FL
Florida House Bill H1125

Florida 2024 Regular Session

Florida House Bill H1125 Compare Versions

Only one version of the bill is available at this time.
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1010 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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1414 A bill to be entitled 1
1515 An act relating to economic development in gaming 2
1616 concentrated counties; creating s. 288.401, F.S.; 3
1717 providing a short title; creating s. 288.402, F.S.; 4
1818 providing legislative findings and intent; creating s. 5
1919 288.403, F.S.; providing definitions; creating s. 6
2020 288.404, F.S.; creating Prospect Del Vista, Inc., as a 7
2121 nonprofit corporation which is not a unit or entity of 8
2222 state government; requiring Prospect Del Vista, Inc., 9
2323 to create and administer an investment fund for a 10
2424 certain purpose in a certain manner; providing for the 11
2525 principal of the fund; requiring Prospect Del Vista, 12
2626 Inc., to establish a trust account for a certain 13
2727 purpose; providing for the reversion of certain funds 14
2828 to the State Treasury in certain circumstances; 15
2929 requiring Prospect Del Vista, Inc., to invest and 16
3030 reinvest the principal of the investment fund in a 17
3131 certain manner; requiring the board of directors to 18
3232 formulate a certain investment policy ; requiring 19
3333 Prospect Del Vista, Inc., to competitively procure one 20
3434 or more money managers; providing requirements for 21
3535 such money managers; providing for the deduction of 22
3636 certain costs and fees from investment fund earnings; 23
3737 requiring an annual audit of the investment fund; 24
3838 requiring Prospect Del Vista, Inc., to provide certain 25
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4747 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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5151 biannual reports to the Governor and the Legislature; 26
5252 requiring the Auditor General to annually audit the 27
5353 investment fund and Prospect Del Vista, Inc.; creating 28
5454 s. 288.405, F.S.; prov iding that Prospect Del Vista, 29
5555 Inc., is subject to certain public records and 30
5656 meetings requirements; providing for the board of 31
5757 directors of Prospect Del Vista, Inc.; providing for 32
5858 appointments, terms, and the filling of vacancies of 33
5959 board members; subject ing the board members to certain 34
6060 requirements and postemployment restrictions; 35
6161 providing criminal penalties; requiring board members 36
6262 to file certain financial disclosures; authorizing 37
6363 board members to receive reimbursement for certain 38
6464 travel and per diem e xpenses; providing that each 39
6565 board member is responsible for certain duties; 40
6666 providing for removal of a board member in certain 41
6767 circumstances; requiring the board of directors to 42
6868 meet at least quarterly for certain purposes; 43
6969 requiring the Secretary of Comm erce and the Secretary 44
7070 of Environmental Protection, or their designees, to be 45
7171 available for a certain purpose; authorizing Prospect 46
7272 Del Vista, Inc., to hire or contract for certain 47
7373 staff; requiring Prospect Del Vista, Inc., to retain 48
7474 certain staff; providi ng requirements for such staff; 49
7575 creating s. 288.406, F.S.; providing powers of the 50
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8484 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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8888 Prospect Del Vista, Inc., board of directors; creating 51
8989 s. 288.407, F.S.; providing the duties of Prospect Del 52
9090 Vista, Inc.; creating s. 288.408, F.S.; authorizing 53
9191 Prospect Del Vista, Inc., to make certain awards to 54
9292 certain projects or programs; authorizing awards for 55
9393 certain purposes; requiring Prospect Del Vista, Inc., 56
9494 to establish an application procedure and scoring 57
9595 process that gives priority to projects and programs 58
9696 that meet certain requirements; authorizing Prospect 59
9797 Del Vista, Inc., to make awards in certain manner; 60
9898 requiring certain contracts to include certain 61
9999 provisions; creating s. 288.409, F.S.; requiring the 62
100100 scope of certain audits to include funds awarded by 63
101101 Prospect Del Vista, Inc.; requiring the Auditor 64
102102 General to conduct a certain operational audit 65
103103 biennially; providing the scope of review of such 66
104104 audits; providing an effective date. 67
105105 68
106106 Be It Enacted by the Legislature of the State of Florida: 69
107107 70
108108 Section 1. Section 288.401, Florida Statutes, is created 71
109109 to read: 72
110110 288.401 Short title. —Sections 288.401-288.409 may be cited 73
111111 as the "Prospect Del Vista Infrastructure and Investment Act." 74
112112 Section 2. Section 288.402, Florida Statutes, is created 75
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121121 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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125125 to read: 76
126126 288.402 Prospect Del Vista, Inc.; legislative intent. —The 77
127127 Legislature recognizes that supporting counties affected by 78
128128 increased density because of a concentration of licensed pari -79
129129 mutuel facilities to ensure goals for economic improvement and 80
130130 variation are achieved is in the best interest of the citizens 81
131131 of the state. The Legislature intends to provide a long -term 82
132132 source of funding for efforts of economic improvement and 83
133133 augmentation in gaming concentrated counties. The Legislature 84
134134 finds that it is important to help businesses, individuals, and 85
135135 local governments in counties affected by increased density 86
136136 because of a concentration of licensed gaming facilities. 87
137137 Section 3. Section 288.403, Florida Statutes, is created 88
138138 to read: 89
139139 288.403 Definitions. —As used in this act, the term: 90
140140 (1) "Awardee" means a person, organization, or local 91
141141 government granted an award of funds from the investment fund 92
142142 for a project or program. 93
143143 (2) "Earnings" means all the income generated by 94
144144 investments and interest. 95
145145 (3) "Gaming concentrated county" means any county with 96
146146 five or more operating Florida licensed pari -mutuel 97
147147 permitholders. 98
148148 (4) "Investment fund" means a trust account established by 99
149149 Prospect Del Vista, Inc., for the benefit of gaming concentrated 100
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158158 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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162162 counties. 101
163163 Section 4. Section 288.404, Florida Statutes, is created 102
164164 to read: 103
165165 288.404 Prospect Del Vista, Inc.; investment fund; 104
166166 creation; investment. — 105
167167 (1) There is created a nonprofit corporation, to be known 106
168168 as Prospect Del Vista, Inc., which shall be registered, 107
169169 incorporated, organized, and operated in compliance with chapter 108
170170 617, and which is not a unit or entity of state government. 109
171171 Prospect Del Vista, Inc., may receive, hold, invest, and 110
172172 administer the investment fund in support of this act. Prospect 111
173173 Del Vista, Inc., is not subject to control, supervision, or 112
174174 direction by the Department of Commerce in any manner, 113
175175 including, but not limited to, personnel, purchasing, 114
176176 transactions involving real or personal property, and budgetary 115
177177 matters. 116
178178 (2) Prospect Del Vista , Inc., must create and administer 117
179179 the investment fund for the benefit of gaming concentrated 118
180180 counties. The principal of the fund shall derive from General 119
181181 Revenue. The amount deposited into the fund from General Revenue 120
182182 shall equal the difference in slot machine revenue tax paid to 121
183183 the Florida Gaming Control Commission collected from all 122
184184 licensed pari-mutuel facilities in the year immediately before 123
185185 and each subsequent year after a county becomes a gaming 124
186186 concentrated county. 125
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195195 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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199199 (3) The investment fund must be maintained as a long -term 126
200200 and stable source of revenue for gaming concentrated counties. 127
201201 Prospect Del Vista, Inc., shall establish a trust account at a 128
202202 federally insured financial institution to hold funds and make 129
203203 deposits and payments. Earnings gener ated by investments and 130
204204 interest of the fund, plus the amount of principal available 131
205205 each year, must be available to make awards pursuant to this act 132
206206 and pay administrative costs. Earnings must be accounted for 133
207207 separately from principal funds set forth in subsection (2). 134
208208 Administrative costs are limited to 2.25 percent of the earnings 135
209209 in a calendar year. Administrative costs include payment of 136
210210 investment fees, travel and per diem expenses of board members, 137
211211 audits, salary or other costs for employed or contr acted staff, 138
212212 including required staff under s. 288.405(9), and other 139
213213 allowable costs. If the investment fund is dissolved, any funds 140
214214 remaining shall revert to the State Treasury. 141
215215 (4) Prospect Del Vista, Inc., shall invest and reinvest 142
216216 the principal of the investment fund in accordance with s. 143
217217 617.2104 in a manner that does not subject the funds to state or 144
218218 federal taxes and is consistent with an investment policy 145
219219 statement adopted by the corporation. 146
220220 (a) The board of directors shall formulate an investm ent 147
221221 policy governing the investment of the principal of the 148
222222 investment fund. The policy shall pertain to the types, kinds, 149
223223 or nature of investment of any of the funds, and any 150
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232232 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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236236 limitations, conditions, or restrictions upon the methods, 151
237237 practices, or procedu res for investment, reinvestments, 152
238238 purchases, sales, or exchange transactions, provided such 153
239239 policies shall not conflict with nor be in derogation of any 154
240240 state constitutional provision or law. The policy shall be 155
241241 formulated with the advice of the financial advisor in 156
242242 consultation with the State Board of Administration. 157
243243 (b) Prospect Del Vista, Inc., must competitively procure 158
244244 one or more money managers, under the advice of the financial 159
245245 advisor in consultation with the State Board of Administration, 160
246246 to invest the principal of the investment fund. The applicant 161
247247 manager or managers may not include representatives from the 162
248248 financial institution housing the trust account for the 163
249249 investment fund. The applicant manager or managers must present 164
250250 a plan to invest the investment fund to maximize earnings while 165
251251 prioritizing the preservation of investment fund principal. Any 166
252252 agreement with a money manager must be reviewed by Prospect Del 167
253253 Vista, Inc., for continuance at least every 5 years. Plans must 168
254254 include investment in technology and growth businesses domiciled 169
255255 in, or that will be domiciled in, this state or businesses for 170
256256 which their principal addresses are in this state. 171
257257 (c) Costs and fees for investment services must be 172
258258 deducted from the earnings as administrativ e costs. Fees for 173
259259 investment services may not be greater than 150 basis points. 174
260260 (d) Annually, Prospect Del Vista, Inc., shall cause an 175
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269269 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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273273 audit to be conducted of the investment of the Investment Fund 176
274274 by the independent certified public accountant retained in s. 177
275275 288.405. The expense of such audit shall be paid from earnings 178
276276 for administrative purposes. 179
277277 (5) Prospect Del Vista, Inc., shall biannually on June 30 180
278278 and December 30 provide a report to the Governor, the President 181
279279 of the Senate, and the Speaker of the House of Representatives 182
280280 on the financial status of the investment fund and its 183
281281 investments, the established priorities, the project and program 184
282282 selection process, including a list of all submitted projects 185
283283 and reasons for approval or denial, and the s tatus of all 186
284284 approved awards. 187
285285 (6) The Auditor General shall annually conduct an audit of 188
286286 the investment fund and Prospect Del Vista, Inc. Prospect Del 189
287287 Vista, Inc., shall provide to the Auditor General any detail or 190
288288 supplemental data required. 191
289289 Section 5. Section 288.405, Florida Statutes, is created 192
290290 to read: 193
291291 288.405 Prospect Del Vista, Inc., organization; board of 194
292292 directors.— 195
293293 (1) Prospect Del Vista, Inc., is subject to the provisions 196
294294 of chapter 119 relating to public records and of chapter 286 197
295295 relating to public meetings and records. 198
296296 (2) Prospect Del Vista, Inc., shall be governed by a five -199
297297 member board of directors. The President of the Senate and the 200
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306306 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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310310 Speaker of the House of Representatives shall each appoint two 201
311311 members from the private sector. The Governor shall appoint one 202
312312 member from the private sector. The board of directors shall 203
313313 annually elect a chairperson from among the board's members. The 204
314314 chairperson may be removed by a majority vote of the members. 205
315315 His or her successor shall be elected to serve for the balance 206
316316 of the removed chairperson's term. The chairperson is 207
317317 responsible to ensure records are kept of the proceedings of the 208
318318 board of directors and is the custodian of all books, documents, 209
319319 and papers filed with the board; the minutes o f meetings of the 210
320320 board; and the official seal of Prospect Del Vista, Inc. 211
321321 (3) Each member of the board of directors shall serve for 212
322322 a term of 4 years, except that initially one of the appointments 213
323323 of the President of the Senate and of the Speaker of the House 214
324324 of Representatives shall serve a term of 2 years to achieve 215
325325 staggered terms among the members of the board. A member is not 216
326326 eligible for reappointment to the board, except that any member 217
327327 appointed to a term of 2 years or less may be reappointed for an 218
328328 additional term of 4 years. The initial appointments to the 219
329329 board must be made by November 15, 2024. A vacancy on the board 220
330330 of directors shall be filled by the officer who originally 221
331331 appointed the member. A vacancy that occurs before the scheduled 222
332332 expiration of the term of the member shall be filled for the 223
333333 remainder of the unexpired term. 224
334334 (4) The Legislature determines that it is in the public 225
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343343 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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347347 interest for the members of the board of directors to be subject 226
348348 to the requirements of ss. 112.3135, 112.31 43, and 112.313, 227
349349 notwithstanding the fact that the board members are not public 228
350350 officers or employees. For purposes of those sections, the board 229
351351 members shall be considered to be public officers or employees. 230
352352 In addition to the postemployment restrictions of s. 112.313(9), 231
353353 a person appointed to the board of directors must agree to 232
354354 refrain from having any direct interest in any contract, 233
355355 franchise, privilege, project, program, or other benefit arising 234
356356 from an award by Prospect Del Vista, Inc., during the ter m of 235
357357 his or her appointment and for 2 years after the termination of 236
358358 such appointment. It is a misdemeanor of the first degree, 237
359359 punishable as provided in s. 775.082 or s. 775.083, for a person 238
360360 to accept appointment to the board of directors in violation of 239
361361 this subsection or to accept a direct interest in any contract, 240
362362 franchise, privilege, project, program, or other benefit granted 241
363363 by Prospect Del Vista, Inc., to an awardee within 2 years after 242
364364 the termination of his or her service on the board. Further, 243
365365 each member of the board of directors who is not otherwise 244
366366 required to file financial disclosure under s. 8, Art. II of the 245
367367 State Constitution or s. 112.3144 shall file disclosure of 246
368368 financial interests under s. 112.3145. 247
369369 (5) Each member of the board of d irectors shall serve 248
370370 without compensation, but may be reimbursed for travel and per 249
371371 diem expenses as provided in s. 112.061 incurred in the 250
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380380 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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384384 performance of his or her duties. 251
385385 (6) Each member of the board of directors is accountable 252
386386 for the proper performa nce of the duties of office, and each 253
387387 member owes a fiduciary duty to the people of the state to 254
388388 ensure that awards provided are disbursed and used, and 255
389389 investments are made, as prescribed by law and contract. An 256
390390 appointed member of the board of directors may be removed by the 257
391391 officer that appointed the member for malfeasance, misfeasance, 258
392392 neglect of duty, incompetence, permanent inability to perform 259
393393 official duties, unexcused absence from three consecutive 260
394394 meetings of the board, arrest or indictment for a crime that is 261
395395 a felony or a misdemeanor involving theft or a crime of 262
396396 dishonesty, or pleading nolo contendere to, or being found 263
397397 guilty of, any crime. 264
398398 (7) The board of directors shall meet at least quarterly, 265
399399 upon the call of the chairperson or at the re quest of a majority 266
400400 of the membership, to review the investment fund, establish and 267
401401 review priorities for economic improvement and augmentation in 268
402402 gaming concentrated counties, and determine use of the earnings 269
403403 available. A majority of the members of the b oard of directors 270
404404 constitutes a quorum. Members may not vote by proxy. 271
405405 (8) The Secretary of Commerce, or his or her designee, and 272
406406 the Secretary of Environmental Protection, or his or her 273
407407 designee, must be available to consult with the board of 274
408408 directors and may be requested to attend meetings of the board 275
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417417 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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421421 of directors. These individuals may not vote on any matter 276
422422 before the board. 277
423423 (9)(a) Prospect Del Vista, Inc., may hire or contract for 278
424424 all staff necessary to the proper execution of its powers and 279
425425 duties. The corporation must retain: 280
426426 1. An independent certified public accountant licensed in 281
427427 this state pursuant to chapter 473 to inspect the records of and 282
428428 to audit the expenditure of the earnings and available principal 283
429429 disbursed by Prospect Del Vista, Inc. 284
430430 2. An independent financial advisor to assist Prospect Del 285
431431 Vista, Inc., in the development and implementation of a 286
432432 strategic plan consistent with the requirements of this act. 287
433433 3. An economic advisor to assist in the award process, 288
434434 including the development of priorities, allocation decisions, 289
435435 and the application and process; assist the board in determining 290
436436 eligibility of award applications and the evaluation and scoring 291
437437 of applications; and assist in the development of award 292
438438 documentation. 293
439439 4. A legal advisor with expertise in not -for-profit 294
440440 investing and contracting and who is a member of The Florida Bar 295
441441 to assist with contracting and carrying out the intent of this 296
442442 act. 297
443443 (b) Prospect Del Vista, Inc., shall require all employees 298
444444 of the corporation to comply with the code of ethics for public 299
445445 employees under part III of chapter 112. Staff retained under 300
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454454 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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458458 paragraph (a) must agree to refrain from having any direct 301
459459 interest in any contract, franchise, privilege, project, 302
460460 program, or other benefit arisi ng from an award by Prospect Del 303
461461 Vista, Inc., during the term of his or her appointment and for 2 304
462462 years after the termination of such appointment. 305
463463 (c) Staff retained under paragraph (a) must be available 306
464464 to consult with the board of directors and must attend meetings 307
465465 of the board of directors. These individuals may not vote on any 308
466466 matter before the board. 309
467467 Section 6. Section 288.406, Florida Statutes, is created 310
468468 to read: 311
469469 288.406 Prospect Del Vista, In c., board of directors; 312
470470 powers.—In addition to the powers and duties prescribed in 313
471471 chapter 617 and the articles and bylaws adopted in compliance 314
472472 with that chapter, the Prospect Del Vista, Inc., board of 315
473473 directors may: 316
474474 (1) Make and enter into contracts and other instruments 317
475475 necessary or convenient for the exercise of its powers and 318
476476 functions. 319
477477 (2) Make expenditures including any necessary 320
478478 administrative expenditure from earnings consistent with its 321
479479 powers. 322
480480 (3) Adopt, use, and alter a common corporate seal. 323
481481 Notwithstanding any provision of chapter 617 to the contrary, 324
482482 this seal is not required to contain the words "corporation not 325
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491491 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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495495 for profit." 326
496496 (4) Adopt, amend, and repeal bylaws not inconsistent with 327
497497 the powers granted to the corporation or the articles of 328
498498 incorporation, for the administration of the activities of 329
499499 Prospect Del Vista, Inc., and the exercise of its corporate 330
500500 powers. 331
501501 (5) Notwithstanding s. 15.03, use the state seal when 332
502502 appropriate for standard corpora te identity applications. Use of 333
503503 the state seal is not intended to replace use of a corporate 334
504504 seal as provided in subsection (3). 335
505505 336
506506 The credit of the State of Florida may not, under any 337
507507 circumstances, be pledged on behalf of Prospect Del Vista, Inc. 338
508508 Section 7. Section 288.407, Florida Statutes, is created 339
509509 to read: 340
510510 288.407 Prospect Del Vista, Inc.; duties. —Prospect Del 341
511511 Vista, Inc., has the following duties: 342
512512 (1) Manage responsibly and prudently all funds received, 343
513513 and ensure that the use of such funds is in accordance with 344
514514 applicable laws, bylaws, and contractual requirements. 345
515515 (2) Administer the program created under this act. 346
516516 (3) Monitor, review, and annually evaluate awardees and 347
517517 their projects or programs to determine whether an award should 348
518518 be continued, terminated, reduced, or increased. 349
519519 (4) Operate in a transparent manner by maintaining a 350
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528528 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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532532 website that provides public access to information, notice of 351
533533 meetings, awards, and the status of projects and programs. 352
534534 Section 8. Section 288.408, Flo rida Statutes, is created 353
535535 to read: 354
536536 288.408 Prospect Del Vista, Inc., awards. — 355
537537 (1) Prospect Del Vista, Inc., shall make awards from 356
538538 available earnings and principal derived under s. 288.404(2) to 357
539539 projects or programs that meet the priorities for economi c 358
540540 improvement and augmentation in gaming concentrated counties. 359
541541 Awards may be provided for any of the following: 360
542542 (a) Ad valorem tax reduction within gaming concentrated 361
543543 counties. 362
544544 (b) Payment of impact fees adopted pursuant to s. 363
545545 163.31801 and imposed w ithin gaming concentrated counties. 364
546546 (c) Administrative funding for economic development 365
547547 organizations located within gaming concentrated counties. 366
548548 (d) Local match requirements of ss. 288.0655 and 288.0659 367
549549 for projects in gaming concentrated counties. 368
550550 (e) Economic development projects in gaming concentrated 369
551551 counties. 370
552552 (f) Infrastructure projects that are shown to enhance 371
553553 economic improvement and augmentation in gaming concentrated 372
554554 counties. 373
555555 (g) Grants to local governments in gaming concentrated 374
556556 counties to establish and maintain equipment and trained 375
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565565 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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569569 personnel for local action plans of response to respond to 376
570570 disasters, such as plans created for the Coastal Impacts 377
571571 Assistance Program. 378
572572 (h) Grants to support programs of excellence that prepare 379
573573 students for future occupations and careers at K -20 institutions 380
574574 that have home campuses in gaming concentrated counties. 381
575575 Eligible programs include those that increase students' 382
576576 technology skills and knowledge; encourage industry 383
577577 certifications; provide rigorous, alternative pathways for 384
578578 students to meet high school graduation requirements; strengthen 385
579579 career readiness initiatives; fund high -demand programs of 386
580580 emphasis at the bachelor's and master's level designated by the 387
581581 Board of Governors; and, similar to or the same as talent 388
582582 retention programs created by the Chancellor of the State 389
583583 University System, Chancellor of the Florida College System, and 390
584584 the Commissioner of Education, encourage students with interest 391
585585 or aptitude for science, technology, engineering, mat hematics, 392
586586 and medical disciplines to pursue postsecondary education at a 393
587587 state university within gaming concentrated counties. 394
588588 (i) Grants to the tourism entity created under s. 288.1226 395
589589 for the purpose of advertising and promoting tourism, Fresh From 396
590590 Florida, or related content on behalf of gaming concentrated 397
591591 counties. 398
592592 (2) Prospect Del Vista, Inc., shall establish an 399
593593 application procedure for awards and a scoring process for the 400
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602602 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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606606 selection of projects and programs that have the potential to 401
607607 generate increased economic activity in gaming concentrated 402
608608 counties, giving priority to projects and programs that: 403
609609 (a) Generate maximum estimated economic benefits, based on 404
610610 tools and models not generally employed by economic input -output 405
611611 analyses, including cost -benefit, return-on-investment, or 406
612612 dynamic scoring techniques to determine how the long -term 407
613613 economic growth potential of the gaming concentrated counties 408
614614 may be enhanced by the investment. 409
615615 (b) Increase household income in the gaming concentrated 410
616616 counties. 411
617617 (c) Expand high growth industries or establish new high 412
618618 growth industries in gaming concentrated counties. 413
619619 1. Industries that are supported must have strong growth 414
620620 potential in gaming concentrated counties. 415
621621 2. An industry's growth potential is defined based on a 416
622622 detailed review of the current industry trends nationally and 417
623623 the necessary supporting asset base for that industry in gaming 418
624624 concentrated counties. 419
625625 (d) Leverage or further enhance key regional ass ets, 420
626626 including educational institutions, research facilities, and 421
627627 military bases. 422
628628 (e) Partner with local governments to provide funds, 423
629629 infrastructure, land, or other assistance for projects. 424
630630 (f) Have investment commitments from private equity or 425
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639639 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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643643 private venture capital funds. 426
644644 (g) Provide or encourage seed stage investments in start -427
645645 up companies. 428
646646 (h) Provide advice and technical assistance to companies 429
647647 on restructuring existing management, operations, or production 430
648648 to attract advantageous business op portunities. 431
649649 (i) Benefit the environment in addition to the economy. 432
650650 (j) Provide outcome measures for programs of excellence 433
651651 support, including terms of intent and metrics. 434
652652 (k) Partner with K-20 educational institutions or school 435
653653 districts located wi thin gaming concentrated counties. 436
654654 (l) Partner with convention and visitor bureaus, tourist 437
655655 development councils, or chambers of commerce located within 438
656656 gaming concentrated counties. 439
657657 (3) Prospect Del Vista, Inc., may make awards as 440
658658 applications are rec eived or may establish application periods 441
659659 for selection. Awards may not be used to finance 100 percent of 442
660660 any project or program. Prospect Del Vista, Inc., may require a 443
661661 one-to-one private-sector match or higher for an award, if 444
662662 applicable and deemed prud ent by the board of directors. An 445
663663 awardee may not receive all of the earnings or available 446
664664 principal in any given year. 447
665665 (4) A contract executed by Prospect Del Vista, Inc., with 448
666666 an awardee must include provisions requiring a performance 449
667667 report on the contracted activities, must account for the proper 450
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676676 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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680680 use of funds provided under the contract, and must include 451
681681 provisions for recovery of awards in the event the award was 452
682682 based upon fraudulent information or the awardee does not meet 453
683683 the performance requireme nts of the award. Awardees must 454
684684 regularly report to Prospect Del Vista, Inc., the status of the 455
685685 project or program on a schedule determined by the corporation. 456
686686 Section 9. Section 288.409, Florida Statutes, is created 457
687687 to read: 458
688688 288.409 Gaming concentra ted county audits.— 459
689689 (1) The scope of a financial audit conducted pursuant to 460
690690 s. 218.39 shall include any funds awarded under s. 288.408. The 461
691691 scope of review includes, but is not limited to, compliance with 462
692692 state laws related to the receipt and expenditure of such funds. 463
693693 (2) Every 2 years, the Auditor General shall conduct an 464
694694 operational audit as defined in s. 11.45 of a local government 465
695695 entity's funds awarded under s. 288.408 to evaluate the local 466
696696 government entity's performance in administeri ng laws, policies, 467
697697 and procedures governing the expenditure of funds awarded under 468
698698 s. 288.408 in an efficient and effective manner. The scope of 469
699699 review includes, but is not limited to, evaluating internal 470
700700 controls, internal audit functions, reporting and p erformance 471
701701 requirements required for use of the funds, and compliance with 472
702702 state law. The audit shall include any funds the local 473
703703 government entity receives or expends which were awarded under 474
704704 s. 288.408. 475
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713713 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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717717 Section 10. This act shall take effect upon becoming a 476
718718 law. 477