April 20, 2010 – The Transocean offshore oil rig, Deepwater Horizon, under the operation of BP, explodes in the Gulf of Mexico killing eleven crew members and causing an estimated 4.9 million barrels of crude oil to spill into the open waters approximately 45 miles south of the Louisiana coast. A state of emergency is issued by the Florida Governor as a result of the spreading oil spill.
July 15, 2010 – Deepwater Horizon is finally capped.
May 6, 2011 – Florida Legislature passes HB 2156, creating s. 377.43, F.S., to begin to address the economic and environmental damages resulting from the oil spill. The original legislation ensures that 75 percent of funds received by the state from any governmental or private entity for damages caused by the Deepwater Horizon oil spill are to be used for the benefit of the eight counties disproportionately affected by the oil spill. Those counties are identified as Bay, Escambia, Franklin, Gulf, Okaloosa, Santa Rosa, Walton and Wakulla. The Department of Economic Opportunity (DEO) is designated as the lead agency for expending funds directed to economic incentives and diversification efforts.
June 14, 2011 – SB 2156 signed into law by Governor.
July 6, 2012 – President Obama signs into law the Resources and Ecosystems Sustainability, Tourist Opportunities, and Revived Economies of the Gulf Coast States Act of 2012 (RESTORE Act) in an effort to provide a mechanism for funding restoration of the affected areas of the Gulf Coast region. The five states eligible for assistance were identified as Alabama, Florida, Louisiana, Mississippi and Texas.
May 1, 2013 – The legislature passes House Bill 7007, creating the “Gulf Coast Economic Corridor Act” to provide a long-term source of funding for economic recovery from the oil spill. The act creates Triumph Gulf Coast, Inc., a non-profit corporation, as a mechanism to disburse the economic recovery funds to the eight disproportionately affected counties.
The five original members of the board of Triumph Gulf Coast are appointed by the Governor, Attorney General, Chief Financial Officer, President of the Senate and Speaker of the House of Representatives.
May 17, 2013 – HB 7007 signed into law by Governor.
May 2, 2014 – Committee Substitute/House Bill 7023 amends Gulf Coast Economic Corridor Act to change effective dates of originally appointed board members to the date that funds are appropriated to Triumph Gulf Coast, Inc., by the legislature.
June 20, 2014 – CS/HB 7023 signed into law by Governor.
August 18, 2015 – Original appointees to Triumph Gulf Coast Board hold first unofficial public meeting
October 28, 2015 – Original appointees hold unofficial public meeting
March 17, 2016 – Original appointees hold unofficial public meeting
April 4, 2016 – The Gulf States, federal government and BP enter into a Consent Decree, “In re: Oil Spill by the Oil Rig “Deepwater Horizon” in the Gulf of Mexico on April 20, 2010” (no. 2179, M.D.L, document no. 15), that awards civil and criminal penalties in the amount of $20.8 billion to the United States and the five Gulf States to be paid by parties responsible for the oil spill.
In a separate agreement, BP agrees to pay a total of $4.9 billion to the five Gulf States and up to $1 billion to local government entities for economic damage claims related to the Deepwater Horizon incident.
July 2016 – Attorney General Pam Bondi receives first settlement payment from BP in the amount of $400 million.
September 14, 2016 – Original appointees hold unofficial public meeting
May 2, 2017 – Legislature passes House Bill 7077 and House Bill 7079, substantially amending the original Gulf Coast Economic Corridor Act, adding two new members to the board, providing that each of the eight counties will receive a minimum of 5 percent of the appropriated funds, and changing the criteria and prioritization requirements for proposed project awards. HB 7079 creates a trust fund in the DEO for the purpose of accepting the settlement funds for transfer to Triumph Gulf Coast, Inc.
May 22, 2017 – Original appointees hold unofficial public meeting to take necessary actions in preparation for filing Articles of Incorporation.
June 2, 2017 – Governor signs the bills into law.
June 5, 2017 – Triumph Gulf Coast, Inc., files Articles of Incorporation with the Florida Secretary of State.
June 14, 2017 – Original Triumph Gulf Coast, Inc., Board members meet to take necessary actions to receive appropriated funds and transfer them to investment accounts.
June 21, 2017 – Triumph Gulf Coast, Inc., receives $300 million from the State of Florida.
June 30, 2017 – President of the Senate and Speaker of the House of Representatives appoint two new members to the board, representing counties with smaller populations.
July 13, 2017 – Triumph Gulf Coast, Inc., holds its first public meeting as a fully constituted corporation.