The bill amends section 163.360 of the Florida Statutes to enhance the capabilities of community redevelopment agencies in utilizing tax increment financing funds. Specifically, it allows these agencies to use up to 20 percent of such funds for various business support services as part of their approved community redevelopment plans. This includes provisions for rent assistance for small businesses, professional training, recruitment and retention efforts, direct loans, program development to attract new businesses, and emergency grants for small businesses during declared emergencies.

Additionally, the bill modifies the language regarding the approval of community redevelopment plans, changing the phrasing from "shall be deemed" to "is deemed" to clarify the immediate effect of such approvals. The act is set to take effect on July 1, 2025, thereby providing community redevelopment agencies with new tools to support local businesses and stimulate economic growth within their designated areas.

Statutes affected:
H 363 Filed: 163.360