Florida Economic Development Council (FEDC) Board Chair, Bob Swindell has announced his support for Governor Scott’s proposed reforms for Enterprise Florida, including the creation of the Florida Enterprise Fund.
Swindell said, “I support Governor Scott’s proposal to create the Florida Enterprise Fund to strengthen Florida’s ability to successfully compete for new high-wage jobs for Floridians. Leadership and support from Enterprise Florida has been integral for communities around the state to diversify our state’s economy.”
The Governor’s proposals endorsed by Enterprise Florida include:
- Creating a new $250 million competitive fund called the “Florida Enterprise Fund”
- Making the Florida Enterprise Fund a state trust fund to replace the existing escrow account to allow the state’s investment to accrue more interest
- Increasing the Legislature’s role in competing for job creation projects by requiring that any deal over $1 million have the approval of the Speaker of the House and the Senate President, as well as the Governor
- Reforming the return on investment requirements by eliminating the use of waivers and requiring a 10 percent annualized return on top of the original amount invested in a company
- Streamline the state’s approval process while continuing to ensure that NO tax dollars leave the state trust fund until a company meets specific job creation goals spelled out