5th and continue monthly for a total
112 of 4 months. If a local or special law required that any moneys
113 accruing to a county in fiscal year 1999-2000 under the then
114 existing provisions of s. 550.135 be paid directly to the
115 district school board, special district, or a municipal
116 government, such payment must continue until the local or
117 special law is amended or repealed. The state covenants with
118 holders of bonds or other instruments of indebtedness issued by
119 local governments, special districts, or district school boards
120 before July 1, 2000, that it is not the intent of this
121 subparagraph to adversely affect the rights of those holders or
122 relieve local governments, special districts, or district school
123 boards of the duty to meet their obligations as a result of
124 previous pledges or assignments or trusts entered into which
125 obligated funds received from the distribution to county
126 governments under then-existing s. 550.135. This distribution
127 specifically is in lieu of funds distributed under s. 550.135
128 before July 1, 2000.
129 b. The department shall distribute $166,667 monthly
130 pursuant to s. 288.1162 to each applicant certified as a
131 facility for a new or retained professional sports franchise
132 pursuant to s. 288.1162. Up to $41,667 shall be distributed
133 monthly by the department to each certified applicant as defined
134 in s. 288.11621 for a facility for a spring training franchise.
135 However, not more than $416,670 may be distributed monthly in
136 the aggregate to all certified applicants for facilities for
137 spring training franchises. Distributions begin 60 days after
138 such certification and continue for not more than 30 years,
139 except as otherwise provided in s. 288.11621. A certified
140 applicant identified in this sub-subparagraph may not receive
141 more in distributions than expended by the applicant for the
142 public purposes provided for in s. 288.1162(5) or s.
143 288.11621(3).
144 c. Beginning 30 days after notice by the Department of
145 Economic Opportunity to the Department of Revenue that an
146 applicant has been certified as the professional golf hall of
147 fame pursuant to s. 288.1168 and is open to the public, $166,667
148 shall be distributed monthly, for up to 300 months, to the
149 applicant.
150 d. Beginning 30 days after notice by the Department of
151 Economic Opportunity to the Department of Revenue that the
152 applicant has been certified as the International Game Fish
153 Association World Center facility pursuant to s. 288.1169, and
154 the facility is open to the public, $83,333 shall be distributed
155 monthly, for up to 168 months, to the applicant. This
156 distribution is subject to reduction pursuant to s. 288.1169. A
157 lump sum payment of $999,996 shall be made, after certification
158 and before July 1, 2000.
159 7. All other proceeds must remain in the General Revenue
160 Fund.
161 Section 2. Subsection (3) of section 218.23, Florida
162 Statutes, is amended to read:
163 218.23 Revenue sharing with units of local government.—
164 (3) The distribution to a unit of local government under
165 this part is determined by the following formula:
166 (a) First, the entitlement of an eligible unit of local
167 government shall be computed on the basis of the apportionment
168 factor provided in s. 218.245, which shall be applied for all
169 eligible units of local government to all receipts available for
170 distribution in the respective revenue sharing trust fund.
171 (b) Second, revenue shared with eligible units of local
172 government for any fiscal year shall be adjusted so that no
173 eligible unit of local government receives less funds than its
174 guaranteed entitlement.
175 (c) Third, revenues shared with counties for any fiscal
176 year shall be adjusted so that no county receives less funds
177 than its guaranteed entitlement plus the second guaranteed
178 entitlement for counties.
179 (d) Fourth, revenue shared with units of local government
180 for any fiscal year shall be adjusted so that no unit of local
181 government receives less funds than its minimum entitlement.
182 (e) Fifth, after the adjustments provided in paragraphs
183 (b), (c), and (d), the funds remaining in the respective trust
184 fund for municipalities shall be distributed to the appropriate
185 governing body eligible for a distribution under ss. 290.0137
186 and 290.0138.
187 (f)(e) Sixth Fifth, after the adjustments provided in
188 paragraphs (b), (c), and (d), and (e), and after deducting the
189 amount committed to all the units of local government, the funds
190 remaining in the respective trust funds shall be distributed to
191 those eligible units of local government which qualify to
192 receive additional moneys beyond the guaranteed entitlement, on
193 the basis of the additional money of each qualified unit of
194 local government in proportion to the total additional money of
195 all qualified units of local government.
196 Section 3. Section 290.004, Florida Statutes, is amended to
197 read:
198 290.004 Definitions relating to Florida Enterprise Zone
199 Act.—As used in ss. 290.001-290.016, the term:
200 (1) “Base year” means the amount of sales taxes that would
201 have been produced by the tax levied upon all eligible sales and
202 use transactions pursuant to chapter 212 before the construction
203 of the retail development project.
204 (2) “Bond” means any bonds, notes, or other instruments
205 issued by the governing body and secured by tax increment
206 revenues or other security authorized in this chapter.
207 (3)(1) “Community investment corporation” means a black
208 business investment corporation, a certified development
209 corporation, a small business investment corporation, or other
210 similar entity incorporated under Florida law that has limited
211 its investment policy to making investments solely in minority
212 business enterprises.
213 (4) “Compliance period” means the 3-year period after the
214 establishment of the base year for a sales tax TIF area during
215 which the minimum job requirement for a retail development
216 project must be satisfied.
217 (5)(2) “Department” means the Department of Economic
218 Opportunity.
219 (6)(3) “Governing body” means the council or other
220 legislative body charged with governing the county or
221 municipality.
222 (7)(4) “Minority business enterprise” has the same meaning
223 as provided in s. 288.703.
224 (8) “Retail development project” means the establishment of
225 a retail facility, under common ownership or control, consisting
226 of more than 300,000 square feet of new or rehabilitated retail
227 space within an enterprise zone engaged in direct onsite retail
228 sales to consumers. A retail development project shall create at
229 least 500 jobs within the compliance period and generate more
230 than $1 million annually in additional taxes and fees collected
231 pursuant to s. 212.20(6)(d)5. A retail development project may
232 include restaurants, grocery and specialty food stores, art
233 galleries, and businesses engaged in sales of home furnishings,
234 apparel, and general merchandise goods serving both local
235 customers and tourists. A retail development project shall
236 exclude:
237 (a) Liquor stores;
238 (b) Adult entertainment nightclubs;
239 (c) Adult book stores; and
240 (d) The relocation of a retail business to the retail
241 development project from another location within the enterprise
242 zone, unless the relocation involves a significant expansion of
243 the size of the business or results in a total increase in
244 taxable sales of not less than 50 percent within the county in
245 which the business relocates.
246 (9) “Retail development project developer” means any person
247 or entity sponsoring a retail development project within an
248 enterprise zone.
249 (10)(5) “Rural enterprise zone” means an enterprise zone
250 that is nominated by a county having a population of 75,000 or
251 fewer, or a county having a population of 100,000 or fewer which
252 is contiguous to a county having a population of 75,000 or
253 fewer, or by a municipality in such a county, or by such a
254 county and one or more municipalities. An enterprise zone
255 designated in accordance with s. 290.0065(5)(b) is considered to
256 be a rural enterprise zone.
257 (11) “Sales tax TIF area” means a geographic area within an
258 enterprise zone that includes a retail development project,
259 designated by a governing body to receive tax increment revenues
260 or bond proceeds to underwrite improvements authorized under s.
261 290.0056.
262 (12)(6) “Small business” has the same meaning as provided
263 in s. 288.703.
264 (13) “Tax increment revenues” means the portion of
265 available sales tax revenue calculated pursuant to s.
266 290.0138(1).
267 (14) “TIF” means tax increment financing.
268 Section 4. Paragraph (a) of subsection (9) of section
269 290.0056, Florida Statutes, is amended, subsections (11) and
270 (12) are renumbered as subsections (12) and (13), respectively,
271 and a new subsection (11) is added to that section, to read:
272 290.0056 Enterprise zone development agency.—
273 (9) The following powers and responsibilities shall be
274 performed by the governing body creating the enterprise zone
275 development agency acting as the managing agent of the
276 enterprise zone development agency, or, contingent upon approval
277 by such governing body, such powers and responsibilities shall
278 be performed by the enterprise zone development agency:
279 (a) To review, process, and certify applications for state
280 enterprise zone tax incentives pursuant to ss. 212.08(5)(g),
281 (h), and (15); 212.096; 220.181; and 220.182; and 290.0137.
282 (11) Contingent upon the governing body’s designation of a
283 sales tax TIF area, the governing body or the enterprise zone
284 development agency may exercise the following additional powers
285 for the purpose of financing public improvements that will
286 foster job growth and enhance the base of retailers within an
287 enterprise zone, unless otherwise prohibited by ordinance:
288 (a) Enter into cooperative contracts and agreements with a
289 county, municipality, or governmental agency for services and
290 assistance within the sales tax TIF area;
291 (b) Expend tax increment revenues to acquire, own, convey,
292 construct, maintain, improve, and manage property and facilities
293 and grant and acquire licenses, easements, and options with
294 respect to such property within the sales tax TIF area;
295 (c) Expend tax increment revenues to complete public
296 improvements within the sales tax TIF area, including, but not
297 limited to, the:
298 1. Construction of streetscape improvements;
299 2. Installation of landscaping enhancements within the
300 public right-of-way;
301 3. Construction of street lighting systems;
302 4. Installation of water and sewer service mains; and
303 5. Construction of on-street and off-street public parking
304 facilities.
305 (d) Enter into a retail development agreement with a retail
306 project developer to underwrite public improvements or services
307 identified in paragraphs (a)-(c).
308 Section 5. Subsection (9) is added to section 290.007,
309 Florida Statutes, to read:
310 290.007 State incentives available in enterprise zones.—The
311 following incentives are provided by the state to encourage the
312 revitalization of enterprise zones:
313 (9) The designation of a sales tax TIF area provided in s.
314 290.0137.
315 Section 6. Section 290.01351, Florida Statutes, is created
316 to read:
317 290.01351 Municipal Revitalization Act.—Sections 290.0136
318 290.01391 may be cited as the “Municipal Revitalization Act.”
319 Section 7. Section 290.0136, Florida Statutes, is created
320 to read:
321 290.0136 Sales tax TIF area; intent and purpose.—
322 (1) The Legislature intends to foster the revitalization of
323 counties and municipalities and support job-creating retail
324 development projects within enterprise zones by authorizing the
325 governing bodies of counties and municipalities to designate
326 sales tax TIF areas within enterprise zones, subject to the
327 review and approval by the department.
328 (2) The Legislature finds that by authorizing local
329 government governing bodies to designate a sales tax TIF area,
330 the counties or municipalities may receive from the state a
331 portion of an annual increase in sales tax collections generated
332 by the development of a retail development project and will
333 further the revitalization of such counties and municipalities.
334 By authorizing the receipt of an annual increase in sales tax
335 collections within a sales tax TIF area resulting from the
336 retail development project, the Legislature intends to provide
337 financing for public improvements that will foster job growth
338 for the residents of economically distressed areas and enhance
339 the base of retailers operating within the enterprise zone and
340 serving local residents and international visitors.
341 Section 8. Section 290.0137, Florida Statutes, is created
342 to read:
343 290.0137 Designation of sales tax TIF area; review and
344 approval by the department.—
345 (1) Any municipality having a population of at least
346 300,000 residents that has designated an enterprise zone, or all
347 of the governing bodies in the case of a county and one or more
348 municipalities having designated an enterprise zone if the
349 county has a population of at least 1,200,000 residents, may
350 adopt a resolution after a public hearing designating a sales
351 tax TIF area.
352 (2) The resolution creating a sales tax TIF area, at a
353 minimum, must:
354 (a) Include findings that the designation of the sales tax
355 TIF area:
356 1. Is essential to furthering a retail development project;
357 2. Will provide needed retail amenities within the
358 enterprise zone;
359 3. Will result in the development of a retail development
360 project that will create no fewer than 500 new jobs within the
361 compliance period and not less than $1 million in sales tax
362 increment revenue annually; and
363 4. Will enhance the health and general welfare of the
364 residents of the enterprise zone within the sponsoring
365 municipality or county;
366 (b) Fix the geographic boundaries of the sales tax TIF area
367 within which the governing body may expend tax increment
368 revenues;
369 (c) Establish the term of the life of the sales tax TIF
370 area, which term may not extend more than 40 years after the
371 date the sales tax TIF area is approved by the department; and
372 (d) Establish the base year for determination of sales tax
373 receipts collected pursuant to s. 212.20(6)(d)5., less the
374 amount required under s. 290.0138(1).
375 (3) No more than two sales tax TIF areas may be designated
376 in any one eligible municipality. No more than four sales tax
377 TIF areas may be designated in any eligible county. If an
378 eligible municipality is located in an eligible county, any
379 sales tax TIF area designated by a municipality shall count
380 against the maximum number of sales tax TIF areas permitted
381 within an eligible county. A sales tax TIF area may not be
382 located within a one-quarter mile of any other designated sales
383 tax TIF area and may not exceed 5 square miles in total land
384 mass.
385 (4) A designated sales tax TIF area may not include:
386 (a) Areas designated or to be designated as an “urban
387 infill and redevelopment area” pursuant to part II of chapter
388 163;
389 (b) Areas designated or to be designated as a “community
390 redevelopment area” pursuant to part III of chapter 163;
391 (c) Any facility financed or partially financed with bonds
392 whose debt is serviced with proceeds collected under the
393 authority provided under s. 125.0104; or
394 (d) Any facility conducting gaming activities authorized
395 pursuant to part II of chapter 285, chapter 550, chapter 551, or
396 chapter 849. This prohibition shall extend to any facilities
397 authorized to conduct gaming activities after the effective date
398 of this act.
399 (5) The powers conferred by ss. 290.0136-290.01391 upon
400 counties not having adopted a home rule charter may not be
401 exercised within the boundaries of a municipality within such
402 county unless the governing body of the municipality expresses
403 its consent by resolution. A resolution consenting to the
404 exercise of the powers conferred upon counties by ss. 290.0136
405 290.01391 must specifically enumerate the powers to be exercised
406 by the county within the boundaries of the municipality. Any
407 power not specifically enumerated in the resolution of consent
408 shall be exercised exclusively by the municipality within its
409 boundaries.
410 (6) In any county that has adopted a home rule charter, the
411 powers conferred by ss. 290.0136-290.01391 shall be exercised
412 exclusively by the governing body of the county. However, the
413 governing body of such county may, in its discretion, by
414 resolution delegate the exercise of the powers conferred upon
415 the county by ss. 290.0136-290.01391 within the boundaries of a
416 municipality to the governing body of the municipality. Such
417 delegation to a municipality confers upon a municipality only
418 the powers that are specifically enumerated in the delegating
419 resolution. Any power not specifically delegated is reserved
420 exclusively to the governing body of the county.
421 (7) Before the governing body adopts any resolution
422 designating a sales tax TIF area pursuant to the requirements of
423 this section or authorizes the issuance of redevelopment revenue
424 bonds under s. 290.01391, the governing body must provide public
425 notice of such proposed action pursuant to s. 125.66(2) or s.
426 166.041(3)(a).
427 (8) A copy of the resolution adopted by the governing body
428 designating the sales tax TIF area must be transmitted to the
429 department for review. The department shall determine whether
430 the designation of the sales tax TIF area complies with the
431 requirements of this chapter. When determining whether the
432 designation complies with the requirements of this chapter, the
433 department must consider whether the designation:
434 (a) Captures taxable spending, either in whole or in
435 significant part, that would not otherwise occur in the
436 community rather than redistributing current spending;
437 (b) Supports and enhances the tourism industry; and
438 (c) Supports a retail development project that will meet
439 the jobs and taxes and fees required to be generated under s.
440 290.004.
441 (9) If the department determines that the designation by
442 the governing body complies with the requirements of this
443 chapter, the department must provide written notification to the
444 local governing body of such determination. Upon receipt of the
445 notification, the local governing body must remit a copy of the
446 resolution establishing the sales tax TIF area, along with the
447 department’s notice of determination, to the Department of
448 Revenue.
449 Section 9. Section 290.0138, Florida Statutes, is created
450 to read:
451 290.0138 Calculation of tax increment revenue contribution
452 to governing body.—
453 (1) The governing body of a designated sales tax TIF area
454 is eligible for a percentage distribution from the Revenue
455 Sharing Trust Fund for Municipalities of the increased
456 collections of the state tax on sales, use, and other
457 transactions realized during any month by the municipality over
458 the same monthly period of the base year, as follows:
459 (a) Eighty-five percent of the increased monthly
460 collections of $85,000 or less.
461 (b) Seventy-five percent of the increased monthly
462 collections greater than $85,000 but $425,000 or less.
463 (c) Fifty percent of the increased monthly collections
464 greater than $425,000 but $675,000 or less.
465 (d) Twenty-five percent of the increased monthly
466 collections greater than $675,000 but $1 million or less.
467 (e) Zero percent of the increased monthly collections of
468 more than $1 million.
469 (2) The specific amount payable to each eligible governing
470 body must be determined monthly by the Department of Revenue for
471 distribution to the appropriate eligible governing body in
472 accordance with subsection (1). The Department of Revenue must
473 determine monthly the aggregate amount of sales tax revenue that
474 is required for distribution to each eligible governing body
475 under this section and transfer that amount from the General
476 Revenue Fund to the Revenue Sharing Trust Fund for
477 Municipalities in accordance with s. 212.20(6)(d)5. All amounts
478 transferred to the Revenue Sharing Trust Fund for Municipalities
479 must be distributed as provided in s. 218.23(3)(e). The total
480 distribution provided to the eligible governing body may not
481 exceed the total tax increment revenue contribution set forth in
482 the retail project development agreement required pursuant to s.
483 290.0139.
484 (3) Percentage distributions to each governing body under
485 subsection (1) are contingent upon the following:
486 (a) A contribution by the local governing body equal to not
487 less than 30 percent of the percent of the distributions of
488 sales tax revenues provided to the governing body under
489 subsection (1). Such matching contribution may be provided in
490 one of the following forms:
491 1. A cash deposit by the governing body to the revenue
492 account established pursuant to subsection (4);
493 2. A commitment within the governing body’s capital plan to
494 underwrite any project within the sales TIF area; or
495 3. Approval of an economic development ad valorem tax
496 exemption by the governing body authorized under ss. 196.1995
497 and 196.1996.
498 (b) Total private investment in a retail development
499 project equal to an amount not less than three times the state
500 contribution; and
501 (c) Annual transmittal of an employment certificate by the
502 retail development project developer to the department and the
503 Department of Revenue attesting to the total number of full-time
504 and part-time jobs created by the retail development project.
505 1. The retail development project developer must continue
506 to provide such employment certificate until the end of the
507 compliance period or transmittal of an employment certificate
508 indicating that the retail development project has created the
509 required minimum number of jobs, whichever occurs first. For
510 purposes of determining whether the job requirement has been
511 satisfied, two part-time jobs shall be counted as the equivalent
512 of one full-time job.
513 2. If the retail development project fails to create the
514 required minimum number of jobs by the end of the compliance
515 period, future percentage distributions to the governing body
516 under subsection (1) must be reduced by the number of actual
517 jobs created as a percentage of the minimum required jobs.
518 (4) Each governing body receiving a percentage distribution
519 under subsection (1) must establish a separate redevelopment
520 trust fund for each designated sales tax TIF area. Funds
521 allocated to and deposited in this fund may only be used to
522 underwrite any eligible public improvements approved by the
523 enterprise zone governing body pursuant to the authority
524 provided in s. 290.0056 and ss. 290.0136-290.01391.
525 Section 10. Section 290.0139, Florida Statutes, is created
526 to read:
527 290.0139 Retail development project agreement.—
528 (1) A retail development project developer proposing to use
529 tax increment revenues to expend sales tax increment revenues
530 for purposes authorized under s. 290.0056 on behalf of the
531 governing body or enterprise zone development agency may enter
532 into a retail development project agreement with the governing
533 body designating a sales tax TIF area. The agreement must set
534 forth:
535 (a) The goals and objectives of the retail development
536 project;
537 (b) Requirements for leasing retail space within the retail
538 development project which will advance the governing body’s or
539 enterprise zone development agency’s goals and objectives;
540 (c) The terms and conditions pursuant to which tax
541 increment revenue or bond proceeds will be advanced to pay for
542 costs incurred in the sales tax TIF area;
543 (d) Goals for the hiring of enterprise zone residents for
544 the new jobs created by the retail development project;
545 (e) Such matters as may be required in connection with the
546 issuance of bonds to support the retail development project; and
547 (f) Such other matters as the governing body designating
548 the sales tax TIF area may determine to be necessary and
549 appropriate.
550 (2) A retail project development agreement must be approved
551 by resolution of the governing body following a public hearing
552 advertised in a newspaper of general circulation not less than
553 10 days before the date of the required public hearing.
554 (3) A retail development agreement must be transmitted to
555 the department for review and determination that the agreement
556 complies with the requirements of this chapter.
557 Section 11. Section 290.01391, Florida Statutes, is created
558 to read:
559 290.01391 Issuance of sales tax increment revenue bonds;
560 use of bond proceeds; funding agreement.—
561 (1) If authorized or approved by resolution of the
562 governing body that designated the sales tax TIF area, after a
563 public hearing, tax increment revenues may be used to support
564 the issuance of sales tax increment revenue bonds to finance the
565 authorized public improvements, including, but not limited to,
566 the payment of principal and interest upon any advances for
567 surveys and plans or preliminary loans and to issue refunding
568 bonds for the payment or retirement of bonds or other
569 obligations previously issued. Sales tax increment revenue bonds
570 may not be committed for any projects identified following the
571 10th year after the base year established under s. 290.004. Any
572 sales tax increment revenue bonds or other obligations issued to
573 finance the undertaking of any eligible activity under ss.
574 290.0136-290.01391 must mature by the end of the 40th fiscal
575 year after the fiscal year in which sales tax increment revenues
576 are first deposited into the sales tax TIF area trust fund or at
577 the expiration of any agreement between the governing body and
578 the retail project developer for which bonds are issued to
579 underwrite eligible public improvements, whichever is later.
580 However, any refunding bonds issued pursuant to this subsection
581 may not mature later than the final maturity date of any bonds
582 or other obligations issued pursuant to this subsection being
583 paid or retired with the proceeds of such refunding bonds.
584 (2) Sales tax increment revenue bonds issued under ss.
585 290.0136-290.01391 may not be deemed to constitute a debt,
586 liability, or obligation of the public body or the state or any
587 political subdivision thereof, or a pledge of the faith and
588 credit of the public body or the state or any political
589 subdivision thereof, but shall be payable solely from the
590 revenues provided therefor. All such sales tax increment revenue
591 bonds must contain on the face thereof a statement to the effect
592 that the agency may not be obligated to pay the same or the
593 interest thereon except from the revenues of the sales tax TIF
594 area held for that purpose and that neither the faith and credit
595 nor the taxing power of the governing body or of the state or of
596 any political subdivision thereof is pledged to the payment of
597 the principal of, or the interest on, such bonds.
598 (3) Bonds issued under this section must be authorized by
599 resolution of the governing body and may be issued in one or
600 more series and may bear such date or dates, be payable upon
601 demand or mature at such time or times, bear interest at such
602 rate or rates, be in such denomination or denominations, be in
603 such form either with or without coupon or registered, carry
604 such conversion or registration privileges, have such rank or
605 priority, be executed in such manner, be payable in such medium
606 of payment at such place or places, be subject to such terms of
607 redemption with or without a premium, be secured in such manner,
608 and have such other characteristics as may be provided by the
609 resolution or ordinance authorizing their issuance. Bonds issued
610 under this section may be sold in such manner, either at public
611 or private sale, and for such price as the designated governing
612 body may determine will effectuate the purposes of this section.
613 (4) If the public officials of the county or municipal
614 governing body whose signatures appear on any bonds or coupons
615 issued under ss. 290.0136-290.01391 cease to be such officials
616 before the delivery of such bonds, such signatures are,
617 nevertheless, valid and sufficient for all purposes, the same as
618 if such officials had remained in office until such delivery.
619 (5) Bonds issued under ss. 290.0136-290.01391 are declared
620 to be issued for an essential public and governmental purpose.
621 In any suit, action, or proceeding involving the validity or
622 enforceability of any bond issued under this section, any bond
623 that recites in substance that it has been issued by the
624 governing body in connection with the sales tax increment
625 district for a purpose authorized under this section is
626 conclusively presumed to have been issued for that purpose, and
627 any project financed by the bond is conclusively presumed to
628 have been planned and carried out in accordance with the
629 intended purposes of this section.
630 (6) If the enterprise zone program is not extended beyond
631 the date set forth in s. 290.016 and bonds issued pursuant to
632 this section remain outstanding, the Department of Revenue must
633 continue to collect and remit tax increment revenues generated
634 by the retail development project to service the outstanding
635 bond obligations.
636 Section 12. This act shall take effect July 1, 2012.
