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.

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