TALLAHASSEE - While Gov. Jeb Bush's proposal to spend millions to lure a biotech institute to South Florida appears headed for passage, another plan to give him control of $190-million to close other big economic development deals was in doubt Wednesday.
Bush envisions the creation of a "megafund" to lure major corporations to Florida. He would tap the account quickly, without having to call lawmakers back for a special session to change the state budget. Bush says he needs control of such an account because there's often a short window when competing for major corporate moves.
But the Senate budget committee has other plans for much of the federal economic stimulus money Bush would put in the account. It voted Wednesday to spend some of it on a variety of other projects.
State economic development officials say they have as many as 10 major deals with companies looking to move that they might be able to close if they just had access to such an account.
But no bill to create the megafund is moving, and several lawmakers have said that at most they're likely to pass a scaled-down version. The Senate Appropriations Committee on Wednesday voted to spend $40-million of the money Bush envisioned going to the fund on other projects.
That included $10-million for upgrades at the National High Magnetic Field Laboratory at Florida State University, to help ensure that the prestigious research facility doesn't get wooed away to another state.
The committee also voted to spend $10-million for incentives to lure entertainment industry projects and $5-million for trying to keep military bases from closing.
The megafund idea "had a lot of uncertainty to it," said Senate Appropriations Chairman Ken Pruitt, R-Port St. Lucie.
Pruitt said the money would be better spent on "tried and true" economic development projects and that if any of the companies needing major incentive packages were "ready to sign on the dotted line," then legislators would be back for committees in November.
The governor's office wasn't giving up on the proposal.
"The situation's still evolving," said Bush spokeswoman Alia Faraj.
