Bill > S1112

This bill proposes several key provisions: 1. Requiring the Department of Economic Opportunity (DEO) to retain any state funds appropriated for programs under Chapter 288 (economic development programs) until performance requirements for incentives under contract or law are submitted and verified by the DEO. 2. Requiring the DEO to return to the State Treasury all unexpended funds held by any entity pursuant to a contract for the Quick Action Closing Fund (a program that provides incentives to certain businesses) as of June 30, 2017. 3. Creating the Quick Action Closing Fund Escrow Account within the State Economic Enhancement and Development Trust Fund to hold the returned unexpended funds, which can be used to make payments for projects authorized under the Quick Action Closing Fund or to transfer funds back to the State Economic Enhancement and Development Trust Fund if the associated agreements or contracts have been terminated, expired, or the applicant has not met performance conditions. 4. Requiring the DEO to provide the Legislature with annual lists of potential and actual claims for payment under various economic development programs. 5. Specifying that the Quick Action Closing Fund Escrow Account funds must be managed to generate maximum interest earnings, and that the interest earnings must be transferred to the State Economic Enhancement and Development Trust Fund on a quarterly basis. The bill aims to improve oversight and accountability in the administration of the state's economic development programs.

Business and Industry

http://www.flsenate.gov/Session/Bill/2017/1112