FL H1125

Creates Prospect Del Vista, Inc., a nonprofit corporation (not a state government entity) to manage an investment fund for economic development in "gaming concentrated counties" — defined as counties with five or more operating Florida licensed pari-mutuel permitholders.

Funds the investment fund from General Revenue in an amount equal to the difference in slot machine revenue tax collected from all licensed pari-mutuel facilities in the year immediately before and each subsequent year after a county becomes a gaming concentrated county; administrative costs are capped at 2.25% of annual earnings.

Establishes a five-member board of directors appointed by the Governor (1 member), Senate President (2 members), and House Speaker (2 members), serving staggered 4-year terms with initial appointments due by November 15, 2024; board members are subject to ethics, financial disclosure, and a 2-year post-service conflict-of-interest restriction, with first-degree misdemeanor penalties for violations.

Authorizes awards for ad valorem tax reduction, impact fee payments, economic development projects, infrastructure improvements, K-20 education programs of excellence, disaster response grants, tourism promotion, and seed-stage investments in start-up companies within gaming concentrated counties; no single awardee may receive all available earnings or principal in a given year, and awards may not finance 100% of any project.

Requires biannual reports to the Governor and Legislature, annual audits by both an independent CPA and the Auditor General, and biennial operational audits of local government entities receiving award funds.