Bill Text: FL S2500 | 2010 | Regular Session | Comm Sub
Bill Title: Space and Aerospace Infrastructure [CPSC]
Spectrum: Partisan Bill (Republican 2-0)
Status: (Introduced - Dead) 2010-04-28 - Placed on Special Order Calendar; Read 2nd time -SJ 00984; Substituted CS/CS/HB 1389 -SJ 00984; Laid on Table, companion bill(s) passed, see CS/CS/HB 1389 (Ch. 2010-226), CS/HB 969 (Ch. 2010-222), CS/SB 1752 (Ch. 2010-147) -SJ 00984 [S2500 Detail]
Download: Florida-2010-S2500-Comm_Sub.html
Florida Senate - 2010 CS for CS for SB 2500 By the Committees on Transportation and Economic Development Appropriations; and Commerce; and Senator Altman 606-05211-10 20102500c2 1 A bill to be entitled 2 An act relating to space and aerospace infrastructure; 3 providing a short title; amending s. 288.1088, F.S.; 4 providing legislative findings; authorizing the use of 5 a specified amount of resources for projects to retain 6 or create high-technology jobs directly associated 7 with developing a more diverse aerospace economy in 8 the state; authorizing Enterprise Florida, Inc., to 9 waive eligibility criteria for projects receiving 10 funds from the Quick Action Closing Fund which would 11 mitigate the impact of the conclusion of the space 12 shuttle program; revising authorized uses of specified 13 Space Florida appropriations; providing an effective 14 date. 15 16 Be It Enacted by the Legislature of the State of Florida: 17 18 Section 1. This act may be cited as the “Space Transition 19 and Revitalization Act.” 20 Section 2. Section 288.1088, Florida Statutes, is amended 21 to read: 22 288.1088 Quick Action Closing Fund.— 23 (1)(a) The Legislature finds that attracting, retaining, 24 and providing favorable conditions for the growth of certain 25 high-impact business facilities, privately developed critical 26 rural infrastructure, or key facilities in economically 27 distressed urban or rural communities which provide widespread 28 economic benefits to the public through high-quality employment 29 opportunities in such facilities or in related facilities 30 attracted to the state, through the increased tax base provided 31 by the high-impact facility and related businesses, through an 32 enhanced entrepreneurial climate in the state and the resulting 33 business and employment opportunities, and through the 34 stimulation and enhancement of the state’s universities and 35 community colleges. In the global economy, there exists serious 36 and fierce international competition for these facilities, and 37 in most instances, when all available resources for economic 38 development have been used, the state continues to encounter 39 severe competitive disadvantages in vying for these business 40 facilities. Florida’s rural areas must provide a competitive 41 environment for business in the information age. This often 42 requires an incentive to make it feasible for private investors 43 to provide infrastructure in those areas. 44 (b) The Legislature finds that the conclusion of the space 45 shuttle program and the gap in civil human space flight will 46 result in significant job losses that will negatively impact 47 families, companies, the state and regional economies, and the 48 capability level of this state’s aerospace workforce. Thus, the 49 Legislature also finds that this loss of jobs is a matter of 50 state interest and great public importance. The Legislature 51 further finds that it is in the state’s interest for provisions 52 to be made in incentive programs for economic development to 53 maximize the state’s ability to mitigate these impacts and to 54 develop a more diverse aerospace economy. 55 (c)(b)The Legislature therefore declares that sufficient 56 resources shall be available to respond to extraordinary 57 economic opportunities and to compete effectively for these 58 high-impact business facilities, critical private infrastructure 59 in rural areas, and key businesses in economically distressed 60 urban or rural communities, and that up to 20 percent of these 61 resources may be used for projects to retain or create high 62 technology jobs that are directly associated with developing a 63 more diverse aerospace economy in this state. 64 (2) There is created within the Office of Tourism, Trade, 65 and Economic Development the Quick Action Closing Fund. Projects 66 eligible for receipt of funds from the Quick Action Closing Fund 67 shall: 68 (a) Be in an industry as referenced in s. 288.106. 69 (b) Have a positive payback ratio of at least 5 to 1. 70 (c) Be an inducement to the project’s location or expansion 71 in the state. 72 (d) Pay an average annual wage of at least 125 percent of 73 the areawide or statewide private sector average wage. 74 (e) Be supported by the local community in which the 75 project is to be located. 76 (3)(a) Enterprise Florida, Inc., shall review applications 77 pursuant to s. 288.061 and determine the eligibility of each 78 project consistent with the criteria in subsection (2). 79 Enterprise Florida, Inc., in consultation with the Office of 80 Tourism, Trade, and Economic Development, may waive these 81 criteria: 82 1. Based on extraordinary circumstances; 83 2. In order to mitigate the impact of the conclusion of the 84 space shuttle program; or 85 3. In rural areas of critical economic concern if the 86 project would significantly benefit the local or regional 87 economy. 88 (b) Enterprise Florida, Inc., shall evaluate individual 89 proposals for high-impact business facilities and forward 90 recommendations regarding the use of moneys in the fund for such 91 facilities to the director of the Office of Tourism, Trade, and 92 Economic Development. Such evaluation and recommendation must 93 include, but need not be limited to: 94 1. A description of the type of facility or infrastructure, 95 its operations, and the associated product or service associated 96 with the facility. 97 2. The number of full-time-equivalent jobs that will be 98 created by the facility and the total estimated average annual 99 wages of those jobs or, in the case of privately developed rural 100 infrastructure, the types of business activities and jobs 101 stimulated by the investment. 102 3. The cumulative amount of investment to be dedicated to 103 the facility within a specified period. 104 4. A statement of any special impacts the facility is 105 expected to stimulate in a particular business sector in the 106 state or regional economy or in the state’s universities and 107 community colleges. 108 5. A statement of the role the incentive is expected to 109 play in the decision of the applicant business to locate or 110 expand in this state or for the private investor to provide 111 critical rural infrastructure. 112 6. A report evaluating the quality and value of the company 113 submitting a proposal. The report must include: 114 a. A financial analysis of the company, including an 115 evaluation of the company’s short-term liquidity ratio as 116 measured by its assets to liability, the company’s profitability 117 ratio, and the company’s long-term solvency as measured by its 118 debt-to-equity ratio; 119 b. The historical market performance of the company; 120 c. A review of any independent evaluations of the company; 121 d. A review of the latest audit of the company’s financial 122 statement and the related auditor’s management letter; and 123 e. A review of any other types of audits that are related 124 to the internal and management controls of the company. 125 (c)(b)Within 22 calendar days after receiving the 126 evaluation and recommendation from Enterprise Florida, Inc., the 127 director shall recommend to the Governor approval or disapproval 128 of a project for receipt of funds from the Quick Action Closing 129 Fund. In recommending a project, the director shall include 130 proposed performance conditions that the project must meet to 131 obtain incentive funds. The Governor shall provide the 132 evaluation of projects recommended for approval to the President 133 of the Senate and the Speaker of the House of Representatives 134 and consult with the President of the Senate and the Speaker of 135 the House of Representatives before giving final approval for a 136 project. The Executive Office of the Governor shall recommend 137 approval of a project and the release of funds pursuant to the 138 legislative consultation and review requirements set forth in s. 139 216.177. The recommendation must include proposed performance 140 conditions that the project must meet in order to obtain funds. 141 (d)(c)Upon the approval of the Governor, the director of 142 the Office of Tourism, Trade, and Economic Development and the 143 business shall enter into a contract that sets forth the 144 conditions for payment of moneys from the fund. The contract 145 must include the total amount of funds awarded; the performance 146 conditions that must be met to obtain the award, including, but 147 not limited to, net new employment in the state, average salary, 148 and total capital investment; demonstrate a baseline of current 149 service and a measure of enhanced capability; the methodology 150 for validating performance; the schedule of payments from the 151 fund; and sanctions for failure to meet performance conditions. 152 The contract must provide that payment of moneys from the fund 153 is contingent upon sufficient appropriation of funds by the 154 Legislature and upon sufficient release of appropriated funds by 155 the Legislative Budget Commission. 156 (e)(d)Enterprise Florida, Inc., shall validate contractor 157 performance. Such validation shall be reported within 6 months 158 after completion of the contract to the Governor, President of 159 the Senate, and the Speaker of the House of Representatives. 160 Section 3. Notwithstanding any other provisions of law, 161 funds provided in Specific Appropriation 2649 of chapter 2008 162 152, Laws of Florida, for Space and Aerospace Infrastructure to 163 make improvements to Launch Complex 36 on the 45th Space Wing 164 property may also be used by Space Florida for improvements to 165 other launch complexes and space transportation facilities in 166 order to attract new space vehicle testing and launch business 167 to the state; to address intermodal requirements and impacts of 168 the launch ranges, spaceports, and other space transportation 169 facilities; to advance aerospace technology to meet the current 170 and future needs of the United States commercial space 171 transportation industry; and to assist in the development of 172 joint-use facilities and technology that support aviation and 173 aerospace operations, including high-altitude and suborbital 174 flights and range technology development. 175 Section 4. This act shall take effect July 1, 2010.
