How Enterprise Florida’s proposed new $250M fund will create more jobs

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As news gets around that Enterprise Florida Inc. is running short of cash to close corporate relocation deals, the agency is making a move to stay competitive with a proposed new multimillion-dollar fund.

Florida’s business recruitment agency wants the 2016 state Legislature to approve a $250 million Florida Enterprise Fund which could fix the state’s nearly bankrupt Quick Action Closing fund. Gov. Rick Scott announced at Enterprise Florida’s board meeting in Orlando on Oct. 22, that he also will ask the Legislature to approve four major reforms to build Florida’s competitiveness with other states such as New York and Texas.

“Enterprise Florida Inc.’s toolkit was significantly underfunded this year and we will run out of funding for new job commitments before the end of the fiscal year,” said Scott in a prepared statement. “Meanwhile, our competition for job projects has plenty of funding. New York: $150 million; Texas: $90 million; South Carolina: $58 million; Georgia: $46 million; and Arizona: $20 million.”