FL S1622

Legislature intends to maximize economic development incentives to attract and retain businesses while ensuring the greatest return on investment through thorough scrutiny by economic professionals.

Department of Economic Opportunity must review all statutorily created economic development incentives and group them into classifications reflective of their nature.

Department must develop criteria for selecting independent third-party consultants with expertise in each incentive classification to review applications, monitor contracts, and recommend enforcement actions for non-compliance.

Department shall recommend statutory changes to the Legislature by January 1, 2013, including transferring oversight of incentive programs from Enterprise Florida, Inc. to the department and establishing an oversight board to manage third-party consultants.

Recommendations must include criteria to classify incentives, prevent duplication of awards, and establish procedures for consultant selection and oversight processes.