Florida Senate - 2007 PROPOSED COMMITTEE SUBSTITUTE
Bill No. CS for SB 544
Barcode 202534
606-2455B-07
Proposed Committee Substitute by the Committee on
Transportation and Economic Development Appropriations
1 A bill to be entitled
2 An act relating to economic development;
3 creating the Economic Development for the
4 Greater Tampa Bay, the Greater Orlando, and the
5 Greater Miami-Dade County Areas Act; providing
6 legislative findings; providing definitions;
7 providing criteria for the Office of Tourism,
8 Trade, and Economic Development to certify
9 three new professional sports franchise
10 facilities; providing appropriations for local
11 units of government for facilities for the
12 benefit of the Tampa Bay Lightning, the Orlando
13 Magic, and the Florida Marlins; providing an
14 effective date.
15
16 Be It Enacted by the Legislature of the State of Florida:
17
18 Section 1. Economic Development for the Greater Tampa
19 Bay, the Greater Orlando, and the Greater Miami-Dade County
20 Areas.--
21 (1) This act may be cited as the "Economic Development
22 for the Greater Tampa Bay, the Greater Orlando, and the
23 Greater Miami-Dade County Areas Act."
24 (2) The Legislature finds that professional sports
25 franchises and their ancillary operations represent
26 nonpolluting, fair-wage economic development for this state;
27 promote and attract tourism and recreation to the state;
28 improve the prosperity of the state and the local communities
29 where the franchises are located, both directly from the
30 franchises' operations and indirectly from related business
31 development surrounding sports facilities; and create a sense
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Florida Senate - 2007 PROPOSED COMMITTEE SUBSTITUTE
Bill No. CS for SB 544
Barcode 202534
606-2455B-07
1 of pride, loyalty, and other intangible benefits to the
2 communities where the franchises are located, promoting a
3 higher quality of life for residents. The Legislature also
4 finds that while local communities should primarily bear the
5 responsibility for financing the facilities used by
6 professional sports franchises, the state as a whole also
7 receives a significant benefit from these franchises and thus
8 expending state funds on these facilities serves an
9 appropriate public purpose.
10 (3) As used in this section, the term:
11 (a) "Force majeure event" means a flood, fire or other
12 casualty, war, revolution, civil commotion, an act of a public
13 enemy, embargo, act of government in its sovereign capacity,
14 or labor difficulty, including, without limitation, a strike,
15 lockout, or any circumstance beyond the reasonable control of
16 the professional sports franchise affected.
17 (b) "League" has the same meaning as provided in s.
18 288.1162(4)(c), Florida Statutes.
19 (c) "Professional sports franchise" means a franchise
20 in the National League of Major League Baseball, the National
21 Basketball Association, or the National Hockey League.
22 (d) "Unit of local government" has the same meaning as
23 provided in s. 218.369, Florida Statutes.
24 (4) The Office of Tourism, Trade, and Economic
25 Development shall certify applicants for three professional
26 sports franchise facilities, which are eligible for a
27 one-time, lump-sum funding of nonrecurring general revenue in
28 the amount of $32.6 million each.
29 (5) Before certifying an applicant as a facility for a
30 professional sports franchise that is eligible for the funding
31 available under this section, the Office of Tourism, Trade,
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Florida Senate - 2007 PROPOSED COMMITTEE SUBSTITUTE
Bill No. CS for SB 544
Barcode 202534
606-2455B-07
1 and Economic Development must determine that:
2 (a) A unit of local government is responsible for the
3 construction, maintenance, or operation of the professional
4 sports franchise facility or holds title to or a leasehold
5 interest in the property on which the professional sports
6 franchise facility will be located;
7 (b) The person filing on behalf of the applicant is or
8 will be the owner or operator of the professional sports
9 franchise facility;
10 (c) The applicant has projections, verified by the
11 Office of Tourism, Trade, and Economic Development, which
12 demonstrate that the professional sports franchise will
13 attract a paid attendance of more than 300,000 annually;
14 (d) The applicant has an independent analysis or
15 study, verified by the Office of Tourism, Trade, and Economic
16 Development, which demonstrates that the amount of the
17 revenues generated by the taxes imposed under chapter 212,
18 Florida Statutes, with respect to the use and operation of the
19 professional sports franchise facility will equal or exceed $4
20 million annually;
21 (e) The municipality or county in which the facility
22 for a professional sports franchise is located has certified
23 by resolution after a public hearing that the application
24 serves a public purpose;
25 (f)1. The Office of Tourism, Trade, and Economic
26 Development has received a signed agreement for the benefit
27 of, and enforceable by, the Department of Revenue from the
28 applicant or current owner of the professional sports
29 franchise that formed the basis for the applicant's
30 certification pursuant to this section. This agreement must
31 guarantee that, if the professional sports franchise ceases
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Florida Senate - 2007 PROPOSED COMMITTEE SUBSTITUTE
Bill No. CS for SB 544
Barcode 202534
606-2455B-07
1 playing at least 90 percent of its home games in this state,
2 including preseason, regular season, and postseason games,
3 unless the cessation is a result of a force majeure event, the
4 guarantor will pay the Department of Revenue the difference,
5 if any, between the amount of state funds distributed pursuant
6 to this section and the total amount of the revenues generated
7 by the taxes imposed under chapter 212, Florida Statutes, with
8 respect to the use and operation of the certified facility
9 from the date the state funds were distributed to the
10 franchise pursuant to this section to the date the franchise
11 ceased playing the required home games in the facility
12 pursuant to this paragraph.
13 2. Within 60 days after the professional sports
14 franchise ceases playing at least 90 percent of its home games
15 in this state, the guarantor shall provide the Department of
16 Revenue with a contract issued by a person authorized to issue
17 such contracts in this state which will secure the guarantor's
18 obligation to make the payment provided in this paragraph. The
19 guarantee of the applicant or current owner of the
20 professional sports franchise shall be returned upon
21 substitution of the guarantee of any successor owner of the
22 applicant or professional sports franchise whose ownership has
23 been approved by the governing authority of the league in
24 which the professional sports franchise exists;
25 (g) The applicant for each facility to be used by the
26 professional sports franchises listed in this section has a
27 verified copy of a binding agreement with the applicable
28 professional sports franchise which requires the franchise to
29 pay any cost overruns associated with the facility; and
30 (h) The Office of Tourism, Trade, and Economic
31 Development has received evidence that funds totaling at least
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Florida Senate - 2007 PROPOSED COMMITTEE SUBSTITUTE
Bill No. CS for SB 544
Barcode 202534
606-2455B-07
1 $60 million in the aggregate for the construction or
2 improvement of the new facility have been contributed by one
3 or more of the municipalities in which the facility will be
4 located, by the county in which the facility for a
5 professional sports franchise will be located, or by the
6 applicant and owner of the professional sports franchise that
7 has served as an applicant's basis for certification under
8 this section or its affiliates.
9 (6) An applicant certified as a facility for a
10 professional sports franchise may use funds provided pursuant
11 to this section only:
12 (a) For the public purpose of paying for the
13 acquisition, construction, reconstruction, renovation, capital
14 improvement, or maintenance of the facility for a professional
15 sports franchise or any ancillary facilities that support the
16 operations of any such facility, such as parking structures;
17 convention facilities and meeting rooms; retail and concession
18 space; health, fitness, and training facilities; and youth and
19 amateur sports facilities;
20 (b) To pay or pledge for the payment of debt service
21 on, or fund debt service reserve funds, arbitrage rebate
22 obligations, or other amounts payable with respect to, bonds
23 or other indebtedness issued for the acquisition,
24 construction, reconstruction, renovation, or capital
25 improvement of the facility for a professional sports
26 franchise or ancillary facilities; or
27 (c) For reimbursement of costs for the refinancing of
28 bonds or other indebtedness, including the payment of any
29 interest and prepayment premium or penalty thereon, issued for
30 the acquisition, construction, reconstruction, renovation, or
31 capital improvement of the facility for a professional sports
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Florida Senate - 2007 PROPOSED COMMITTEE SUBSTITUTE
Bill No. CS for SB 544
Barcode 202534
606-2455B-07
1 franchise or ancillary facilities.
2 Section 2. (1) The nonrecurring sum of $32.6 million
3 is appropriated from the General Revenue Fund to the Office of
4 Tourism, Trade, and Economic Development for distribution,
5 upon the determination that the criteria set forth in this act
6 are met, to the unit of local government as defined in s.
7 218.369, Florida Statutes, which is responsible for the
8 construction, management, or operation of the professional
9 sports franchise facility or which holds title to the property
10 on which the facility is located for the purpose of
11 acquisition, construction, reconstruction, renovation, capital
12 improvement, or maintenance of the facility for the benefit of
13 the Tampa Bay Lightning.
14 (2) The nonrecurring sum of $32.6 million is
15 appropriated from the General Revenue Fund to the Office of
16 Tourism, Trade, and Economic Development for distribution,
17 upon the determination that the criteria set forth in this act
18 are met, to the unit of local government as defined in s.
19 218.369, Florida Statutes, which is responsible for the
20 construction, management, or operation of the professional
21 sports franchise facility or which holds title to the property
22 on which the facility is located for the purpose of
23 acquisition, construction, reconstruction, renovation, capital
24 improvement, or maintenance of the facility for the benefit of
25 the Orlando Magic.
26 (3) The nonrecurring sum of $32.6 million is
27 appropriated from the General Revenue Fund to the Office of
28 Tourism, Trade, and Economic Development for distribution,
29 upon the determination that the criteria set forth in this act
30 are met, to the unit of local government as defined in s.
31 218.369, Florida Statutes, which is responsible for the
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6:00 PM 04/15/07 s0544c1p-ta00-j03
Florida Senate - 2007 PROPOSED COMMITTEE SUBSTITUTE
Bill No. CS for SB 544
Barcode 202534
606-2455B-07
1 construction, management, or operation of the professional
2 sports franchise facility or which holds title to the property
3 on which the facility is located for the purpose of
4 acquisition, construction, reconstruction, renovation, capital
5 improvement, or maintenance of the facility for the benefit of
6 the Florida Marlins.
7 Section 3. This act shall take effect July 1, 2007.
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