Governor’s plan for Enterprise Florida receives mayor’s support

Today St Augustine ­­Mayor Nancy Shaver announced her support to Historic City News for Governor Scott’s proposed reforms for Enterprise Florida; including the creation of the Florida Enterprise Fund.

Shaver said she was impressed with the buy-in by small businesses and mid-sized local businesses as well as the attention paid to holding recipients of trust fund dollars accountable to make good on the promises made in their applications for those funds.

“I’m proud to fully support Governor Scott’s proposal to create the Florida Enterprise Fund and improve the economic development process at Enterprise Florida,” Mayor Shaver told local reporters at Historic City News this afternoon.  “Enterprise Florida has been integral to creating jobs outside the tourism industry in our community.  This is another tool to help us diversify our local economy, creating even more great jobs.”

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.

Governor Scott says that Florida is on a mission to be the global leader for jobs, but to do that, we must improve the current incentive process and fully fund Enterprise Florida.

“If we don’t have the resources, we won’t be able to continue recruiting job creators and helping existing Florida businesses expand,” the Governor told Historic City News.  “I’m confident that with your support we will get these important reforms in place and diversify our economy by creating more jobs for families in high-growth areas.”

You can voice your support for these reforms when you visit www.enterpriseflorida.com/contactyourlegislator