News Summary
Florida’s Enterprise Florida is set to dissolve on Sunday as part of new legislation passed in 2024. Responsibilities will shift to the Florida Department of Commerce, with a new non-profit, Select Florida, taking on international business recruitment. This transition aims to streamline operations, laying a foundation for future economic initiatives in the state. The dissolution comes amid scrutiny over the agency’s business incentives, and funding has been allocated to ensure the success of Select Florida. As the state adapts, local support for small businesses is vital during this period of change.
Exciting Changes Ahead for Florida: Enterprise Florida to Dissolve!
In the sunshine state of Florida, some big changes are coming to the landscape of economic development. The Enterprise Florida Executive Committee has officially approved the dissolution of the agency’s board, and this change will take effect this Sunday! This decision hasn’t come out of the blue; it’s part of a new legislation (HB 5) passed by the Florida Legislature back in spring 2024.
The Shift of Responsibilities
So, what does this mean for the people of Florida? For starters, many responsibilities that used to fall under Enterprise Florida will now transition to the Florida Department of Commerce. This is all aimed at streamlining operations and clearing the way for new initiatives.
But that’s not all! A brand-new non-profit organization called Select Florida is making its debut. This organization is set to take over the task of bringing international business recruitment to the forefront, ensuring that Florida remains a vibrant arena for global commerce.
Transition with a Smile
Enterprise Florida President Laura DiBella gave a nod to the smooth transition and couldn’t say enough about the incredible dedication shown by the staff during this change. The staff isn’t just sitting idle—they are currently juggling their old responsibilities while stepping up to take on brand-new roles as this transition unfolds.
Scrutiny and Legislation
Let’s talk about the elephant in the room. Since 2017, Enterprise Florida has faced its fair share of scrutiny, especially after some state House leaders deemed its business incentives as “corporate welfare.” With the legislation signed by Governor Ron DeSantis at the end of May, the plan is to fully liquidate Enterprise Florida by December 1. This includes transferring contracts and data for over 20 programs to the Department of Commerce.
Funding for the Future
The new non-profit, Select Florida, isn’t just all talk. The law has allocated a whopping $5 million to ensure it gets off on the right foot. Operations for this fresh entity will kick off in October with plans to hire around 15 staff members, including at least 13 who are already familiar faces from Enterprise Florida. DiBella is expected to remain involved in a part-time capacity at Select Florida as well!
Financial Snapshot
Looking at the financials, Enterprise Florida has generated approximately $400,000 in revenue that’s currently resting in a trust, patiently waiting for Select Florida to set up shop. On the other hand, the agency has spent about $7.6 million in 2024 alone, with a significant portion of that—$5 million—earmarked to assist the Florida Sports Foundation in preparation for the upcoming 2026 FIFA World Cup in Miami.
Speaking of the World Cup, this major event is expected to create more than 100 jobs in Coral Gables, moving essential positions related to legal and compliance services from Switzerland right to Florida. With events like the Firestone Grand Prix of St. Petersburg projected to generate over $60 million in revenue, the excitement is palpable!
Can I Get a Strong Economy?
Meanwhile, let’s shine a light on Tallahassee and Leon County, which recently snagged a title as home to the “Strongest Economy in the Nation” according to Area Development Magazine. Recognizing the fruits of job growth, GDP expansion, and lower unemployment rates, these areas are leveraging resources from top institutions like Florida State University, Florida A&M University, and Tallahassee Community College for workforce development.
Adapting and Thriving
As small businesses in the region explore new avenues and some even transition to entirely new ventures, local support is stepping up. Resources like the Small Business Development Center at FAMU are being tapped to help entrepreneurs adapt and thrive during these times of change.
In summary, as Enterprise Florida embarks on this dissolution journey, the future shines bright with opportunities for Florida’s economy. With initiatives like Select Florida taking flight, there’s a sense of optimistic energy buzzing in the air. The Sunshine State is ready to welcome a new chapter!
Deeper Dive: News & Info About This Topic
- Tallahassee Opinion
- Columbia County Observer
- WTXL News
- Florida Politics
- Action News Jax
- Wikipedia: Tallahassee
- Google Search: Florida Economy 2024
- Google Scholar: Enterprise Florida Legislation
- Encyclopedia Britannica: Economic Development in Florida
- Google News: Florida News
