On Friday, Nov. 13, Plant City Mayor Rick Lott released a letter expressing his support of Florida Governor Rick Scott’s (R) proposal to create the Florida Enterprise Fund.
The goal of the Florida Enterprise Fund is to improve the economic development process at Florida Enterprise.
“Enterprise Florida has been integral to creating jobs in our community,” Lott said in the letter. “These reforms will continue to diversify our local economy, empower small businesses and create even more great jobs.”
Gov. Scott’s proposal includes creating a new $250 million competitive fund called The Florida Enterprise Fund. The fund would be made a state trust fund, and would replace the existing escrow account to allow the state’s investment to accrue more interest.
Additionally, the Legislature’s role in competing for job creation projects would increase by requiring that any deal over $1 million would have the approval of the Speaker of the House, the Senate President and the Governor.
The fund also would reform the return on investment requirements by eliminating the use of waivers, and requiring a 10% annualized return on top of the original amount that was invested in the company. The fund would streamline the state’s approval process while ensuring that no tax dollars would leave the state trust fund. Dollars would only leave the state trust fund when a company meets the specific job creation goals outlined in its contract.
Contact Emily Topper at etopper@plantcityobserver.com.