FL S0088

Creates a new statute allowing leases of state sovereignty submerged lands for private residential docks and piers with a maximum initial term of 10 years, renewable for successive 10-year terms if parties agree and lessee complies with all lease terms and applicable laws.

Establishes that lease fees are set by the Board of Trustees of the Internal Improvement Trust Fund, with exemptions for certain residential multifamily and multislip docks that include no more than one wet slip per approved upland residential unit (exempting up to 10 square feet per linear foot of shoreline).

Exempts lessees from paying lease fees on revenue from transfers of homestead-exempt residential property, but requires lease fees on any income derived from wet slips, docks, or piers in the preempted area.

Requires the Department of Environmental Protection to inspect private residential docks, piers, and related structures at least once every 10 years to verify compliance with lease terms and conditions.

Appropriates $1 million in recurring General Revenue Fund dollars to the Internal Improvement Trust Fund beginning fiscal year 2012-2013 for administration and management of sovereignty submerged lands, and takes effect July 1, 2012.