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The original item was published from 12/15/2015 10:31:00 AM to 12/15/2015 10:38:32 AM.

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Office of the Mayor

Posted on: November 20, 2015

[ARCHIVED] Hayward endorses Governor Scott’s proposed reforms for Enterprise Florida

Today Mayor Ashton Hayward announced his support for Governor Scott’s proposed reforms for Enterprise Florida, including the creation of the Florida Enterprise Fund.

Hayward said, “I’m proud to fully support the proposal to create the Florida Enterprise Fund and improve the economic development process at Enterprise Florida. Enterprise Florida has been integral to creating jobs and expanding opportunities in our community. These reforms will continue to diversify our local economy, empower our small businesses, and create even more great jobs in Northwest Florida.”

The proposed economic reforms which have been endorsed by the Enterprise Florida Executive Board 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 in their contract.

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