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F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
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An act relating to economic development; amending s. 2
288.018, F.S.; removing the requirement that certain 3
grants received by a regional economic development 4
organization must be matched in a certain manner; 5
removing a provision requiring a certain 6
consideration; removing certain demonstration 7
requirements of program applicants; amending s. 8
288.8013, F.S.; removing the requirement that certain 9
interest be deposited in a specified manner; providing 10
that specified earnings may be retained and used to 11
make specified awards or for administrative costs; 12
providing an effective date. 13
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Be It Enacted by the Legislature of the State of Florida: 15
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Section 1. Paragraphs (b), (c), and (d) of subsection (1) 17
and subsection (2) of section 288.018, Florida Statutes, are 18
amended to read: 19
288.018 Regional Rural Development Grants Program. — 20
(1) 21
(b) The department shall establish a matching grant 22
program to provide fundin g to regional economic development 23
organizations for the purpose of building the professional 24
capacity of those organizations. Building the professional 25
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F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
capacity of a regional economic development organization 26
includes hiring professional staff to develop, deliver, and 27
provide needed economic development professional services, 28
including technical assistance, education and leadership 29
development, marketing, and project recruitment. Matching Grants 30
may also be used by a regional economic development organizat ion 31
to provide technical assistance to local governments, local 32
economic development organizations, and existing and prospective 33
businesses. 34
(c) A regional economic development organization may apply 35
annually to the department for a matching grant. The department 36
is authorized to approve, on an annual basis, grants to such 37
regional economic development organizations. The maximum amount 38
an organization may receive in any year will be $50,000, or 39
$250,000 for any three regional economic development 40
organizations that serve an entire region of a rural area of 41
opportunity designated pursuant to s. 288.0656(7) if they are 42
recognized by the department as serving such a region. 43
(d) Grant funds received by a regional economic 44
development organization must be mat ched each year by nonstate 45
resources in an amount equal to 25 percent of the state 46
contribution. 47
(2) In approving the participants, the department shall 48
consider the demonstrated need of the applicant for assistance 49
and require the following: 50
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F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
(a) Documentation of official commitments of support from 51
each of the units of local government represented by the 52
regional organization. 53
(b) Demonstration that each unit of local government has 54
made a financial or in -kind commitment to the regional 55
organization. 56
(c) Demonstration that the private sector has made 57
financial or in-kind commitments to the regional organization. 58
(b)(d) Demonstration that the organization is in existence 59
and actively involved in economic development activities serving 60
the region. 61
(c)(e) Demonstration of the manner in which the 62
organization is or will coordinate its efforts with those of 63
other local and state organizations. 64
Section 2. Upon the expiration and reversion of the 65
amendments made to s. 288.8013, Florida Statutes, pursuant to 66
section 64 of chapter 2023 -240, Laws of Florida, subsection (3) 67
of section 288.8013, Florida Statutes, is amended to read: 68
288.8013 Triumph Gulf Coast, Inc.; creation; funding; 69
investment.— 70
(3) Triumph Gulf Coast, Inc., shall establish a trust 71
account at a federally insured financial institution to hold 72
funds received from the Triumph Gulf Coast Trust Fund and make 73
deposits and payments. Interest earned in the trust account 74
shall be deposited monthly into the Triumph Gulf Coast Trust 75
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F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
Fund. Triumph Gulf Coast, Inc., may invest surplus funds in the 76
Local Government Surplus Funds Trust Fund, pursuant to s. 77
218.407. Earnings generated by investments and interest of the 78
fund may be retained and use d to make awards pursuant to this 79
act or, notwithstanding paragraph (2)(d), for administrative 80
costs, including costs in excess of the cap , and interest 81
earned, net of fees, shall be transferred monthly into the 82
Triumph Gulf Coast Trust Fund . Administrative costs may include 83
payment of travel and per diem expenses of board members, 84
audits, salary or other costs for employed or contracted staff, 85
including required staff under s. 288.8014(9), and other 86
allowable costs. The annual salary for any employee or 87
contracted staff may not exceed $130,000, and associated 88
benefits may not exceed 35 percent of salary. 89
Section 3. This act shall take effect July 1, 2024. 90