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Florida Economic Development Program Evaluations – Year 8 EXECUTIVE SUMMARY

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Florida Economic Development Program Evaluations – Year 8 EXECUTIVE SUMMARY Florida Economic Development Program Evaluations– Year 8 Report 20-08 December 2020 TABLE OF CONTENTS Table of Contents ......................................................................................................................................................................... i Executive Summary ................................................................................................................................................................. iii Chapter 1........................................................................................................................................................................................ 1 Film and Entertainment Industry Financial Incentives Programs .................................................................... 1 Background ................................................................................................................................................................................... 1 Florida Film and Entertainment Industry Incentives ........................................................................................ 2 Incentive Funding ............................................................................................................................................................. 3 Findings .......................................................................................................................................................................................... 4 Television Series Received the Majority of Tax Credits; Most Projects Were Located in Southeast Florida ........................................................................................................................................................................................ 4 Incentive Recipients Reported Creating Jobs, but Employment Decreased Over the Review Period . 5 Entertainment Industry Stakeholders Are Satisfied With OFE Services but Suggest More Statewide Marketing and Incentives ................................................................................................................................................... 6 Appendix A .................................................................................................................................................................................... 8 Film and Entertainment Industry Codes ...................................................................................................................... 8 Appendix B .................................................................................................................................................................................... 9 Film and Entertainment Industry Analyses ................................................................................................................ 9 Location Quotient ............................................................................................................................................................. 9 Shift-Share Analysis ...................................................................................................................................................... 10 Chapter 2..................................................................................................................................................................................... 11 Visit Florida ........................................................................................................................................................................... 11 Background ................................................................................................................................................................................ 11 Visit Florida ........................................................................................................................................................................... 12 VISIT FLORIDA depends primarily on state funds to support its operations; recently, it has made several changes to address funding decreases and COVID-19 .................................................................... 13 Findings ....................................................................................................................................................................................... 16 During the review period, VISIT FLORIDA expanded services and changed some performance measures ................................................................................................................................................................................ 16 VISIT FLORIDA partners who retained their membership over time express support for its services .................................................................................................................................................................................................... 20 Appendix A ................................................................................................................................................................................. 22 Tourism Industry Analysis ............................................................................................................................................. 22 i Appendix B ................................................................................................................................................................................. 25 VISIT FLORIDA Administered Four Grant Programs for Industry Stakeholders and Partners .......... 25 Chapter 3..................................................................................................................................................................................... 27 Florida Sports Foundation and Professional Sports Facility Funding ........................................................... 27 Introduction............................................................................................................................................................................... 27 Florida Sports Foundation ................................................................................................................................................... 29 Background ........................................................................................................................................................................... 29 Findings .................................................................................................................................................................................. 33 The foundation is meeting performance goals, and industry partners are generally satisfied; stakeholders suggest improvements to grant application and economic impact calculation processes ........................................................................................................................................................................... 33 Florida Professional Sports Incentives ........................................................................................................................... 35 Background ........................................................................................................................................................................... 35 Certification and Funding ........................................................................................................................................... 35 Statutory Requirements .............................................................................................................................................. 37 Findings .................................................................................................................................................................................. 39 Professional sports franchises value state funding for facilities; additional accountability mechanisms are needed to ensure compliance with statutory requirements ...................................... 39 Appendix A ................................................................................................................................................................................. 41 Sports Industry Analyses ................................................................................................................................................. 41 Location Quotient Analysis ........................................................................................................................................ 41 Shift-Share Analysis ...................................................................................................................................................... 41 Appendix B ................................................................................................................................................................................. 43 Professional Sports Facility Certification Criteria ................................................................................................. 43 Appendix C ................................................................................................................................................................................. 47 State Funding Payment Schedules and Lease Terms for Professional Sports Facilities ........................ 47 Agency Responses ..................................................................................................................................................................
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