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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 bill to be entitled 1
An act relating to aerospace innovation funding ; 2
amending s. 331.3051, F.S.; requiring Space Florida to 3
administer the International Aerospace Innovation 4
Fund; amending s. 331.310, F.S.; conforming a cross -5
reference; creating s. 331.372, F.S.; establishing the 6
International Aerospace Innovation Fund; providing the 7
purpose and duties of the fund; requiring Space 8
Florida to secure funding from certain sources; 9
requiring Space Florida to develop certain eligibility 10
criteria; providing requirements for such eligibility 11
criteria; requiring that funding be awarded in a 12
certain manner; requiring Space Florida to establish a 13
certain panel; requiring Space Florida to estab lish an 14
application process for projects seeking funding from 15
the fund; requiring Space Florida to identify and 16
establish certain partnerships; authorizing Space 17
Florida to negotiate and enter into bilateral 18
agreements for certain purposes; providing an 19
effective date. 20
21
Be It Enacted by the Legislature of the State of Florida: 22
23
Section 1. Present subsections (15) and (16) of section 24
331.3051, Florida Statutes, are redesignated as subsections (16) 25
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and (17), respectively, and a new subsection (15) i s added to 26
that section, to read: 27
331.3051 Duties of Space Florida. —Space Florida shall: 28
(15) Administer the International Aerospace Innovation 29
Fund established under s. 331.372. 30
Section 2. Paragraph (e) of subsection (2) of section 31
331.310, Florida Statutes, is amended to read: 32
331.310 Powers and duties of the board of directors. — 33
(2) The board of directors shall: 34
(e) Prepare an annual report of operations as a supplement 35
to the annual report required under s. 331.3051(17) s. 36
331.3051(16). The report must include, but not be limited to, a 37
balance sheet, an income statement, a statement of changes in 38
financial position, a reconciliation of changes in equity 39
accounts, a summary of significant accounting principles, the 40
auditor's report, a summar y of the status of existing and 41
proposed bonding projects, comments from management about the 42
year's business, and prospects for the next year. 43
Section 3. Section 331.372, Florida Statutes, is created 44
to read: 45
331.372 International Aerospace Innovati on Fund.— 46
(1) The International Aerospace Innovation Fund is 47
established to accelerate global aerospace innovation by funding 48
collaborative research and development projects, workforce 49
development initiatives, and commercialization efforts. The 50
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International Aerospace Innovation Fund shall be administered by 51
Space Florida. 52
(2) The International Aerospace Innovation Fund shall: 53
(a) Develop partnerships between Florida -based aerospace 54
companies and international aerospace companies. 55
(b) Drive innovation in critical technology areas, such as 56
space exploration, advanced manufacturing, and space 57
infrastructure. 58
(c) Attract global investment in this state's aerospace 59
ecosystem. 60
(3) Space Florida shall secure funding for the 61
International Aerosp ace Innovation Fund. Funding may be received 62
from: 63
(a) The state, in the form of direct appropriations to 64
Space Florida for purposes of the International Aerospace 65
Innovation Fund, investment by the Florida Opportunity Fund, and 66
any other investment, loa n, or grant funds for which projects of 67
the International Aerospace Innovation Fund qualify. 68
(b) Private sector investments. Space Florida may solicit 69
matching funds from and partner with private aerospace companies 70
and venture capital funds. 71
(c) International contributions. To the extent permitted 72
under state law, Space Florida may collaborate with foreign 73
space agencies or innovation authorities to co -fund 74
International Aerospace Innovation Fund projects. 75
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(4)(a) Space Florida shall develop eligibili ty criteria 76
for projects that may be funded by the International Aerospace 77
Innovation Fund. The eligibility criteria must include, but are 78
not limited to, all of the following: 79
1. The project must involve at least one aerospace company 80
or organization that is based in this state. 81
2. The project must be a partnership that involves at 82
least one of the following: 83
a. An international aerospace company. 84
b. A university. 85
c. A space agency. 86
3. The project must be intended, and have demonstrated 87
potential, for commercialization. 88
(b) Funding must be competitively awarded to eligible 89
projects based on merit. Space Florida shall establish a panel 90
of international aerospace experts to evaluate and recommend 91
projects. 92
(c) Space Florida shall establish an application process 93
for projects seeking funding by the International Aerospace 94
Innovation Fund. 95
(5) Space Florida shall identify and establish 96
partnerships, to the extent possible, with countries that have 97
robust aerospace sectors. 98
(6) Space Florida m ay negotiate and enter into bilateral 99
agreements for the purposes of this section, which may include, 100
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but are not limited to, the establishment of co -funding 101
commitments, intellectual property rights, and collaboration 102
terms. 103
Section 4. This act shall take effect July 1, 2025. 104