HB 721 Summary

• Creates the Coastal Barriers Infrastructure Finance Act to establish infrastructure-financing districts in coastal barrier communities for planning and financing underground utility systems.

• Requires a petition from 10 percent of registered resident electors in a coastal barrier to trigger a referendum on district creation, with the referendum to be held within 120 days of verification.

• Establishes a coastal barrier infrastructure-financing authority governed by the county or municipality to plan, design, and construct underground utility infrastructure projects including electrical, telephone, and cable services.

• Funds districts through a local trust fund supported by ad valorem tax increment revenue (at least 75 percent of the difference between current and baseline property tax collections) beginning in the first fiscal year after district creation.

• Requires each district to adopt an infrastructure plan within 6 months detailing an inventory of existing utilities, identification of necessary rights-of-way, and engineering design for underground utility facilities; districts dissolve upon project completion and debt repayment.