Gov. Charlie Crist announced a $307.5 million economic incentive budget proposal for fiscal year 2010-2011 Thursday. Crist made the presentation during the annual meeting of the Enterprise Florida Inc. board of directors, which he chairs.
Crist’s recommended budget focuses on fostering the state’s innovation economy, ensuring a competitive business climate, building its work force and establishing the state as a global trade hub.
“The successes we are seeing in Florida’s biotechnology business hub show us that we must continue our efforts to attract and retain companies in Florida’s innovation sectors,” Crist said in a release. “Florida’s business friendliness, talented work force, beautiful environment and pleasant climate make the Sunshine State an excellent location for companies seeking to grow economic opportunities.”
Under Crist’s planned incentives, the state’s commercial space launch would receive $32.6 million.
About $20 million would be directed to Space Florida to fund business recruitment activities, including $10 million in financing and investment funds for job retention and business expansion.
Another $3 million would be designated to provide assistance to emerging space businesses, and $3.2 million would support work force development programs and technical training initiatives.
In addition, Crist recommended $12.6 million for development and management of space business facilities that would create high-technology, high-wage jobs, the release said. This would enable Space Florida to invest in a technology and commerce park utilizing the state’s space assets. It would also provide funding to refurbish of Launch Complex 46 to promote commercial use and renovate facilities to attract more businesses and foster growth within the aerospace industry.
Crist’s plan also designates $100 million to the Innovation Incentive Program. This program aims to attract research institutes and companies that have fostered economic activity in innovation. Seven institutes currently participate and have already created more than 400 new high-tech, high-wage jobs, the release said.
The recommended budget would also give $25 million to the Quick Action Closing Fund, which enables the state to compete for projects involving significant capital investment and high-wage job creation.
About $15 million of the state’s budget would go to the Institute for Commercialization of Public Research. The institute functions as a showcase for technologies and products developed by public supported organizations statewide. It pairs projects with interested investors, entrepreneurs and corporate partners to promote their development.
The film and entertainment industry would receive $15 million under Crist’s budget recommendations. A recent independent showed that the industry generated $17.9 million in gross state product in 2007 and a total statewide fiscal impact of $29 billion, the release said.