Tampa Bay Black Business Investment Corporation; The Department issued a declaratory statement applying section 288.7102, Florida Statutes, to the set of circumstances raised by TBBBIC in their petition and determined 1) TBBBIC is required to ...

 

DEPARTMENT OF ECONOMIC OPPORTUNITY

Division of Community Development

NOTICE IS HEREBY GIVEN that Department of Economic Opportunity Division of Community Development has issued an order disposing of the petition for declaratory statement filed by Tampa Bay Black Business Investment Corporation on May 31, 2013. The following is a summary of the agency's disposition of the petition:

The Department issued a declaratory statement applying Section 288.7102, Florida Statutes, to the set of circumstances raised by TBBBIC in their petition and determined 1) TBBBIC is required to provide the Department with restated financial statements or any resulting clarification letters and addendums to its prior financial statements because they were incomplete upon prior submission; 2) TBBBIC must classify as restricted State funds all appropriated funds loaned by and repaid to them under the Black Business Loan Program; and 3) TBBBIC is entitled to a reasonable profit under the Black Business Loan Program as a component of the direct administrative costs, which are limited to the 12 percent authorized by Section 288.7102(8)(c), Florida Statutes, and TBBBIC may not retain late fees, collection fees, and interest charges as its reasonable profit. The final order was filed on August 27, 2013 and assigned Final Order No. DEO-13-085.

A copy of the Order Disposing of the Petition for Declaratory Statement may be obtained by contacting: James W. Bellflower, Agency Clerk, Department of Economic Opportunity, 107 E. Madison Street, MS 110, Tallahassee, Florida 32399 or telephone [phone].