About Us

Florida Development Finance Corporation (“FDFC”) is a state authorized issuer of industrial revenue bonds. FDFC issues bonds in counties throughout Florida through interlocal agreements. We support economic development by assisting for-profit and not-for-profit businesses with access to capital for project financing.  The primary mechanism for accessing the capital markets is tax-exempt and taxable bonds.


Getting to know FDFC

FDFC History 

FDFC Team Members

FDFC Conduit Issuance Policy


Board of Directors

Florida Development Finance Corp [FDFC] 



The FDFC was formed by the Florida Development Finance Corporation Act of 1993 and is designated as a state-wide, special development financing authority for economic development purposes. Its purpose is to assist new and existing businesses and organizations (for-profit and not-for-profit) with access to capital through financings that promote business activity, job creation, and an improved standard of living for the citizens of Florida.

The Florida Development Finance Corporation (“FDFC”) was conceived through the efforts of the Enterprise Florida Capital Partnership (“EFCP”), whereby the newly created Enterprise Florida (”EFI”) would be a public-private partnership to address the needs outlined in a report by the Florida Department of Commerce and the Florida Chamber of Commerce title “Cornerstone”. The goal was to create 200,000 jobs at higher than average wage levels.  The four main areas of focus would include i) the commercialization of university research and development, ii) job training, iii) access to capital (known as the “Capital Partnership”) and iv) distribution systems.


The Capital Partnership brought together key industry leaders to lead and secure funding regarding i) seed capital investment, ii) venture capital, iii) cost effective private placement offerings for small manufacturers, iv) debt-based financing, v) micro-business lending and vi) export-import financing.  The FDFC would address private placement offerings and debt-based financings.

The FDFC is governed by a Board of Directors (“FDFC Board” or the “Board”) that are appointed by the Executive Office of the Governor.  There are five (5) Director seats with three (3) reserved for bankers, one (1) for an economic development specialist and one (1) open seat. Each Director serves a 4-year staggered term. The day-to-day operation of the FDFC is overseen by the Executive Director. The administration of the FDFC was provided entirely by EFI staff until Board action in December 2015 provided that the FDFC would have its own staff dedicated 100% to the programs it provided.

The first meeting was held on February 5, 1994. On April 12, 1994, Orange County executed its first Interlocal Agreement. After finding an initial borrower on July 28, 1994, the FDFC began the bond validation process, which was completed on February 9, 1995.  The first bond issuance closed on May 23, 1997. Initial market research completed in 1992 indicated that the FDFC would complement the activities of the Florida commercial banking industry by providing access to loans for 10-15 years with fixed interest rates at a competitive price to good quality customers looking to borrow between $500,000 and $1,500,000.  Over time, the capital markets changed and the FDFC expanded the type of borrowers, lengthened the maturity date of its bonds and issued a variety of qualified bond projects. As of May 1, 2018, the FDFC has issued approximately $2.10 Billion in tax-exempt and taxable bonds for over 100 different Florida businesses through over 119 bond transactions.

 On January 15, 2014, the FDFC Board approved moving forward with a PACE program with multiple, third-party PACE Providers to provide a higher level of competition and serve as much of the state as possible.  The FDFC underwent the bond validation process shortly thereafter, which was completed on October 15, 2015 with a final judgement from the Supreme Court of Florida. The first R-PACE bond issuance closed on April 19, 2018.



Bill Spivey, Executive Director

  • Bill has served not only in the public and private sectors, but as an entrepreneur. In one of his companies, he was a financial advisor/facilitator for charter schools and developer bond financing. Another company focused on formulating a liquidity facility model to assist the money market fund industry. His fourteen (14) years of financing experience includes public finance and investments. As a Series 7 and 63 licensed investment banker, he assisted and led a variety of bond issuances, specializing in charter schools and community development district (developer) bonds. He also served as Vice President, Client Services Manager for a local government investment pool in Florida. Before finance, his thirteen (13) years as a city planner included working for the cities of Lake Mary and Sanford in Florida, as well as a private firm in Mississippi where he specialized in annexation feasibility studies, redistricting and geographic information system applications. He was also accredited with the American Institute of Certified Planners. Bill has been an adjunct professor with Emanuel University in Oradea, Romania teaching Entrepreneurship. He graduated from the University of North Carolina at Chapel Hill.

Jennifer Jenkins, Administrative Coordinator

  • Ms. Jenkins’ professional career began in the Association Management Industry where she worked her way up and became part of the Senior Management Team, serving as a Director for a 501(c)3 organization from 1995-2010.  Jennifer left that industry to assist running her family’s business and then entered the corporate world again in 2013 as an Office Manager.   She thoroughly enjoys being a strong support to Executive Leadership in her management roles and prides herself on outstanding customer service.  Jennifer graduated from Georgia Southern University with a Bachelor in Science in Early Childhood Education.  She identifies her most important and blessed role in her life as being a Mom to her two children, where they all reside in Orlando, Florida.

Angela Singleton, Bond Program Manager

Mildred Morales, IT/Database Director

Ryan Bartkus, PACE Program Director

  • Mr. Bartkus brings 13 years of experience in the mortgage underwriting business to provide oversight and management to the FDFC PACE Program. Ryan has over 20 years of experience in Finance, Insurance, Analytics and Business Management fields. Prior to working for the FDFC, Ryan began his career as a Manager in the Home Improvement Industry. Ryan obtained his General Lines Insurance License, which he used to launch his own insurance agency. He later obtained his Mortgage Broker License and was recruited to manage operations and sales for several nationally recognized builder-owned mortgage companies. Ryan was hired as a Forensic Underwriter to analyze credit documentation for companies working to recover financial damages during the downturn in the housing market. He then continued to expand his career as the Executive Director of a Camp and Retreat Facility, where he managed the operating and capital budget and developed relationships with local business leaders throughout the State of Florida.

Ahisha Rodriguez, PACE Program Supervisor

  • Ahisha joined FDFC as it officially launched the PACE program. She has a specialty for coordinating departmental services, implementing change and process improvement. Previously, she worked for ten years in the government software industry and then went on to coordinate administrative and organizational development in the not for profit sector for five years. She graduated from Rollins College in Winter Park with a BA in Industrial Psychology. 

Chris Bryan, PACE Program Analyst

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Open Positions

The FDFC does not currently have any open positions.  Please contact Jennifer Jenkins at jjenkins@fdfcbonds.com for any questions.