Tampa Hillsborough Economic Development Corporation Endorses Governor Scott’s Proposed Reforms for Enterprise Florida

January 25, 2016

TAMPA, Fla. / (Jan. 25, 2016) / The Tampa Hillsborough Economic Development Corporation today announced its support for Governor Scott’s proposed reforms for Enterprise Florida, including the creation of the Florida Enterprise Fund.
“We believe that the creation of the Florida Enterprise Fund will ensure that we are able to invest in those projects that provide significant value to the state economy and allow Florida to remain competitive in retaining and attracting quality companies,” said Colleen Chappell, Chair of the Tampa Hillsborough EDC. “We stand with our partners Mayor Bob Buckhorn of the City of Tampa, Mayor Rick Lott of the City of Plant City, Mayor Frank Chillura of the City of Temple Terrace, and the Hillsborough County Board of County Commissioners in their support of Governor’s Scott’s proposed economic reforms.”
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 in their contract.
About the Tampa Hillsborough Economic Development Corporation:
The Tampa Hillsborough Economic Development Corporation is the lead economic development agency for Hillsborough County and the cities of Tampa, Plant City, and Temple Terrace. Established in 2009 as a partnership between the public sector and private corporate investors, the EDC works to develop and sustain a thriving local economy through the attraction, retention and expansion of high wage jobs and capital investment within targeted industry sectors. Working with C-level executives, site selection consultants, commercial real estate professionals, and other influential decision makers, the EDC provides customized, confidential relocation services to domestic and international companies interested in growing within Hillsborough County. Locally, the EDC helps existing businesses access the tools and resources they need to succeed, now and in the future.