Legislature Approves Sports Stadium Funding Bill
By Daytona International Speedway Communications // May 2, 2014
TALLAHASSEE, FLORIDA– Today, the Florida Legislature approved House Bill 7095, recommending the bill be signed by Gov. Rick Scott.
The bill establishes a process by which sports franchises are able to apply to receive sales tax refunds from the state based on the amount of sales tax generated by the facility. Daytona International Speedway’s DAYTONA Rising project, a $400 million re-imagining of an American icon, is eligible for application under the bill to the Florida Department of Economic Opportunity.
“Today’s decision by the Florida Legislature makes evident that the State recognizes the tremendous value that DAYTONA Rising has and continues to deliver to our area. If signed, the legislation will set the framework to potentially provide additional capital for the project, allowing us to build upon the already massive economic benefits being generated in the region – from thousands of new jobs to millions of dollars in new tax revenues. We are proud of our efforts with DAYTONA Rising, and are especially grateful to all our local community supporters who rallied on our behalf to help keep these dollars in our community and region. We’re also grateful to the leaders in Tallahassee for their willingness to create a means by which to partner with us to build a better economic future together.”
“The Florida Legislature sent a clear message in favor of prudent economic growth today by setting up an equitable process for sports stadium projects to compete for funds that generate a return for our communities. We are thankful for their support, foresight and leadership, and look forward to the next step in the legislative process as the bill moves to the Governor’s office for signing. DAYTONA Rising is an unprecedented $400 million project that has already yielded significant economic benefits. If the bill is signed, DAYTONA Rising will stand as the model for a true private-public partnership with far-reaching advantages for Florida.”