enate Bill 622 grants the immediate use of us$ 250 million, already on hand, and secures an addition us$ 1.2 billion in revenue during the first five years. “Over the last three years, my administration has in good faith negotiated with the Seminole Tribe of Florida with the goal of gaining much-needed dollars for Florida’s students and schools,” Governor Crist said. “It is my hope that these funds will enable the State of Florida to invest in the future of Florida’s children. I am grateful for the good work of Chairman Bill Galvano, Senator Dennis Jones, President Jeff Atwater, and the Florida Legislature for ratifying this important compact.”
A compact on behalf of the State of Florida with the Seminole Tribe of Florida is worth at least us$ 1 billion over the next five years, for the purpose of authorizing Class III gaming on tribal lands within the State.
During the ceremonial signing, the governor urged the Legislature to use the compact funds to continue funding education. After five years, the Legislature will revisit the terms of the revenue sharing.
Highlights of the compact include: us$ 150 million annual minimum payment beginning on effective date of compact. Minimum Payments: At least us$ 1 billion over the next five years of the compact.
“The signed compact creates many opportunities, like the opportunity for new jobs, the opportunity to improve schools and the opportunity for a stable financial future. We thank Governor Crist for helping us to make these opportunities possible,” said Mitchell Cypress, chairman of the Seminole Tribe of Florida.
“This compact is a very positive solution to a 20-year conversation and it will yield more than us$ 1 billion dollars for the citizens of Florida over the next five years,” added Representative Bill Galvano.
“Today is a historical day for Florida. It marks the end of decades of discussions and negotiations between the Sovereign Seminole Nation and the State of Florida. I thank Governor Crist, Senator Dennis Jones and Representative Bill Galvano for their dedicated work to balance and protect the rights of the Seminole Nation and the people of Florida,” said Senate President Jeff Atwater.