The bill amends existing legislation regarding the Jacksonville Aviation Authority, specifically focusing on its responsibilities and operational definitions. It establishes that the Authority is responsible for the economic development of Cecil Airport, aiming to position it as a regional, state, and national hub for the aerospace and related industries. The bill defines "aerospace and related industry" to encompass various activities related to aircraft and spacecraft, and it revises the definition of "project" to include aerospace-related facilities. Additionally, the bill mandates that the Authority present an annual economic development plan for Cecil Airport to the Jacksonville City Council for review.

Furthermore, the bill updates the financial thresholds for certain purchases made by the Authority, replacing the previous fixed amounts with new CATEGORY thresholds as defined in section 287.017 of Florida Statutes. This change allows for adjustments in line with inflation or other economic factors. The Authority is also required to submit its budget and the economic development plan simultaneously to the City Council, ensuring that both documents are reviewed concurrently. Overall, the bill aims to enhance the operational framework of the Jacksonville Aviation Authority while promoting economic growth in the aerospace sector.